Las Vegas Undressed

Short Sales Las Vegas

The Ugly Reality of Short-Sales in Your Neighborhood

James Lupori, from Kenmore Undressed,  recently posted an article about the consequences of short sales in real estate. This may be an issue for some of you and I wanted to keep you abreast with the workings of the real estate market. 

WHY YOUR NEIGHBORS MATTER

Short Sales Reduce Your Property Values

A WARNING: This blog post is not for the faint of heart. There is nothing warm and fuzzy in what I’m about to write. This is one of those “face the brutal facts of your current reality” stories. This is a blunt discussion of what happens when your neighbors have financial problems, when the economy turns sour and how their misfortune visits your doorstep….literally!

SHORT SALES

By now, most home owners have heard the term “short sale.” It’s become an all-too-common situation for homeowners this last year. For those of you who aren’t familiar with short sales, here’s a simple definition:

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. (click on this link to read the Wikipedia article)

Sounds simple enough: a home owner gets into financial trouble and can’t pay the mortgage. They try to protect their credit rating and avoid foreclosure by asking the bank to accept less than what they owe on their mortgage. Wow! Sounds simple enough, right? For the purposes of this post, I’m not going to discuss the complexities of the short sale process. I’ll save that depressing subject for another day. What I’d like to focus on here is the serious, negative consequences short sales can have on a neighborhood.

For the full article click here.