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What is a Short Sale?
 (Click here for PRINCIPLE REDUCTION or click here for LOAN MODIFICATION)

Foreclosure on a home has consequences for the family, the community, the housing market, and the economy. However, the option for a short sale provides a way for troubled homeowners to prevent foreclosure and many of the dire penalties involved.

A short sale is an agreement in which your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property following a foreclosure. This process also aids in maintaining home values in the community where the property is located and helps the homeowner maintain a better level of credit compared to a foreclosure. In most instances, homeowners considering a short sale must meet specific criteria to quality: you must be behind in your mortgage payments or in imminent danger of default, provide evidence of economic hardship, and have little or no equity in the property.

A short sale is not a typical real estate transaction. Most real estate transactions involve the home seller and their real estate agent, the buyer, their mortgage lender, and their real estate agent. In a short sale situation, all of those parties in addition to the seller’s loan servicer, a housing counselor, any junior lien holders, mortgage investors, and insurances may be involved too.

With so many parties involved in a short sale, the process can be difficult to complete without a qualified ATTORNEY and REALTOR to help guide you and act as a liaison between all of the parties involved. You will want the advice and expertise of an ATTORNEY who has your best interests in mind and who will expedite the short sale transaction. It is essential to have an ATTORNEY who will not allow you to miss a detail that could delay closing the transaction in a timely manner and to the specifics required by all parties involved. A qualified REALTOR with experience in short sales will also be able to find a buyer to complete the transaction. Homeowners agreeing to a short sale should also consult a tax expert and obtain the services of an ATTORNEY to help protect themselves from any future claims by the lender.

Short Sale

Historically, the national home appreciation is 3% per year. With the Las Vegas market being upside down by 70%, how long do you think it will take you to “break even” on your home’s value?  If you are underwater or behind on your payments, there are still options for you. One option is a short sale or an agreement in which your mortgage lender accepts a payoff on the loan for less than the full balance. With a professional team behind you, it is likely the short sale will be for a full settlement which means the mortgage lender cannot pursue the deficiency. The deficiency between the mortgage and short sale settlement amount can lead to hundreds of thousands of dollars in money you have to pay. For a limited time only, all of the debt settled in a short sale is tax free thanks to the Mortgage Debt Forgiveness Act! This act expires on December 31st, 2013 so now is the best time to start a short sale! In addition to getting the full deficiency waiver, a professional team processing your short sale is important to prepare your package in the most compelling manner. You want a professional team of attorneys, real estate agents, and mitigators working with YOUR best interests in mind.

We will provide a free confidential consultation. Please give us a call at 702-589-7520
. To determine if a short sale of your property is a possibility, please fill out the form below.

*First Name:
*Last Name:
Property Address:
Zip Code: (5 digits)
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