Las Vegas Short Sale Market

Today’s home seller is at a huge advantage. The lack of bank owned homes on the market has driven Realtors® to show their clients’ short sale properties. Short sale listings, for the first time, are receiving multiple offers and are flying off the market. So why are upside down homeowners still waiting to list their homes? “That’s a good question, and one I cannot answer,” said Iddo Gavish. “Many homeowners are waiting for the magical unicorn we like to call, loan modification.” Very few homeowners will qualify for a loan modification. Those that do, unfortunately, do not receive the “great deal” they assumed a loan modification would offer. The other misnomer is; their principle is not reduced and the fees for doing the loan modification are added to the current principle balance. Let’s drop another ball on you; the banks have a whole new set of paperwork which allows them to foreclose easier after your loan mod. The other dark side to that coin is that many homeowners find themselves unable to make payments shortly after their loan modification. You have to ask yourself; “Could I fall into this category?” So let’s nutshell this, shall we? Your payment drops, barely; you owe more on your home than before you started the process, and essentially you are making payments on a home you will never own, and now you have a great risk of foreclosure, should you miss payments. While it is true a small percentage have experienced a successful loan modification; the Las Vegas homeowner has to ask themselves, “Will I find my magic unicorn?” Primm is only thirty minutes away; you’ll have better luck buying lottery tickets. The original question was, why aren’t upside down Las Vegas homeowners short selling their home? The answer is; they should. 2012 is the last year for the debt forgiveness act. Meaning, the homeowner will not be responsible for paying taxes on the deficiency of the sale price to loan price for their primary residence. Most homes are under water over $150,000!! At a 30% tax bracket, that means you could owe the IRS up to $45,000 or more. When has the IRS not taken their money? Seriously, mafia or IRS; what’s the worse of those two evils? The bottom line is this; Short Sale a home you may never own. Short sale and put yourself in a position to buy in less than 2 years. The home prices will still be well below the Las Vegas standard.

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