We work 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. 

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 we short sale your home, we are asking the lender to wipe out that $100,000 difference so you don't owe it to them.

Selling your home for less than what is owed is an alternative to foreclosure.

Call me for more detailed information and to discuss your situation. 

 CALL NOW 812-4550

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. 

Short Sale FAQ?

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. 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.

Blog & Website Disclaimer-This is a personal blog.

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 © 2011, 2010, 2009,2008 Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing or as noted 

Blog & Website 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 © 2012, 2011, 2010, 2009,2008 Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing or as noted 

 AVOID Foreclosure do a Las Vegas Short-Sales -Las Vegas Short Sale Specialist Dawn Barrier (702) 812-4550 Homes 4 Sale