Selling your home for less than what is owed is an alternative to foreclosure and is selling your home short-Las Vegas Short Sale
Example: You bought your home for $250,000 a few years ago and you still owe close to that, but NOW the home can only be sold for $150,000.
So, when you short sale your home, you are asking the lender to wipe out (forgive) that $100,000 difference so you don't owe it to them. As Short Sale Specialist we work for you to get your lender to agree to do a short sale and waive their right to pursue any deficiency or you don't have to do the deal.
Call for more detailed information and to discuss your situation.
CALL NOW (702) 812-4550 To Sell your home short as Las Vegas Short Sale To Avoid Foreclsore
Many lenders have programs in place to do a what we call a traditional short sale and many lenders "depending on your situation" are waiving defieciency judgements, but there is never a guarantee and typically you won't know for sure until the short sale approval letter is received.
What is a Short Sale?
A Las Vegas Short Sale is when a lender agrees to accept LESS than the total amount due on the mortgage you owe, so the home can be sold to another person.
The term “Short Sale” occurs when you “owe” more on your home than what it could sell for and you need your lender approval to sell the home. “Short” meaning the lender will be “short” the difference between what it will sell for and what you owe. If you have 2 loans, you would need to get both lenders approval the transaction.
Call me to short sale your home (702) 812-4550
Las Vegas Short Sale Website
What is a Short Sale Hardship Letter?
A Short Sale a hardship letter is a letter you have to write to your lender and in it it will have to state something that has had an impact on your ability to pay your mortgage payment. The letter can be handwritten or typed, but MUST be signed and dated.
Examples of what can be a hardship….
Loss of job
Paycut or Reduction of hours making it impossible to make your mortgage payments
Job Transfer to another state
Adjustable rate payment has gone up now you can’t afford the payment
What does a Seller Need to Provide to Complete a Short Sale?
Documents A Seller Will Be Required To Provide For Short Sale
1. Authorization form to lender
2. Hardship letter
3. Financial Worksheet
(showing all your expenses and income)
4. 2 months paystubs
5. 2 months bank statements
6. 2 years tax returns (some lenders will allow w2′s)
7. Copy of recent Mortgage Statement
If you don’t have 5,6, or 7, you will need to provide a letter explaining a valid reason why you don’t have them to present to the bank and it could hinder the short sale process.
Your lender may require you to provide more or less documents, but these are what you need to be prepared to provide to so that your short sale will go more smoothly How much does it cost to do a short sale?
If you have a real hardship there is no upfront fee to list the home on the market for sale.
Will I have to pay any fees?
It depends on your situation and what the bank allows. Some lenders are actually giving $ to do short sales-Call me to discuss your situation.
If you can continue to pay your HOA dues you should.
Remember we are providing you a service that if successful will allow you to walk away the right way and move on with your life without the burden of further debt hanging on and allow you to start to rebuild your credit.
Do I have to be late on my mortgage payments?
Some sellers have been able to short sale their home without ever missing a mortgage payment, an example would be a seller who is being tranferred to another state because of their job or a military transfer or deployment. But, in Las Vegas many are missing their mortgage payments because of not having a job or their pay and/or hours have been reduced.
Who pays the commission when a home is sold as a short sale?
Typically the commission is paid out of the proceeds from the short sale because the lender allows it to be deducted from the sales price.
QUESTION: I see many listings online that state "Short Sale, please allow 3-5 months to process." What does the term "Short Sale" mean and why does it take so long to process?
I am ask this question here in Las Vegas almost on a daily basis, especially now since "Short Sales" are dominating are market.
The term "Short Sale" occurs when you "owe" more on your home than what it could sell for and you need your lender approval to sell the home. "Short" meaning the lender will be "short" the difference between what it will sell for and what you owe. If you have 2 loans, you would need to get both lenders approval the transaction.
A "Short Sale" is "Not" usually a short process. Here are just some of the things that can make a "short sale" take 3-5 months.
A Short Sale will take longer because your lender will want to verify your hardship (hardship = you need to sell due to loss of income, divorce, job transfer, you can't refinance, etc).
They will usually ask for all your financial information to prove this "hardship" and review all this information. (paystubs/unemployment check copy, bank statements,etc).
Once an offer is sent into the bank, they also will want to appraise the home to make sure the offer is within a reasonable price point as to the comparable homes that have recently sold in your neighborhood. They may even want to check out the buyers prequalification to make sure their preapproval letter is solid.
Then, they review everything they may also have to get the "investors" approval of the sale as well. "Investors" are the persons/corporation/bank, etc that actually own stock in your loan, there may be several "investors", that may or not be the actual bank that you make your mortgage payment to.
Also, make sure you are working with a REALTOR® who knows how to do short sales or this may also delay the process. But, do understand that the short sale process is an everchanging system within each lender/bank and every short sale is unique to the sellers situation.
Disclaimer-All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Listing your home for sale and attempting to do a Las Vegas Short Sale is a possible solution to avoiding foreclosure but not a guarantee that your lender won't foreclose or pursue other means of collecting the unpaid debt between what you owe and what the home may sell for. Copyright © 2014,2013,2012, 2011, 2010, 2009,2008 Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing or as noted
MORTGAGE ASSISTANCE RELIEF SERVICES DISCLOSURE The following disclosure is made pursuant to the Federal Trade Commission's MARS Rule (16 C.F.R. §322 et seq.).
IMPORTANT NOTICE: Prominent Realty Group,LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.