Research for Realtors certified, experienced in short sales

Q: Could you please direct me to where I can find a list of qualified real estate companies who do short sales? Thanks. -- Dr. Earl S., Las Vegas

A: Your question is especially timely for several reasons.

First, short sales have become a hot topic lately and are playing an increasingly prominent role in our local housing market.

For those who don't know, a short sale occurs when a lender agrees to sell a property for less than what is owed on the mortgage. With most local homeowners now owing more on their home than its current market value, short sales have become a viable option for many sellers.

According to the most recent statistics from the Greater Las Vegas Association of Realtors, short sales accounted for about 29 percent of all local home sales in May. GLVAR statistics show that percentage has been increasing each month and has never been higher here in Southern Nevada.

At the same time, bank-owned homes are accounting for a sizable but steadily decreasing percentage of local home sales, with that percentage falling from 53 percent of all sales as recently as February to 40 percent in May.

I think most people would agree that this is a relatively positive trend. After all, a short sale is generally a better deal for the buyer, seller and the lender than a foreclosure. I think it's also better for our neighborhoods, since it reduces the number of foreclosed homes sitting vacant.

I attribute this positive trend to government programs gaining traction and to lenders being more willing to work out short sales as an alternative to foreclosing on homes.

To answer your question more specifically, the GLVAR's website lists local Realtors who have completed the additional education required to earn a newly created certification of SFR, which stands for short sales and foreclosure resource. Just visit lasvegasrealtor.com to search by designation and access the list and contact information for all the members who have earned the SFR certification.

You'll see an alphabetical list of hundreds of local GLVAR members who have gained an expertise in short sales -- with more being added every month.

The SFR certification provides Realtors with specialized training to help sellers and buyers maneuver through the complexities of short sales.

Beyond that, you may want to contact a few of these Realtors and ask additional questions. Like anything else, experience counts, so find someone who has handled transactions similar to the one you have in mind.

You may want to ask how many short sales they have listed and how many they have closed. Experience and training are two important points to discuss with your prospective Realtor.

GLVAR policies prevent me from recommending any one real estate agent or company. But I can tell you there are plenty of Realtors in town who are qualified to help you.

For more information, consult a qualified local Realtor, call the GLVAR at 784-5000 or visit lasvegasrealtor.com.

Rick Shelton is the president of the Greater Las Vegas Association of Realtors and has worked in the real estate industry for 20 years. GLVAR has 12,500 members. To ask him a question, e-mail him at ask@glvar.org. For more information, visit lasvegasrealtor.com. Questions may be edited for space and clarity.