The Las Vegas Short Sale Process
It’s important to understand that putting your Las Vegas home up for sale as a short sale does not automatically guarantee that a Bank is going to accept the final sale or approve the hardship package. Just because you owe more then the Las Vegas home is worth, does not automatically qualify you for a hardship.
Please keep in mind that Las Vegas REALTORS for the most part are not Attorneys or Accountants. If you have any questions concerning the legal or financial impacts of doing a short sale please consult with an Attorney or Accountant. Las Vegas REALTORS providing Legal or personal financial advice without the formal education or certifications is a sign of inexperience… not experience!
Not All Las Vegas Short Sales Get Approved by the Bank(s).
No two home owners have the same home, same financials or the same hardship. Just because a particular bank gives one Las Vegas home owner a short sale approval in days — does not mean that they are giving everybody an answer in days. Despite all of the PR and advertising promises, The fact of the matter is… the number of Las Vegas area short sales that closed in September of 2011 decreased over 8% compared to September of 2010. Read my Las Vegas short sale report for 09/2011.
It’s a very complicated and time consuming process even for Las Vegas REALTORS that have experience in doing Las Vegas Short Sales. We did our first succesful Las Vegas short sale well over six years ago and while the Processing requirements have gotten easier — there is still much more to it then just submitting paperwork in.
Part of that process is having an extensive marketing plan and being able to sell the home at the highest price possible. Just because you are taking a loss does not mean the lender is just going to accept any sales price or buyer that is turned into them for a short sale approval. You are going to need a negotiatior with actual extensive experience selling homes and that can convince the lender that it’s in their best interest to accept the short sale.
Can a Las Vegas Home Owner do a Short Sale on their Own?
Absolutely! But be prepared for a process even more complicated then just the traditional method of selling a Las Vegas home on your own. And, good luck with The decision maker for a lender that is going to want to explain the entire process of everything needed to get you started on your way. There is no one set end all solution or process for every lender when it comes to Las Vegas short sales. Some lenders are very helpful with the right package submitted and some are not.
You have enough stress in your life as it is, why would you want to take on more when you are not going to pay the commissions anyways? There are a lot of disclosures involved and emotions can run high on even a normal Las Vegas real estate transaction that can only be learned through experience. Reading a book or reading about it online might help you in understanding the process and your alternatives to a foreclosure, but the emotions involved in a real estate transaction are unpredictable even for seasoned veterans in the real estate business.
The emotions involved in a Las Vegas short sale can certainly skyrocket for all parties involved without the proper understanding and most importantly, the ability for everybody involved in the Las Vegas short sale transaction to work as a Team.
We are not just working and negotiating with a potential Las Vegas short sale buyer and/or their real estate agent, but also negotiating with lenders that have to answer to their Investors. In addition, all of the normal disclosures and procedures for a typical Las Vegas real estate transaction are all included. In other words, it’s twice as much work.
In addition, the chances of you being able to match our Las Vegas real estate marketing services to sell your Las Vegas Home on your own for what it’s going to cost you anyways is slim to none. Our resources, Prudential Americana Group resources and Prudential have Las Vegas home marketing avenues and connections that have taken years to develop.
Knowing who to talk to that makes the final decision, how to talk to them in their language and what to do to make their job easier has an enormous benefit that makes all the difference in increasing the chances for a successful Las Vegas short sale transaction — and the ability for you to move on in life that much sooner.
What Does a Las Vegas Home Owner Need to Do to get the Las Vegas Short Sale Process Started?
Simply call us directly at 702.592.3058 or fill out and submit the Las Vegas home value request below. We have to perform a detailed Las Vegas home competitive market valuation that is going to help meet the lenders requirements for their guidelines.
We can’t just put a price on the Las Vegas home and submit a hardship package. Be very aware of the irresponsible practice of pricing your Las Vegas Home far below an acceptable value just to attract Las Vegas real estate buyers. The bank is not going to accept just any price and it is a waste of time for everybody involved and does nobody any good.
Banks are going to do their own checking and verification of the value of your Las Vegas home and submitting incorrect information is going to further lessen the chances of having a Las Vegas short sale approved.
Once you call 702.592.3058 or submit the form below, we’ll evaluate the current market value of your Las Vegas home and we will have to contact you for additional information that is kept completely confidential. The sooner you start, the sooner we can help!
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Related Articles / Questions Concerning the Las Vegas Short Sale Process
Average Time Frame of Major Servicers to Complete the Short Sale Process