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Old 01-22-2012, 07:19 PM
 
22 posts, read 51,669 times
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I am moving to Vegas from the Philippines. I have never even heard of a short sale until this down turn in the market. I am concerned about buying a house. Shoud i be scared when i see in the listings Short Sale. In the past I have always used a VA Loan. How often do the banks go along with a short sale. Do Short Sales normally get approved. I am looking for the easiest way to get a house. I am retired. I have no problem with the 20 % down payment and i had great credit when i left the country 7 years ago. Also will my age 63 have any effect on my buying a house with a 30 year mortgage. Also i am looking in the North Las Vegas area as i am retired military and want to be close to both the air base and the new VA hospital i have read about.
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Old 01-22-2012, 09:18 PM
 
4,947 posts, read 10,809,283 times
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Let me Google that for you.
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Old 01-22-2012, 09:43 PM
 
22 posts, read 51,669 times
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Quote:
Originally Posted by StaggerLee22 View Post
Ok when you spend hours looking as i have for information about short sales in vegas get back to me. I have learned what short sales are but i still can not find out how they effect the leanding of money on a mortgage. I know that the bank or lender has to approve the short sale but i have no idea how many do approve the sale. [mod cuts-- rude]

Last edited by observer53; 01-23-2012 at 04:33 AM..
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Old 01-22-2012, 10:08 PM
 
Location: Las Vegas
393 posts, read 503,711 times
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It took me 6 months before the bank accepted my offer for a short sale.
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Old 01-23-2012, 01:50 AM
 
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Quote:
Originally Posted by hannaranch View Post
It took me 6 months before the bank accepted my offer for a short sale.
Six months for me also but I walked from the short sale and bought an REO I liked better that was in great condition, for $18k less. The bank put new carpeting in and painted the interior to boot...no complaints from me on their performance.
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Old 01-23-2012, 08:10 AM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,152,514 times
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Quote:
Originally Posted by rwest View Post
Six months for me also but I walked from the short sale and bought an REO I liked better that was in great condition, for $18k less. The bank put new carpeting in and painted the interior to boot...no complaints from me on their performance.
A lot of the banks are making homes more attractive by doing this to REOs. The home we purchased also had new earth-tone paint scheme along with updated light fixtures.
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Old 01-23-2012, 12:23 PM
 
22 posts, read 51,669 times
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Smile My gut was right

Thanks for the information . I guess I was right to be scared about short sales. I want things to go smooth when i decide on a house, so looking at a short sale house is a waste of my time. Thanks again for the information.
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Old 01-23-2012, 12:32 PM
 
15,827 posts, read 14,463,105 times
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The flip side is a sale that isn't a short sale or foreclosure is unlikely to be doable at a price that is realistic in the current market. Most real estate in Vegas metro was purchased at prices were above what would now be considered market, and to sell at current market, a property would need to sell below the value of it's current mortgage (if that mortgage was taken out before the crash.) So a short sale/foreclosure may be the best way to go, despite the risks.

In any case, get a good lawyer, and NOT one recommended by your broker. Make sure he does the work (between him and the title company) necessary to make sure you get clean title, or drop a deal where you won't.
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Old 01-24-2012, 08:19 AM
 
Location: North Las Vegas
1,631 posts, read 3,950,349 times
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Quote:
Originally Posted by Wade C View Post
Thanks for the information . I guess I was right to be scared about short sales. I want things to go smooth when i decide on a house, so looking at a short sale house is a waste of my time. Thanks again for the information.

You've made the right decision, especially since your going to have, have a loan to purchase. The process takes so long that you could end up paying for multiple appraisals just to find out that the bank won't approve the ss. Also buyers always pay more for a short sale. I will warn you that allot of sellers won't accept VA loans, most of the reasons for that is they have different requirements regarding the homes themselves and if the home doesn't pass then no loan. And there are allot sellers that don't want to bring their home up to VA standards.

I am not saying all sellers just understand that your realtor has to make sure the seller will accept a VA offer I have ran into listing agents that have stated in the mls the seller will accept VA offer and they won't.

When purchasing your property you need to know that there are area's that are still having allot of foreclosures and banks can required a higher loan rate due to the fact that the property you buy now is more likely to be worth less than in an area where the foreclosures and short sales soon after you have purchased. You want to look in area's that have worked their way through the distressed properties. Some area's close to Nellis and the VA are still having issues with high foreclosures.

Find yourself a good realtor and how you do that is interview a few and ask for referrals and call the referrals.


This was recently on the news regarding the zipcodes hardest hit by foreclosures for 2011.

Neighborhoods: North Las Vegas

NLV Area Code Hardest Hit by Foreclosures Crisis

Good luck in your search

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