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Las Vegas Short Sales

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 What is a Short Sale?
(All Foreclosures and Short Sales are included in MLS Searches)

 
As an alternative to bankruptcy or foreclosure, short sale may be the answer.   All have an adverse affect on credit, however, of the three, a short sale may be the least damaging.  While negotiating, you might ask that your lender not report adversely to credit reporting agencies although the lender is not obligated to accommodate this.  It never hurts to ask and it sometimes works in your favor.

Las Vegas foreclosures have increased to the point that banks and mortgage companies are much more accepting of short sales as an alternative to the expense of foreclosure.  Depending on the source, short sales accounted for 20-28% of all closings in Las Vegas in January, 2010, a 2% increase over the previous month.   So, if you're headed in the unpleasant direction of losing your home due to any reason, you certainly are not alone!

When a lender accepts a short sale of Las Vegas Real Estate, it means accepting an amount less than the loan balance.  Not all lenders will accept short sales nor do all properties qualify for a short sale.  

If you're considering selling on a short sale, be prepared for a complicated and usually very challenging transaction;  I'd strongly suggest that you work with a very experienced Las Vegas Realtor, someone who has successfully closed at the very least, several short sales.  
There are certain conditions that you'll need to be aware of - you'll want to be protected
  • The IRS could consider debt foregiveness (foreclosure or short sale, for instance) as income and subject to tax 
  • There is no guarantee, other than in writing from the mortgage holder, that the seller will not be legally responsible for the difference between the amount owed and the amount paid at short sale, a deficiency judgment  
Some things to expect if you decide to opt for a short sale....all are important and will determine the acceptance of a short sale on you property or not.  Honesty pays here too!
  • Contact your Lender - ask for the name of the supervisor or name of the person capable of making a decision.  This person will tell you where to send a letter of authorization and what to include in that letter
  • Submit a letter of authorization with the name of your real estate agent and contact information, your loan number, property address, your name and date.
  • The mortgage holder will require that you submit a hardship letter and they need to know details of you hardship - this is your plea to your lender to accept less than full payment of your loan.  Lenders are usually pretty understanding if you have a good reason - not very understanding of dishonesty or criminal behavior.
  • The mortgage holder will want proof of your income and assets - be truthful and honest.  They want to be certain that they are not forgiving a debt that can be repaid.  They'll want proof - bank statements, explanations of large cash withdrawals, etc.  Be specific and explain in detail.  It will save time in the long run.
Your Las Vegas Realtor listing agent will provide these documents to your mortgage holder
  • Perhaps you are forced into a short sale because of falling property market values - you are unable to sell your home for enough to pay the loan amount in full.  Your agent will provide a comparative market analysis (CMA) - sold prices of homes that are similar to yours, sale pending prices and prices of homes presently on the market to substantiate your pricing
  • When there is an offer to purchase on your home, a net sheet will be prepared for the mortgage holder by your real estate agent that shows the sales price, costs of the sale, unpaid loan balances, payments and fees owed. 
  • When an agreement is reached with a buyer, your real estate agent will provide a copy of the offer as well as a copy of your listing agreement.  The lender will most likely renegotiate certain items and refuse to pay for others - such as pest inspections and home protection plans.
 
  • Are the listing agent, and your agent experienced in short sales?  The listing agent  will be submitting paperwork and negotiate the sale - there are many details to be negotiated.  Your agent, the Buyers Agent, cannot talk to the bank.  If the agents are inexperienced, you'll risk increased chance that your offer will be rejected.  

    Talk to Sandra Salsbury - 877-353-9339 - She can give you more details.  She specializes in short sales and has a great track record of 100% closed short sale transactions.  The norm is 1-2 of 10 short sale transactions close.  She's a good Las Vegas Realtor to have on you side!     
Las Vegas short sale homes and Las Vegas foreclosures are included in our Las Vegas MLS.  Please search here or fill out form below if you would like for us to email new listings as they become available.
 
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