Las Vegas Luxury Properties Link

[ In my Las Vegas High Rise Series, I've talked about almost all of the high rise projects in Las Vegas. I've seen a slow increase in Foreclosed properties in this segment of the market. I personally like the units in Panorama Towers because of the price and the location, but there are many options right now. Click on the link to the right to see all of the Foreclosure High Rise Condos in Las Vegas. One questions my clients keep asking me is about Short Sales. A Short Sale happens when an owner is trying to sell their property for less than what is owed on the property. The mortgage holder has to then agree to take a loss on the property. There are a few things I advise my clients about short sales.

1. Patience. Short Sales can take up to 120 days to get a response from the bank. That's just a response folks, that's not a closing. Now some short sales are moving much faster than that, but to be safe, I would plan on at least 10 weeks.
2. Sales Price. Once the buyer and seller of a short sale have agreed upon a price, the bank still has the final approval. A bank can come back to the buyer and raise the price to what they are willing to approve. Obviously that can cause a lot of frustration with the buyers.
3. Only 5 % of Short Sales are closing right now. Mostly because buyers don't have number 1 of this list. The process can be emotionally draining if the property you've chosen is your dream home.

For Investors, short sales can represent a great opportunity for someone who is not emotionally attached to a property. Click on the link to the right to see all the Short Sale High Rise Condos in Las Vegas. There are currently 57 short sales on the market as of August 7, 2008. Happy House Hunting Felipe Crook Prudential Americana Group Realtors Las Vegas NV 89117