Short Sales In Las Vegas Explained
When a person is faced with the possibility of losing their home to foreclosure there are many difficult decisions and unanswered questions. Confusing financial terms and legal notices and not knowing which is the right option for your situation. Here at Nevada Property Solutions, Inc, we know the difficulties you are facing and are able to provide answers to your questions. We work closely with a specialist team of Realtors®, negotiators and attorneys, so if you are considering a short sale give us a call and talk to our friendly and helpful staff. Call Today: 800 559 6560
What is a Short Sale?
A short sale, in simple terms, is the sale of real estate for less the the amount owed on the home loan.
Why a short sale?
The reasons for doing a short sale can vary but usually include:
- Avoid Foreclosure
- Protect your Credit from having a “Foreclosure” on you credit report
- A solution when other options have failed
Example of a Short Sale Situation
A typical Las Vegas couple, John & Jane homeowner, bought a home in 2005 for $275,000. Their Las Vegas property value has decreased over the last few years, they are underwater and their home is now worth just $150,000. John was recently laid off and they need to downsize as they can no longer afford the mortgage payments. If they sell their home for $150,000 they would need to write a check to the bank for the difference of $125,000, however, this is obviously very unlikely as they are already having financial difficulty.
Advantages to a Short Sale Vs Foreclosure
A short sale will have far less impact on your credit in the long term, many people who are facing foreclosure will have some missed or late payments on their credit report and your credit score will suffer in the short term, however, doing a short sale, even if you are in a bankruptcy is a huge step in the right direction if you plan to rebuild your credit and own a home again some day.
Do I qualify for a short sale?
Each homeowners’ situation is different and must be evaluated individually, but basically you must fit these three basic criteria:
- Behind on payments or about to fall behind
- Little or no equity in the property
- Personal financial hardship
What is a Hardship?
A hardship is any situation that has a life changing effect for the borrower that results in an inability to pay the mortgage debt, to qualify for a short sale the lender will usually require that the hardship is long term.
Some examples are:
- Separation or Divorce
- Medical Bills
- Inability to work due to health reasons
- Increase of mortgage payments due to interest rate adjustment
- Death of Spouse
- Job Relocation
- Reduced Income or Unemployment
- Business Failure
Do all lenders do short sales?
Yes, all banks do short sales, some banks are easier to work with than others and some bank approve more short sales than others, but the bottom line is if we can show your lender they would be better off selling the home at a discount today rather than taking the property back at a foreclosure auction, then they will approve the short sale.
How much do you charge to negotiate with my lender?
We do not charge any fees to the homeowner, Nevada Property Solutions, Inc is a local Las Vegas investment company, we are able to help homeowners by buying over leveraged property at a discount by negotiating with your lender. We may keep the property as a rental or choose to resell it for a profit.
How Long Will it Take?
The Las Vegas short sale negotiation process can be lengthy. It may take between three and six months before we can agree on acceptable terms with your lender, in some cases (Bank of America) it can take longer. Many lenders have thick layers of bureaucracy that we will have to maneuver through in order to get your short sale approved. We understand how painful your original situation may be, so we make a special point to communicate with our homeowners on a regular basis whenever there is an update or progress to your file.
But My House Is Going to Auction, Will I have Enough Time?
Starting a short sale negotiation will not automatically stop the lender from continuing with the foreclosure process. However, we can usually convince lenders to postpone the foreclosure auction while we negotiate. While there are no guarantees, once the lender sees that we are serious about buying your home they will usually stay the auction.
Can I Stay in the House?
The key word in short sale is SALE. The purpose of a short sale is to stop the foreclosure by selling your home. So, you do have to move. This is not a program that can stop a foreclosure and allow you to keep the house. If anyone tells you you can rent the home back and purchase it from them at a later date, be aware you maybe committing mortgage fraud. There are strict laws governing this type of activity.
Why Use Our Service
| Nevada Property Solutions, Inc | Realtor® | |
| Experience with short sales |  |  |
| Accurate paperwork | | |
| Professional Negotiators | | |
| Capability to handle high volume | | |
| Investor, Realtor®, Negotiator, Attorney Team | | |
Call TODAY to find out if a short sale is right for you,
we can save you from foreclosure before it’s too late.
There are many solutions available, you do have choices
ACT NOW, DON’T DELAY
Many people facing foreclosure simply do nothing
and hope for a miracle, DON’T FALL INTO THIS TRAP!
Call Nevada Property Solutions, Inc
Today or complete the form below
800 559 6560
