WHAT IS A SHORT SALE?

A  “Short Sale” in Las Vegas is the sale of a home in which the amount the home sells for is less than what the current owner still owes on their mortgage.  Many banks / lenders/ mortgage companies may agree to accept the proceeds of a short sale, and forgive the balance of what is owed on the mortgage when the current owner can prove they cannot continue to make their payments on the home.

EXAMPLE: If a homeowner owes $100,000 on his/her current mortgage, and  is able to sell his home for $90,000 in a short sale, the bank/ lender may accept the $90,000 as payment in full, and forgive the remaining $10,000.

In most approved short sale situations, the bank/ lender typically agrees to pay the Sellers closing costs and Realtor fees as well.  A seller CANNOT make a profit when doing a short sale.

The Short Sale process is generally used to avoid foreclosure of your home.

WHY WOULD A LENDER AGREE TO ALLOW A SHORT SALE?

mortgage lender may choose to allow a Short Sale on a Las Vegas property so that they can avoid the typically lengthy and costly foreclosure process/ proceedings.

Banks and mortgage lenders are in the business of lending money, not holding real estate.   When a borrower defaults on his/her loan, the bank /lender must then foreclose on the property.  Foreclosures are very expensive and can cost a lender several tens of thousands of dollars.

It is much easier, and in most cases more advantageous for a lender to allow a Short Sale, where a Realtor markets and sells the property, typically allowing the lender to make out better financially that a foreclosure would allow.

• Short sales appear on your credit report as “pre-foreclosure in redemption”, not as “debt discharged due to foreclosure”
• Less impact on your credit score
• All mortgage debt can possibly be fully discharged

Source: Dual upside to foreclosure alternative, (The Early Show (CBS)).

CHOOSING A REALTOR QUALIFIED TO HANDLE YOUR SHORT SALE

When thinking about selling your home as a Short Sale, selecting the correct Real Estate Professional is a must.  You need someone that has extensive knowledge and understanding about the  Short Sale and Negotiation Process.

In many instances, a typical Las Vegas Short Sale will take a qualified Realtor upwards of a hundred hours in preparation, negotiation and finalization to make it work.

You need a Realtor who knows & fully understands the mortgage lender/ bank  systems and requirements, as well as understands the process from start to finish.

I can help!

Call me today to see if a Short Sale is the correct choice for you!
702-540-0420

Heidi Griffith, Realtor®
Realty One Group
702-540-0420

E-Mail Heidi