It’s a little clichéd, but the las vegas real estate market can be similar to some of the games in its casinos.
Both have ups and downs, and everyone has heard about people winning big without a lot of effort. On the other hand, there are plenty of other cautionary tales about people easily crapping out, and watching a sure thing quickly head south.
The region has some of the country’s highest foreclosure rates in the nation, and also has a large inventory of available properties and lower property values. Whole residential developments are going belly up, and commercial real estate isn’t doing too well either.
It’s easy enough to walk away from a real investment that sounded good a few years ago, and the bankruptcy courts are full of people who chose this way to cash out. However, this option isn’t for everyone, especially if you’d like to keep your investment options open in the future.
Another possible option is a short sale, where you work close with your lender to sell it for the balance remaining on your loan vs. market value or your ideal selling price.
This option has up-sides and down-sides. And just like at the crap table, there’s a fine line between doing something sensible and staying on your point, or taking the dice and seeing if something better comes up.
If you’re on the fence about a short sale, let us help you with the pros and cons.