Short Sale Dominate Vegas but still dont sell like REOs

[Josh Ambrose]

I was wondering how you guys feel about short sales. Do you guys think its worth the time to wait for a short sale or do you guys go straight for REOs because they can close quickly and you know what price you're getting the property at. Las Vegas market right now is about 48% of the market but only make 41% of last week new escrows where REOs make up 21% of the market and account for 44% of last weeks new escrows

[J Scott]

We focus mainly on REOs, but make occasional offers on short sales. This allows us to keep our pipeline filled even if it takes 2-4 months to get an answer back from the bank.

In general, when we make offers on short sales, we just forget about the offer, and then if it comes back that we got it, it's a pleasant surprise... :)