Short Sales in Las Vegas , what to consider before purchasing , investing or selling ??

Lots of questions and discussions come up on the site from both buyers and sellers,wanted to share a good ARTICLE ,would appreciate your input from both sides as you all know we have a high percentage of those in Las Vegas RE market !!

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August 13 2011 - Las Vegas
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Profile picture for Michael Helton
I think this video is one of the better basic explanations on what a shortsale is that I have seen. 

I would like to see more explaining of the actual process and the pitfalls; as well as how to successfully complete one.  However, that is probably outside the scope of this beginner video.
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August 14 2011
Michael,
Thank you just posted a long responce to your question but have no idea what happened to it, so in a short version here it is :
Best way to successfully complete short sale is to ASK LOTS OF ?? before moving forward:
1. How long the property was listed on the market
2. Is it an approved short sale ( buyer backed out, bank processed the file) those are the best !!
3. Who is the bank and how many loans ( one is the best and most likely to go through) second on a short sale is a problem
4. Motivation of the seller and cooperation with bank ( contribution might be required by the bank from the seller)
5. Short Sale Addendum to the purchase agreement a MUST to protect you as a buyer and make you in charge of what happens
6. Inspect the property, make sure you are aware of the condition
7. Strong , experianced and agressive agents on both sides of the transaction !!
8. If you are obtaining financing make sure to put the contingencies in the offer and talk to your lender, you need tems locked for at least 90 days  !!

Pitfalls: takes a long time, might miss out on good deals coming up on the market as a REOs meanwhile and no guarantee that the bank will approve the sale period or the sale price on it
So here we go it was very breef but hopefully helpful 
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August 14 2011
 
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