AB 284. What does it mean for Short Sales?

If you are not aware of Nevada Assembly Bill 284. It was a bill passed last year making it harder for banks to file a "Notice of Default" thus slowing down the foreclosure process. We are already seeing a decrease in foreclosures. The Vegas valley is expected to see a potential increase in home values starting this spring due to lack of inventory. Many real estate "experts" think this will kill the market since banks have a harder time filing the NOD thus removing foreclosures and short sales from the market but I my opinion I think it will only slow down the foreclosure process. These experts also say it will make people thinking of short selling not move forward with their short sales thinking the banks might not foreclose on them. I disagree with that since most people that are upside down on their homes and have a hardship keeping them from being able to make their payments will not stop the short sale because they NEED to get out of their current situation. Along with the stress of a short sale, Most people do not want to wait and see if the bank will foreclose on them and force them to move. I think it gives the home owner needing to short sale the opportunity and time needed to get it approved. I also think it will make banks more proactive in the short sale process. We are already seeing that now with larger banks doing pre-list short sales by doing the appraisal and valuation prior to the seller even listing their home. If the banks are more motivated to do a short sale they will do it faster with less problems or hassles. I can only hope that AB-284 will be the motivation needed.

Short Sales- As unique as the people who are working on them.

We are working on several short sales today. It never ceases to amaze me on how different each one is. Just like each file has a different negotiator assigned to it, each transaction is as unique. We have one where the bank is working closely with us and setting the current list price to help get it sold. We have another that has been verbally approved but wouldn't send us the official approval letter, So we had to contact a VP in charge to get them to move on the file, We were told we would have it by Friday. Each transaction presents its own individual situation but with proper preparation and knowing what is needed, we can normally anticipate what the bank will want and have it ready for them the moment they ask.