Las Vegas Short Sale Program Allows Prospective Owner-occupants First Right to a Short Sale

A pilot program from Fannie Mae could help level the playing field between cash-laden investors and owner-occupants bidding on low-priced foreclosure homes in Las Vegas, the president of a real estate organization said Thursday.

Fannie Mae is extending the “First Look” grace period in Nevada from 15 days to 30 days effective Monday. That gives buyers who plan to make the home their primary residence first shot at purchasing a foreclosure within 30 days of its listing states an article in the Las Vegas Review Journal.

This article illustrates how Las Vegas is leading the country in trial programs. All-cash, owner-occupant purchases will require certification as an addition to the Fannie Mae purchase addendum. Properties that go to contract before the end of the 30-day period and subsequently fall through will be relisted with a new 15-day marketing period. See Housing Wire.

First Look will help get more owner-occupants into Fannie Mae foreclosure homes, which make up the bulk of the market in Las Vegas, Realtor Steve Hawks said. Banks are not committed to taking the first offer and have certain rules to follow as third-party loan servicers, said Jumana Bauwens, spokeswoman for Bank of America in Los Angeles.

Development is also occuring in Las Vegas states an article in the Las Vegas Sun. Local newspapers are discussing both sides of the real estate market. Developer Jim Rhodes owes Clark County two years of property taxes, totaling $490,000, on his Blue Diamond acreage, where he wants to build homes over the objections of environmentalists and residents.

Published by Stout Law Firm

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