I Can't Get My Northern Nevada Short Sale Approved

I can't get my Northern Nevada Short Sale Approved!!

I am not surprised and here’s why. The house sold for $100,000 more four years ago than it is worth today. The Buyer has defaulted on the mortgage and we come along and offer fair market value for the house. The bank sits on the offer waiting for a better offer to come along or now for the house to appreciate in value.

That’s right - I said "appreciate in value".

Here’s what’s happening in our market. There are so many Buyers wanting to take advantage of the bottom of the market, low interest rates and the first time home buyer tax credit that we are seeing multiple offers coming in way over asking price. If the house is decent and priced right it, will sell fast for more than asking. I know because I list REOs and this is exactly what has been happening.

Why should the bank be motivated to take a short sale when they are seeing multiple offers on their REOs above asking price? If they just carry the property a little longer, they can sell it for more than the short sale price and come out ahead. After all isn’t that what loss mitigation is all about?

Posted By: Stephen Orear - Northern Nevada Real Estate Agent - REALTOR
with RE/MAX Realty Affiliates, specializing in Carson City Real Estate and Northern Nevada Real Estate.