Short Sales in Las Vegas Outselling Foreclosures
Las Vegas, NV – June 15, 2012 – (RealEstateRama) — Since the passage of AB284, short sale inventory in Las Vegas has been catching up with foreclosures. Now, for the first time ever, short sale closings account for the vast majority of homes sold in Las Vegas. Nearly 30 percent of existing home sales in April were short sales, compared with 26 percent in March, the Greater Las Vegas Association of Realtors reported. Meanwhile, bank-owned home sales declined to 36.9 percent of April, down from 40.7 percent in March.
In the first quarter, short sales in Las Vegas grew 25 percent from a year earlier, hitting a three-year high. In contrast, bank-owned properties declined 15 percent versus the first three months of last year, the firm said.
The trend indicates a shift in the way lenders handle mortgages that have gone unpaid. Lenders may be favoring short sales rather than waiting for troubled loans to go through the foreclosure process.
In fact, many lenders are now offering Las Vegas homeowners cash incentives to do a short sale. Homeowners who qualify are eligible to receive up to $30,000 once the short sale of their home is complete.
A short sale is a safer alternative for a lender to avoid any potential problems that they face because of the way foreclosures are now processed.
Last year, mortgage lenders faced allegations that they had been processing foreclosures without verifying documents. The pace of foreclosures slowed sharply as the nation’s biggest mortgage lenders worked out a settlement with state and federal officials. They reached a $25 billion settlement in February, clearing the way for banks to take action on unpaid mortgages.
Las Vegas-based SalesTraq showed 258 bank repossessions in April, the lowest number since the firm began tracking the data. For the past 12 months, bank repossessions declined 27.4 percent to 13,444, the firm reported.
Nevada’s robo-signing law, which requires lenders to provide an affidavit of authority to foreclose, has slowed filings since it went into effect in October. Fewer than 1,000 notices of default are being filed each month, compared with 3,000 to 4,000 a month prior to the law.
The law has dampened foreclosure volume, limited overall resale supply and pushed prospective buyers to the new-home market. While these appear to be positive trends on the surface, they’re likely to be temporary and extend the overall housing recovery timeline.
A recent report named The Myers Team the #1 Short Sale Realtors in Nevada. Number one status was determined by actual short sale listings closed from January 1, 2007 through December 31, 2011.
According to the report, The Myers Team with the Caliber Realty Group has negotiated more short sale approvals and closed more short sale listing transactions than any Realtor or Broker in Las Vegas. The majority of these closings have been short sales with Bank of America.
The Myers Team is nationally recognized as one of the most influential figures in Real Estate today. According to Myers Team owner, Bill Myers, “Surrendering a home worth half of what you owe is NOT a failure, it’s a business decision. A short sale is an opportunity for you and your family to take control and walk away free and clear. Nobody wants to lose their home; however, loan modification doesn’t work and there is no need to go down with a sinking ship. Homeowners need to know when to say enough is enough.”
Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to negotiate the best possible outcome. Ultimately, our job is to take away the stress, and make the transaction as smooth and stress-free as possible.”
Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com
Also visit http://www.VegasShortSaleInfo.com
