LAS VEGAS SHORT SALES

ALIVE AND WELL

Due to a recent Nevada law (a seller may not require a buyer to waive the SRPD requirements in NRS 113.130) making it harder for banks to foreclose because of alleged fraud, banks are starting to realize that receiving some dollars are better than getting none at all, and so are more actively agreeing to short sales with homeowners.

Headline in recent Vegas paper --

STATE FORECLOSURE STARTS PLUNGE 

Nevada foreclosure starts plummeted 81 percent in
October 2011 in reaction to a new law that imposes
stricter requirements on filing notices of default,
an online listing service reported today.

Notices of default dropped from 4,656 in September 2011
to only 897 in October 2011. In October 2010 they were
5,417.

Las Vegas foreclosed homes are a glut on the local real estate market, with boarded up windows, dying or dead lawns, vandalism, and home values dropping nearby. 

It's about time that banks are waking up to the facts and
are dealing with homeowners with short sales.

VIVA LAS VEGAS

Irv