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How long does it take to close a short sale in Las Vegas, NV?

Hello, First time buyer looking for a Short sale agent.
Doing research online - yes, every night, MLS, and taking notes since before Christmas 2012
Interested in- Single family or condo... not sure yet. 1 bed or 2 only, no pool, has garage.
Why- I'm single female, age 37, no kids, work alot away from Las Vegas, but now need a place, low maintenance.
Location- south, southwest area
Printed choices- yes, I have 5 homes/condos I'm considering I'd like to go see.
What's the problem - so far Every home I like is a SHORT SALE, but I'm open to others.
Move in Date- I can wait 5 months or more, but I'd rather not just like everyone else.

Savings- $20,000 I can spend from it, standard 10,000 down
Credit score- Experian says 732 
Debt- $1300. no late payments
Car payments - No
Pre Approval- I did it online with my bank One Nevada Credit Union. It said someone will call me, but no one did. 
How Much- $90,000 - traditional - 30 year fix.. 
Employment- yes- 2 years with a Cruise Line. I'm in Vegas for 2 months then I work out at sea for up to 5 months sometimes.
Issues-   If it is time to close I may not be in Vegas. I'm hoping it can be done by mail or fax...?

Who wants me?

  • January 24 2013 - Blue Diamond
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Answers (3)

Profile picture for georgew6
I wonder what the current situation is on the market in Las Vegas. I have another question on here about when to apply for a mortgage, in relation to when my current lease is up and I can commit to buying. I guess the market inventory and types of sales going on now will help in deciding that question at any point in time.  

BTW  I am single male, not 37 (LOL) and have always lived in a single family home, even though I was away for weeks and months, I've found that with a good neighborhood, good neighbors, an alarm system, that a single family is at least feasible for single people.  For a woman, the safety issues seem to be about the same whether its a condo or single family and either can be better or worse than another.
  • March 07 2013
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Hello First time buyer, There are some questions that I would still have for you before making the decision between condos and single family properties. If I had the choice between the two I would always opt for a single family because there is higher demand should you choose to sell in The future. I always want to know how I am getting out of something before I get into something. I personally have a couple unlisted flip properties that will be coming on the market in the next couple of weeks that may fit your criteria. I do have a two bedroom with a loft now that is in the 130k price in the southwest that might be perfect for you. If that doesn't work we could get a new home that would take probably 4 months to build or something that is already built. Short sales are typically 5 months on average, however if your agent does his/ her homework they can dig deeper and know how many loans and if the file is already submitted previously. One of my co workers in my office gets Pre approved Bank of Anerica short sales that typically go much quicker then 5 months. I am purchasing one that will close next week and it was just under 3 months. You seem like you have done you due diligence and that is great. Let's work together to find you a home you are proud of! I would love the opportunity to make home buying a good experience! ( please google me and read my reviews to compare experience) Respectfully, Billy Alt Wynn Realty Group
  • January 24 2013
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Hello User,

Traditional sales, which these days are usually "Flips" are a bit more plentiful than Short sales or Foreclosures, but are often a bit over priced and sometimes have trouble appraising for the sales price.  Foreclosures also known as REOs (a Bank term for "Real Estate Owned") are usually sold within hours of hitting the market to cash paying investors.  Banks love the cash buyer (We say "Cash is King"), because there usually isn't an appraisal to worry about. This leaves us with Short Sales, which are also in high demand due to the overall shortage of inventory.  It takes tenacity, patience, and a bit of luck to win a bid when we are seeing multiple offers (as many as 10 or more) within hours of a property hitting the market.  We do have a few tricks up our sleeve though that improve your chances significantly.

As for how long it takes, it is a bit of a dice roll, but takes anywhere from 2 to 4 months... and once in awhile, a bit longer.  Banks are getting much better at negotiating and approving short sales than they were last year.  We look for that to continue to improve.  We will help you any way we can.

Best of luck, and thanks for reading.
  • January 24 2013
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