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There are approx 7,953 homes for sale in the Las Vegas area that do not have offers on them per the local MLS.

This is for single family homes without contracts on them.

Our pendings and homes with contracts on them are approx .... 11,634

The Las Vegas area homes available for offers has continued to drop again this past month largely in part to the foreclosure law law AB 284 that took effect on October 1, 2011.

Las Vegas Short Sales are approx 44% of the homes for sale on the market while foreclosures have dropped to about 16% of the homes on the market for sale.

The rest are equity sales that are typically flips,

 (homes that are bought at the auction then put back on the market for sale)

Going into the buying season with lower inventory means buyers need to be ready to put that best offer in on the first try as we are already seeing multiple offers again.

Home price are still historically low so that is also fueling the investors to buy here in Las Vegas.

Short Sale Solds Report for Las Vegas Short Sales Sold in December 2010

LAS VEGAS SHORT SALE SOLDS FOR DECEMBER  1,232

A rise in closings for this month over last several months shows the push by everyone involved in processing Las Vegas Short Sales to get them closed faster!

LAS VEGAS SHORT SALE SOLDS FOR NOVEMBER 566

LAS VEGAS SHORT SALE SOLDS FOR OCTOBER 775.

LAS VEGAS SHORT SALE SOLDS FOR SEPTEMBER 879.

Now, this does not cover condos or townhouses, this is just for homes.

Short Sale Solds Report for Las Vegas Short Sales Sold in December 2010 *Las Vegas Real Estate Report* Short Sale Agent in Vegas  Dawn Barrier

Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing, covers the Las Vegas Valley, North Las Vegas, Henderson area.

The person who negotiates with a lender on behalf of a homeowner needs a license, either under NRS 645 or NRS 645F. In the case of a real estate licensee who maintains a license under NRS 645, that licensee must be part of a real estate transaction with the homeowner. Any other person - even an unlicensed assistant in the brokerage office - who negotiates with the lender would fall under NRS 645F, and needs a license from the Mortgage Lending Division.

This has been an issue here and I'm sure it will continue to be since short sales are here to stay.

It's vitally important that all licensees, and especially brokers, who are dealing with short sales understand the limitations on unlicensed assistants, and the licensure requirements for third parties providing services between sellers and their lenders.

SOURCE: Direct from GLVAR Go HERE to Read the Article

Division Reminds Licensees about Short Sale Negotiations
By Deanne M. Rymarowicz, Esq.
GLVAR Legal Counsel

As of this writing, there are approx. 4,389 short sales for sale in the Las Vegas area, this includes, resale single family homes, condos, townhomes, of that approx 3,443 of them are single family homes.

There are approx. 11,756 short sales that are in escrow under contract/pending in the Las Vegas area.

Total short sale closings year to date in the Las Vegas Valley area are approx. 4,111.

More short sales are closing and in some cases time frames for the wait has been reduced, but as you can see from the pendings, it is still a trickle.

Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing, covers the Las Vegas Valley, North Las Vegas, Henderson area.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. All figures, sizes,etc are estimates. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.

Thanks to Tim & Julie Harris for getting the information on this this program Bank of America is hopefully going to implement soon. It is in the "testing" phase now.

This is what we all have been hounding the banks to do for a few years now. This will be AWESOME!!

This program is being quietly introduced, using only a hand-selected group of top short sale agents across the country.

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative'.

* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.

* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements? -A listing contract -A purchase contract -An appraisal, though we've been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Lets hope this becomes mainstream soon!!

Go to Bank of America 'Secret' Short Sale Program BoA HPO Short Sale Program to read more.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Copyright © 2010, Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing.