Foreclosure / Short Sale Page Short Sales in Las Vegas Want to buy a short sale property in Las Vegas? What agents don’t tell you regarding short sales is almost as bad as what many do tell you. In fact, the short sale process is hit and miss at best and it leaves a lot to be desired for a potential buyer. It’s important for a buyer to know that the price that has been placed on a short sale home listing has usually been established by the listing agent. Listing agents are not appraisers, and while many think that they have enough market knowledge and analytic skill to correctly price a home, you may be surprised to find out that some don’t. Thus, the offering price that you submit may be significantly higher or significantly lower than that established by the appraisal report. If the agent set a price higher than is should have been, the appraisal will come in low and the agent and lender will likely suggest that you re-submit a lower offer that is consistent with the appraised value. If the property was listed lower than it should have been, the lender will likely present you with a counter-offer consistent with the appraised value. For most buyers this is a very unpleasant situation, you think you have purchased a property that you can afford and then you find out that the bank wants to raise the price. Thus, when agents establish the listing price on a short sale home without having an appraisal completed, you don’t really know what to expect. It may be cheaper than you offered, or it may be more expensive. It is also important to know that when a purchase agreement is accepted by a home owner in a short sale situation, the property should be placed on “contingent” status by the agent in the Multiple Listing Service (MLS) until the lender approves or disapproves of the offer. Agents who do not place properties in a “contingent” status are saying to the marketplace that your agreement doesn’t exist. They are potentially creating problems for your since other buyers don’t know that an offer has been accepted pending lender approval. Try to work with agents who have had experience in short sales, or you may find the deal much like a roller coaster ride, you don’t know what is coming next. Copyright 2008, Glenn Rigdon, Horizon Village Realty