“Short Sales & Foreclosures - The New “Traditional Transaction.”
What is a Short Sale?
A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan.
If the borrower is faced with foreclosure, he/she may try to avoid foreclosure by the short sale. If the borrower is unable to pay
the mortgage, he may negotiate with the lender to accept a discounted payoff on the loan. This is called a “short sale” or “short payoff.” A short sale occurs when the value of the property is less than the amount owed to the lender, and the lender agrees to write off the difference. It allows the borrower to avoid a foreclosure action, and may offer the lender an expedited and less costly resolution to the situation.
Why would a lender agree to a short sale? Lenders make their own business judgments when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not taking properties back through foreclosure and reselling them. They want to avoid spending time and money to foreclose, evict borrowers, and resell properties. They want to avoid paying property taxes, insurance, maintenance and repairs. They want to avoid risking theft and vandalism to the property.
A short sale may be the answer for assisting a borrower in a tight situation. A short sale allows the borrower to maintain a better overall credit record. It can help the lender in avoiding the expense of foreclosure.
If the borrower is faced with foreclosure, he/she may try to avoid foreclosure by the short sale. If the borrower is unable to pay
the mortgage, he may negotiate with the lender to accept a discounted payoff on the loan. This is called a “short sale” or “short payoff.” A short sale occurs when the value of the property is less than the amount owed to the lender, and the lender agrees to write off the difference. It allows the borrower to avoid a foreclosure action, and may offer the lender an expedited and less costly resolution to the situation.
Why would a lender agree to a short sale? Lenders make their own business judgments when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not taking properties back through foreclosure and reselling them. They want to avoid spending time and money to foreclose, evict borrowers, and resell properties. They want to avoid paying property taxes, insurance, maintenance and repairs. They want to avoid risking theft and vandalism to the property.
A short sale may be the answer for assisting a borrower in a tight situation. A short sale allows the borrower to maintain a better overall credit record. It can help the lender in avoiding the expense of foreclosure.
Did You Know... ?
1 in 13 Las Vegas area households are in foreclosure. With a foreclosure on your credit you will be unable to purchase a home for a minimum of 3 years. With a short sale on
your credit, you may be able to purchase a home in as little as
2 days after the sale. You do not always need to be in default or foreclosure to do a short sale on your home.
Help is Here
The Las Vegas real estate market has been hit very hard with the current economic downturn. If you find you need to sell your Las Vegas home, and own more than it is worth right now, a short sale may be an option. One of the biggest struggles for sellers facing financial difficulty is understanding their options. I've been trained to explain these options and strategies to homeowners so they can make the best decision for their future.
The government has also implemented some new solutions, HAFA (Home Affordable Foreclosure Alternatives) in specific. HAFA is a program wherein you can short sale your Las Vegas home AND RECEIVE PAYMENT UP TO $3000 TO RELOCATE! For more information on the HAFA program visit: http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
I will assist you in locating comparable Las Vegas properties for sale, fielding offers, negotiating with your lender and the opposing agents, coordinating any
necessary repairs, and assist you in your sale from BEGINNING TO END. I will also assist you in finding another Las Vegas property to purchase or rent.
Please contact me for information on how you can purchase a new home after 1 day out a sort sale!
The government has also implemented some new solutions, HAFA (Home Affordable Foreclosure Alternatives) in specific. HAFA is a program wherein you can short sale your Las Vegas home AND RECEIVE PAYMENT UP TO $3000 TO RELOCATE! For more information on the HAFA program visit: http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
I will assist you in locating comparable Las Vegas properties for sale, fielding offers, negotiating with your lender and the opposing agents, coordinating any
necessary repairs, and assist you in your sale from BEGINNING TO END. I will also assist you in finding another Las Vegas property to purchase or rent.
Please contact me for information on how you can purchase a new home after 1 day out a sort sale!
Are you Ready to Begin the Short Sale Process?
If you are ready to list your property and begin the Short Sale process, or still gathering information to make an educated decision, please refer to the Short Sale Information Package PDF link below. Here you will find information on everything I will need from you in order to successfully complete the short sale on your home.
| Short Sale Information Package |
IMPORTANT NOTICE: Visit Vegas Homes 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.
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