Las Vegas Short Sales

As specialists in the highly complicated Las Vegas short sales specialty, this is where to go to look for answers to common questions about Las Vegas Short Sales. If you have a question not covered here... please ask or call 702.592.3058.

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Selling a Las Vegas Short Sale

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Remember - Las Vegas Short Sales can be highly complicated and you should use Las Vegas Realtors with experience and a system.

There are currently 23 blog entries related to this category.

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Fannie Mae and Freddie Mac begin roll out of new Streamlined Modification Program

Tuesday, May 14th, 2013 at 11:56am. 49 Views, 2 Comments.

Fannie Mae and Freddie Mac begin program to help distressed borrowers

According to DSNews that you can read here:

Rather than delay assistance to borrowers, Freddie Mac stated it is making the program immediately available to all eligible borrowers across the country, according to a release. In an email, Fannie Mae also confirmed the program is already available. As part of the program, Fannie Mae and Freddie Mac borrowers who are at least 90 days delinquent but no more than 720 days past due may be eligible for a modification that does not require the borrower to submit financial or hardship documentation.

Check to see if your loan is owned by Fannie Mae or Freddie Mac and an explanation of Who Really Owns Your Home Loan.

The Program was originally announced…


Short Selling a Las Vegas Home - The Most Common Questions Asked

Sunday, February 3rd, 2013 at 1:31pm. 664 Views, 0 Comments.

Short Selling a Las Vegas Home

Short Sale your Las Vegas Home with a Highly experienced Las Vegas Short Sale AgentWow... a completely busy week with Las Vegas real estate investors calling me with questions about short selling their Las Vegas Homes. I must have had at least 20 phone calls from people completely confused with all of the information that is out there including one Las Vegas real estate investor from California who has multiple "investment" homes in Las Vegas that has gotten a lot of very bad information.

Due to Nevada AB 284 putting the foreclosure process in Nevada to a screeching halt and thousands of homeowners that are essentially living rent free in their homes, a side effect of this is that there are now more homes for lease in Las Vegas then homes for sale. A very rare occurence due to all of the investors that have…


Bank of America transferring the servicing rights of Fannie Mae and Freddie Mac home loans

Wednesday, January 16th, 2013 at 10:15am. 3140 Views, 0 Comments.

More Headaches for Short Sales sellers who have Fannie Mae & Freddie Mac Home loans serviced by Bank of America?

Bank of America announces settlement with Fannie Mae and that it will be transferring the servicing rights of these particular home loans to Nationstar that you can read Here.

Bank of America also announced that it signed definitive agreements with two different counterparties to sell the servicing rights on certain residential mortgage loans serviced for Fannie Mae, the Federal Home Loan Mortgage Corporation (Freddie Mac), the Government National Mortgage Association (Ginnie Mae), and private label securitizations, with an aggregate unpaid principal balance of approximately $306 billion. Transfers of servicing rights are subject to the approval…


Best Hardship Letter for a Las Vegas Short Sale I've ever seen...

Saturday, April 21st, 2012 at 11:45pm. 1037 Views, 1 Comments.

Short Sale Hardship Letter that Sums it all up with one Simple Paragraph

With well over a hundred short sales closed and helping Las Vegas Home Owners to move on after the bad experiment and bad real estate advice... this one paragraph in one of the best hardship letters I've ever seen sums it all up:

We just want to do the right thing and make sure the home we loved is not turned into another sad foreclosure story that ends up being destroyed and being a blight on the community and further reducing home values in a very challenging real estate market. We loved our community and neighbors and want to make sure that we do the responsible thing in helping everybody.

And that's exactly why I started doing short sales over four years ago and did not want to be a…


Cash Back for Short Selling a Las Vegas Home?

Tuesday, February 7th, 2012 at 4:39pm. 1014 Views, 2 Comments.

Can You Get Cash Back for Short Selling Your Las Vegas Home?

Yes. It is possible to get cash back at closing for short selling your Las Vegas home if you qualify. Some lenders do want to get rid of the home loans that are secured by homes that are worth far less than the mortgage and will actually pay you cash at closing.

For these particular lenders, it makes ABSOLUTELY no sense to just walk away from your home and let it go to foreclosure.

Does it have to be a Primary Home?

NO. I've successfully closed short sales for investors and they received cash back at closing AND all future deficiency judgement rights were also completely waived. This allowed the homeowner to completely move on in life and not be saddled with a bad investment that will probably…


Las Vegas Homeowners --- Who Really Owns your Loan?

Thursday, November 24th, 2011 at 7:39pm. 1087 Views, 1 Comments.

Who Really Owns Your Home Loan?

Just Because you send your Mortgage Payment to Bank of America does not Mean that Bank of America actually owns your Home Loan.I was recently reminded of just how confusing this was when a client of mine who works for a big bank asked what I meant when I updated him to let him know that the final Short Sale Aproval was submitted for a "final" approval by the investor that actually owns the loan.

This whole time he thought it was up to "Big Bank" to approve the short sale... So it threw him off a little when I had to explain that "Big Bank" was just a loan servicer and the entity that actually owned the loan was Fannie Mae.

He's been sending his payments into "Big Bank" but this whole time... that big bank was just "servicing" the loan.

Think of it like you are renting a home managed by a Professional Property Management company. You make the rent…


New Nevada Law Puts Brakes on Foreclosure Notices Filed in Las Vegas

Thursday, November 17th, 2011 at 10:43am. 1315 Views, 4 Comments.

Effects of Assembly Bill 284 Now Evident

Well... it's been over a month since AB 284 went into effect and the numbers are out. Check out the updated chart showing the big drop in Notices of Defaults filed in Las Vegas for October of 2011. 

Notice of Defaults filed in Las Vegas drops significantly due to AB 284 going into effect

What is AB 284?

The simplest article I've read explaining it can be found here.

Besides the basic new requirements, take note of the following statement:

"Failure to comply is subject to a civil penalty, and the penalty to make false representations concerning property title was increased from a gross misdemeanor to a category C felony."

That should certainly make Robo Signers think twice such as the ones that were recently indicted in Nevada for 606 counts of Robo Signing.

What does it mean for the big picture for Las Vegas…


Las Vegas Short Sales Report for September, 2011

Tuesday, October 11th, 2011 at 5:19pm. 1023 Views, 1 Comments.

Las Vegas Short Sales Closed

Las Vegas Short Sales Closing Escrow in the month of September on the Las Vegas MLS for areas 101 through 606 which includes North Las Vegas, Las Vegas and Henderson were reported at 1,005 closings.

Broken Down by Category:

Property Style
09/2011
09/2010
Change
Single Family Homes
796
864
-7.87%
Garden Style Condominiums
87
135
-35.56%
Townhomes
75
59
+27.12%
High Rise Condominiums


HAFA Short Sale Guidelines Being Modified

Friday, January 7th, 2011 at 10:28am. 1950 Views, 2 Comments.

Help for Las Vegas Short Sale Sellers

HAFA Short Sales... A somewhat complicated short sale program created by the Treasury Department with the help of the National Association of REALTORS® with good intentions that started April 1st of 2010. Loads of paperwork but if you do get a HAFA Approved short sale, the good news is that it's ready to go. For buyers, this means you don't have to wait six months to find out that the seller's lender is going to deny the short sale and send the property to foreclosure. 

Las Vegas Short SalesFor Example -- My Listing Here is a HAFA Approved Short Sale.  The bank has told me what they will accept as a minimum. All I need is a buyer and we can have it closed in 45 days. Actually... it's probably better then buying a Las Vegas REO home because…


Las Vegas Short Sales Report 12/19/10

Sunday, December 19th, 2010 at 6:06pm. 1578 Views, 1 Comments.

Las Vegas Homes for Sale Inventory Increases

Las Vegas Short Sales ReportFor 12/19/2010 - Inventory of Las Vegas area homes for sale in areas 101 through 606 on the Las Vegas MLS which includes Las Vegas, Henderson and North Las Vegas is now at 16,118. This number includes Single Family Homes, Condominiums, Townhomes, Manufactured Homes and Las Vegas High Rise Condominiums.

Las Vegas Short Sales for Sale

There are currently 7,951 Las Vegas area short sales available for sale or 49% of all the Las Vegas homes currently for sale are listed as Short Sales.

In Escrow

A total of 12,130 properties on the Las Vegas MLS are listed in Contingent or Pending Status. Of these 12,130 properties, 8,046 of them are classified as Short Sales or 66% of the properties in escrow.

Short Sales that closed…


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