Las Vegas Short Sales
You need to sell your Las Vegas Home. Perhaps a change in your life has created a hardship such as a loss of a job, a cut back in your work hours, a job relocation, a medical emergency or a divorce.
Whatever the situation may be, you can’t handle the mortgage payments and you need to sell your Las Vegas home and cut your expenses. But, your Las Vegas home is worth less then your loan balances and you don’t want to go into a foreclosure situation so what’s your alternative?
A Las Vegas Short Sale Could be the Alternative to a Foreclosure
It’s important to understand what a Las Vegas short sale is to begin with. A Short Sale is an agreement between the holder of your mortgage(s) to allow you to sell your home for less then what is owed on the Las Vegas home and allow you to move on in life.
Why would a Bank agree to this? Contrary to popular belief, Banks don’t want to take back Las Vegas homes in a Foreclosure and own Las Vegas real estate. It’s a very expensive process and at the end of the day, they are only going to be able to sell the Las Vegas home after the time consuming foreclosure process for what’s it worth anyways.
Time is money and if the Las Vegas Home is sitting vacant for months, it’s costing the bank money and headaches. Let’s not even talk about vandalism and theft issues that could happen to vacant Las Vegas homes.
If it’s worth less then what they foreclose on, they’ll have to take a loss anyways with additional fees, loss of time, etc.. and more then likely, they’ll still be using a Las Vegas REALTOR to sell the home many months later.
It’s no secret that there are plenty of homes in Las Vegas in the foreclosure process due to Las Vegas real estate market conditions. When lending standards tightened up and buyers stopped buying, Las Vegas real estate values dropped dramatically and estimates are that it’s going to take decades to see the prices that Las Vegas saw back in 2006.
It’s not your fault, it’s just a market condition so don’t feel ashamed and most importantly, don’t think you have no options but Foreclosure. There are other options which are Much more responsible then just walking away and doing nothing. Some banks will even pay for some relocation expenses if you do a short sale depending on your financial situation to help you move on.
It’s also important to note that if you end up going to lease another Las Vegas home, there are real estate agents that look to see if you just walked away and contributed to the Las Vegas foreclosure problem or if you did the right thing and at least tried to short sell your Las Vegas home. I’ve had owners flat out reject potential applicants for their Las Vegas rental homes because they found out that the prospective tenants had just walked away from their previous home and did not even try to work with their lender. (It’s very easy for us to find this information out.)
Selling Your Las Vegas Home as a Short Sale – Things you need to know
EVERYBODY’s financial situation is different and no two homes are the same. Just because a particular lender gives a quick approval to one seller — does not mean that they are going to give it to you. Just because you make a payment to a particular bank, that does not automatically mean they own your home loan. They could just be “servicing” the loan for investors and the investors make the final decision.
This is where choosing a Las Vegas Real Estate with experience doing Las Vegas Short Sales is very important. When choosing a Las Vegas area real estate professional to list and short sale your home — you should look for somebody who has been selling Las Vegas homes for years AND has personally handled AT LEAST 30 successful Las Vegas short sale closings.
The marketing process for Las Vegas short sales is very important in negotiating a successful Las Vegas short sale because one of the key components is that the Lender is going to want as much money as possible to approve your Las Vegas area short sale. Selling Las Vegas short sales is the most complicated niche in residential real estate and many Las Vegas real estate agents did not even want to touch them until a year or two ago. It’s going to be important for you to work with a real estate agent that can answer your questions because it can get very confusing and extremely stressful for you. This is where using an experienced Las Vegas short sale agent is going to help keep you from pulling your hair out.
I have over four years of experience doing Las Vegas short sales with a very high success rate and I know what to look for in the short sale approval letters to protect your future interest. If a Las Vegas short sale is negotiated properly, it’s highly possible to have the lender waive their future deficiency judgement rights so they do not come after you years down the road when you are back on your feet.
If the Las Vegas home is your primary residence, The Mortgage Forgiveness Debt Relief Act of 2007 has changed the tax implications that were previously involved which are extremely beneficial to you. You can read more about it at the Internal Revenue Service website. This is Good until December 31,2012.
REALTORS that are not Attorneys or Accountants cannot give you tax advice. Any Las Vegas Real Estate Agent giving legal or personal financial advice without the formal education, licenses and/or certifications is a sign of Inexperience, not Experience!
What we can do though, is help you get out of a bad situation so you can move on in life. Not only do we have extensive experience and systems in place to handle Las Vegas short sales, we have extensive experience in Marketing Las Vegas real estate for sale with professional Las Vegas Home selling services to help insure we sell your Las Vegas home for the most money possible in the current market.
Click the Following to learn more about the Las Vegas Short Sale Process or submit a comparative market evaluation request below. You can also call 702.592.3058 for a confidential consultation.
Once you contact us, we’ll go over your situation and answer any questions that you may have to help you move forward in life. I will also provide you with the information you Need to Know to protect your future interests when short selling your Las Vegas home.
Common Questions to Las Vegas Short Sales and Helpful Articles can be found below the Contact Form.
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Who Really Owns Your Las Vegas Home Loan? – Just because you mail your mortgage payment to big bank does not necessarily mean that Big Bank owns your loan.
HAFA Short Sales – Primary Home Owners may qualify for the new U.S. Treasury Short Sale Program called the Home Affordable Foreclosure Alternative. This program has many benefits for Las Vegas area short sale sellers that qualify including relocation assistance.