What is a Short Sale?
When a homeowner owes more to the bank than the property is able to sell for, they will often times try to negotiate a Short Sale. This is where they will try to get the bank to settle for a lower amount than what is owed. This can often be a win-win for the bank and the homeowner. The bank doesn't have to go through the very costly process of a foreclosure while the homeowner get's to save the hit to their credit score by being foreclosed.
The down side to a Short Sale is that there is nothing SHORT about it. While the government has stepped in to try to get the process streamlined, it will be a while before those efforts are implemented. In the mean time it can take anywhere between 60 days and 9+ months just to get an answer from the bank if they will take an offer or not.
Below are the current available Short Sale Listings in Clark County. Let us know if you'd like a list of Short Sales outside of Clark County too!