Las Vegas Short Sales

Las Vegas Short Sale Specialist

April 5, 2013 Pamela L. Doss Uncategorized No comments

Now more than ever, people all over the country have been suffering from financial distress. With loss of employment and poor mortgages increasing among other things, the real estate market appears to be a disaster. Unfortunately, over one out of every three home owners’ debt greatly oversees the value of their home. Keep in mind too, many homeowners feel obligated to dish out money that they do not have so that closing is possible if they were to sell their property. In some states, one/fifth of the homeowners today turns out to be delinquent when paying their mortgages. If you have found yourself trapped and you have no choice but to sell your property, do not get the impression that you are secluded from all other homeowners. As a Las Vegas Short Sale Specialist, I am here to inform you of all of the options that you may qualify for and offer you assistance at no cost; which has helped many Las Vegas homeowners escape the disaster of a Nevada foreclosure. You can save your credit with my help, as well as dodge foreclosure and be off to a new start.

What exactly is a Las Vegas “short sale” in Real Estate?

A short sale is a process of which you sell your home for less than what it is worth. Short sales often occur in real estate when a lender comes to agreement in accepting a shorter pay off amount on a loan rather than what is owed to their property. When a Nevada short sale is in action, the borrower will be indebted more on their loans and liens versus their property’s worth at its current market value. Also, a lender will only agree to a short sale generally when the borrower can give account that they are in some type of hardship.

How do I qualify for a short sale in Nevada ?

There are normally three qualifications required for a Las Vegas short sale. First, there is financial hardship. Such hardships that qualify are: loss of employment or income, divorce or separation, relocation or job transfer, property in need of repairs without resources to make repairs, major sickness and medical expenses, death of a family member, vacant rental properties, etc. The next qualification would be that the proceeds of the sale of the property, after all closing costs are paid, are less than the amount currently owed on the home. The final qualification would be Financial Insolvency (no other major assets).

What are the benefits to doing a Las Vegas short sale?

A great advantage you will get from short selling your home is that your record will usually recover within two years, which will give you the time to pay off old debt, establish your credit once again, and qualify for loans. Simply put, your credit history will read as “settled in full” or “paid as negotiated”, however, it will not be displayed as “short sale”. A short sale is not an actual item on your credit so it will usually not affect any future employment where as a Las Vegas foreclosure keeps its title while potentially turning away employers, or even sacrificing your current job title.

Whenever foreclosure appears to be a possibility on a homeowner’s record, it is wise to do as much research on a Nevada Short Sale Realtor before a decision is reached. In the event of choosing a short sale, a short sale specialist is the correct answer to your worries. A qualified and highly trained short sale Realtor will walk you through the steps of the short sale process while being responsible for all negotiations on your behalf.

Can my current Las Vegas short sale Realtor® help me?

Look carefully at this question. Short sales were specifically designed to be cared for by experienced Las Vegas Short Sale Agents who have achieved many short sales under their belt and can display the evidence. There are Short Sale Realtors who brag of taking on a short sale, but keep in mind to examine the so called proofs to those claims. Starting a short sale only to see it rejected would be heartbreaking so don’t let an incompetent Realtor who claims of being able to bring you to a successful completion of your short sale fool you. Once you seek out a Las Vegas Short Sale Specialist, make sure you have a list of questions you would like them to answer and be sure you are at complete ease with their assistance. Remember, proper training is important for the short sale process; however, I do believe there is no substitute for experience. A weekend training course does not make somebody an expert in short sales. I am a Las Vegas short sale specialist and can offer you no cost assistance to guide you in the Las Vegas short sale process.

Pamela L. is a Real Estate agent at (License No. ), covering the greater Las Vegas area.
Phone: (702) 408-7176
Email Us

Helping Las Vegas home owners avoid foreclosure with a short sale.
Pamela L. Doss specializes in short sales in Las Vegas .I am your Las Vegas Short Sale Specialist Realtor and Las Vegas loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.

Major Qualifications For A Las Vegas Short Sale

April 4, 2013 admin Uncategorized Comments Off

SITEAREA Short Sale Realtor There are many elements that make up the short sale transaction, but there are actually only three vital qualifications for a Las Vegas short sale. Because of the relatively confusing and challenging nature of the short sale, there are many misconceptions as to what qualifications should be observed. The fact that it is one of the youngest areas of real estate also contributes to the confusion that even the most seasoned of real estate agents may find it difficult to competently close a short sale transaction.

When you look at the entire scenario, there are actually only three major qualifications that would really matter for both the lender and the seller. Considering that a short sale is one of the more advantageous options to homeowners facing default on their mortgages, there is immense value in understanding these vital qualifications. The services of competent Nevada short sale specialists would also go a long way to simplifying and fast tracking the transaction. These are the qualifications for a short sale that homeowners should be aware of.

• The Hardship Factor

Generally, Las Vegas homeowners that look into the practicality and validity of the short sale transaction are facing some type of hardship that has led to the default of their mortgages. In many instances, they may be headed to a Nevada foreclosure proceeding, which definitely would be extremely disadvantageous compared to the short sale. It should be stated early on that all homeowners must qualify in order to convince the lender to agree to any short sale offer that has been tendered.

This begins with the declaration of financial hardship. Although one of the simplest portions of the short sale transaction, it is also considered by industry experts as the most critical. The declaration takes the form of the hardship letter, where the homeowner narrates using his own words the event or series of events that have led them to the default of the mortgage that resulted in their present financial incapability.

It is important to point out that financial hardship as it relates to the short sale transaction is defined as a verifiable issue. It has tremendous impact on the finances of homeowners that it has caused them to miss out on payments of the loan. As one of the qualifications for a Nevada short sale, there are only a handful of hardships that are considered acceptable by lenders or banking facilities. Unless the experienced financial hardship falls under these acceptable ones, there is a huge possibility of the short sale offer being rejected.

Las Vegas short sale specialists understand how to draft the hardship letter in such a way that it would highlight the plight of the homeowner and qualify them for short sale. This is done by using any of the acceptable hardships such as loss of job, loss of income, relocation (for whatever reason), illness of the borrower or the co-borrower, death of the co-borrower who qualified the loan, divorce or death of the spouse, and decline of the values in the local property market.

• Monthly financial deficits

Another one of the major qualifications for a short sale is when the lender is shortchanged on the mortgage. This means that the lender receives less than the complete amount that is due from the borrower or homeowner. For example, if the mortgage on a particular property is set at $100,000, and the property is only valued in the local market at $90,000, the lender is effectively shortchanged by $10,000, which equates to a loss instead of a profit.

You have to take into account that this figure does not include related expenses like commissions for real estate agents, escrow and titling charges, and recording fees among others. When Las Vegas homeowners face this upside down position, in most instances, lenders would want to get out as quick as possible with comparatively less damage as possible. This is why the short sale transaction becomes so effective and preferred, because it minimizes the losses for both the lender and the borrower.

The important thing to understand is that homeowners would need to substantiate these monthly financial deficits to qualify them for a short sale. The most effective way to do this is through a financial worksheet. Homeowners should readily realize that determining the existence of monthly financial deficits is not as easy as it sounds, which is why the services of short sale specialists are extremely valuable.

Although the formula of determining monthly financial deficits can be as simple as total monthly income less total monthly expenses, qualifying for the short sale is not as easy. This is because the figures need to be presented in such a way that lenders will be able to establish beyond the shadow of a doubt that the monthly financial deficits exists without any plausible solution based on existing assets of the homeowner.

• State of Insolvency

The third of the major qualifications for a short sale is establishing a state of insolvency. It is necessary for homeowners who want to qualify for a short sale transaction to be able to justify to lenders that there is no other way for them to meet their financial obligations than to sell the property. This means the ability of presenting to lenders the truth that homeowners owe more than what their assets can readily cover.

Antioch Short Sale Realtor It is vital to understand that if lenders see any assets that can be liquidated to cover the outstanding mortgage, it will be pursued, and the Nevada short sale denied. It is equally important to establish the fact that the outstanding obligations are already due and contribute heavily to your financial incapacity. Keep in mind that it does not necessarily mean that homeowners have to file for bankruptcy or completely strapped of cash.

What should be established is that as this condition progresses, the more difficult, if not impossible, it will become for homeowners to keep up with their financial obligations. Homeowners should not be afraid of being disqualified if they have money in the bank; the important thing is to show that this money is barely enough to respond to your daily needs and expenses.

These three qualifications for a short sale may seem simple and straightforward, but preparing them can be extremely challenging, which is why the services of Nevada short sale specialists are highly recommended.

Pamela L. is a Real Estate agent at (License No. ), covering the greater Las Vegas area.
Phone: (702) 408-7176
Email Us

Las Vegas Short Sale Agent