More BANKS lets LAS VEGAS SHORT SALES become LAS VEGAS FORECLOSURES

By
Real Estate Agent with Prominent Realty Group, LLC

Banks refuse short sales and foreclose anyway.

Unfortunately, this seems to be an increasing issue over the past 30-60 days here in Las Vegas, at least according to a lot of agents that I've been in touch with. 

Specifically, Bank of America has been the bank that all of these agents have had this happen with.  They all seem to be Las Vegas Short Sales that have been in the pipeline for over 8 months and were either Fannie Mae or Freddie Mac.  They were also deals that were forced to be put into Equator to finish them out with many of them being told "approval" was coming any day.  A few had even received an actual approval letter on the day of the sale.

Ironic how this is happening while we are being told the banks favor short sales over foreclosures and that short sales will become easier, etc...

In each case the bank tells the agents they are postponing the foreclosure sale date, even up to the 2 days before, etc and then BAM!  Foreclosure sale takes place anyway. Within 2 days the short sale agent is called by an REO agent saying they have been assigned the property.

Now, that seems to be a pretty fast turn around to the REO agent here in Vegas considering there are tons of other homes sitting vacant that were foreclosed on months ago that are still not assigned to REO agents.  Seems like the banks or investors made a decision to foreclose quite a while back on these short sales, but left the agents, buyers and sellers believe they would short them.

This is why there are so many agents that won't work with banks like Bank of America and why many agents will not do short sales at all. 

It is very stressful and a huge let down for all involved especially the seller, but this is why it is so important to let the buyers and sellers be fully aware that this still can happen even when the agents are doing there job all paperwork is order and calling these banks every few days.

Thankfully, there are more Las Vegas Short Sales that do close, but it is still of no consolation to the short sale sellers that get foreclosed on.

 

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.

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Topic:
ActiveRain Community
Location:
Nevada Clark County Las Vegas North Las Vegas
Groups:
Las Vegas, NV Area Real Estate Professionals
Nevada/Las Vegas REO, Fourclosure, Short Sale Specialist
Posts to Localism
Short Sale REALTORS®
short sale specialists
Tags:
banks lets las vegas short sales become las vegas foreclosures
banks refuse short sales and foreclose anyway

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Anonymous
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Rainmaker
639,029
Elite Home Sales Team
Tenacious and skilled real estate team
Keller Williams Realty

We had that happen to a short sale almost exactly as you say it is happening there in Las Vegas.

April 22, 2010 08:39 AM
Rainmaker
265,189
Las Vegas Listing Agent Dawn Barrier 702-812-4550
Las Vegas Homes For Sale
Prominent Realty Group, LLC

I imagine it is happening nationwide, no one is immuned.

April 22, 2010 09:57 AM
Rainer
70,845
Ed Macias
CDPE

It is happening nationwide. Well at least in S florida from my perspective. Some Banks get and some still don't. Overall I do see it getting better.

May 08, 2010 12:52 PM
Anonymous
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Rainmaker
265,189

Las Vegas Listing Agent Dawn Barrier 702-812-4550

Las Vegas Homes For Sale
Buy a Las Vegas Home (702) 812-4550
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Additional Information

Selling Las Vegas on Home at a time! Dawn Barrier is an experienced Realtor® & Las Vegas Short Sale Agent- Sell your Las Vegas Home Equity Sales and Short Sales www.AwesomeLasVegasHomes.com