Are Las Vegas REO And Short Sale Listing Agents Discriminating Against FHA Borrowers?

On October 13, 2009, in Tips And Advice, by Mark Madsen

Written by: Mark Madsen |

Las Vegas, Nevada - 702-432-5626

With a drastic reduction in Las Vegas REO and Short Sale MLS inventory, some FHA First-Time Home Buyers are dealing with agent discrimination which is making things even more challenging on getting an offer accepted and closed in time to take advantage of the $8,000 Tax Credit.

FHA and VA borrowers are often discriminated against due to the listing agents’ lack of education, experience or understanding about how these government insured mortgage programs work.

What most real estate and mortgage professionals don’t realize is that the FHA has actually been updating its underwriting guidelines since 2005 for the purpose of becoming relevant again.

However, as the Fed prepares us for another 10-12 million foreclosures over the next year or two, I believe that there has to be a radical shift in how buyers are treated by the almighty REO listing agent if we really want to figure out a solution to the housing mess.

video credit: OC Real Estate from San Diego Home Blog