Las Vegas Homes are very popular and were extremely popular when the home prices were taking off. When the Las Vegas House market was going crazy it brought forth a lot of creative (stupid) lending options that allowed just about anyone to buy a home. Well now it is two years later and all of these "Investors" and other people, who could never really afford a home any way, are going into foreclosure.
Las Vegas Short Sales have been the highest in the nation for the past three months. Now for all of you Short sellers and investors here are a few things to consider...
Lenders will only allow a short sale if you are truly in a hardship position. If you own boats and other homes then it is obvious that you have other alternatives than to sale short. The lenders would rather foreclose on you and sell it themselves. They are not going to pay for your stupid mistakes. If you have lost a job, had an accident, etc. then will the lenders take a serious look at a short sale.
Most times when a home is listed in the Las Vegas MLS as a short sale it doesn't mean that the bank has approved it or even knows that it is to be sold short. Make sure the bank is in on this or you are headed for an up hill battle.