Comments on: Frequently Asked Questions on Las Vegas Short Sales

By: Dan Puroclean

Dan Puroclean — Sun, 01 Nov 2009 16:48:12 +0000

Scores of homeowners who thought they’d cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing market’s recovery.

The sales of homes for less than the amount owed the bank, known as “short sales,” have been widely viewed as an alternative that could help slow the foreclosure epidemic. In theory, delinquent homeowners escape a mortgage they cannot afford, and lenders, although taking a loss, avoid the even costlier process of completing a foreclosure.

By: kim

kim — Tue, 27 Oct 2009 22:45:10 +0000

i recently submitted an offer ona property the listing agent all of a sudden says it has an offer an will not submit my offer or show it to the seller. it is a short sale but i thought all offers til end process need be submitted? this is in las vegas

By: Gail O

Gail O — Thu, 20 Aug 2009 23:18:36 +0000

I purchased a condo for $133,000 in August 2008. These condos had been selling for $185,000 in 2007. They are now selling for $70,000 and less. I have an FHA loan and only paid 3% down. My question is this: I am 58 years old. If, after living in this condo for 10 years and diligently making my payments, I am STILL far underwater, does every penny of my savings (which is fairly paltry–about $50,000 at most) have to be sunk into this condo? Does my life have to be ruined because I bought a piece or property at the wrong time? Is there NO WAY out of this mess?

By: M. Davis

M. Davis — Sun, 09 Aug 2009 16:36:56 +0000

I am trying to purchase a short sale. We offered full price 3 months ago. The realtor now tells us that someone at Chase bank approved it, but now Fannie Mae has to approve it. What is the time line on this new event? Should we just get another house? We sold ours and so need to know where we will be living shortly!