Las Vegas short sales are when homeowners owe are worth and the lender or lenders, agree to accept less than what is owed, a short payoff. A short sale takes a knowledgeable Las Vegas Realtor to get the transaction closed. We are experienced Las Vegas Realtors, with the knowledge required to close Las Vegas short sales for sellers as well as buyers who are buying Las Vegas Homes and Las Vegas real estate.
We are Las Vegas Realtors who have set up this page to help homeowners here in the valley who are facing foreclosure of their Las Vegas Homes and comtemplating Las Vegas Short Sales. As everyone is aware, Las Vegas real estate is one of the worst hit Real Estate Markets in the country. If you have received a letter from us, then a Notice of Default has been filed by your lender. These are filed after a homeowner is at least 4 months past due. Las Vegas short sales can help give homeowners more time.
Estimate how long you could be upside down on your home even with 4% appreciation[calc id=2103] This can be a very difficult time for homeowners facing foreclosure of their Las Vegas homes or Las Vegas real estate. As experienced Las Vegas Realtors, we understand what you are going through and can help. The first step is figure out what works best for you. We have compiled a list of some of the choices you have for your Las Vegas Homes and Las Vegas real estate.
There are many choices and consequences when faced with foreclosure. There are so many commercials on tv these days but you do NOT need an attorney to negotiate your short sale.
There is also no charge for us to go to work for you. The bank pays all the commissions from their proceeds. If you are broke call us before paying thousands of dollars to an attorney you may not even need.
There are possible consequences to a short sale with regards to a short sale. Unless you have additional homes with equity or assets that you are worried about protecting, we can negotiate your short sale without any need for an attorney. Please call us for a free consultation and to discuss your options. Please contact us sooner than later, we need as much time possible to complete Las Vegas short sales. A Las Vegas short sale may be a choice for you to sell your home if you owe more on the Las Vegas home than it’s current Las Vegas real estate market value. We are Las Vegas Realtors who can prepare a detailed comparative market analysis of your Las Vegas real estate.
1. Las Vegas Short Sales. This when you sell Las Vegas real estate or your Las Vegas homes for less than what is owed on the properties. In most cases it is more advantageous for the bank who holds notes on Las Vegas real estate, to do a short sale rather than go through the foreclosure, carry the property, list the Las Vegas homes and still have the closing costs and commissions for Las Vegas Realtors that they would with a Las Vegas short sale. Another advantage of Las Vegas short sales, you can buy a new home in 2 years after a short sale with a Fannie Mae Freddie Mac backed loan compared to 5 years with a foreclosure. Check your current loan to see if Fannie Mae or Freddie Mac owns your loan right from our site. The homeowners do not pay for the Las Vegas real estate agent’s commissions, but they come from of the banks proceeds of the Las Vegas short sales. As Las Vegas Realtors, we will work with your lender directly to negotiate the Las Vegas short sale on your behalf. Visit our page on how to list your home.
2. Nothing. The lender will set a sale date during the foreclosure process to sell the Las Vegas homes at the Clark County steps which does not have a Las Vegas Realtor at this time. This is a little confusing because at auction the lender needs to sell the home for what is owed on it. In our Las Vegas real estate market, most of the Las Vegas homes are upside down. When this happens, the home goes back to the bank and becomes an REO( Real Estate Owned) property. Once it becomes an REO property, the bank will list the home with a Las Vegas Realtor. You will then be evicted from the home and given days to move out. A big factor is if you have a foreclosure on your credit you will have to wait 5 years before you can buy Las Vegas real estate or a Las Vegas home through Fannie Mae or Freddie Mac backed loan.
3. Loan Modification. This should be your first thing to do if you want to stay in your Las Vegas homes and keep your Las Vegas real estate. The lender does not want the property back through a foreclosure of the Las Vegas real estate. If you have a financial hardship, health reasons, loss of employment or decrease in salary, the lender may try to work out a repayment plan, move past due amounts to the end of the loan or spread out the missed payments over time. Please call your lender and ask for the loan workout or loss mitigation department. They will require your financial worksheet with bills and pay stubs, a hardship letter and past tax returns. This can be a long process for the lender to review your file, but it could keep you in your home. We highly recommend this especially if you want to save your Las Vegas homes and continue owning Las Vegas real estate.
4. Deed in Lieu of Foreclosure. This is an alternative to foreclosure of Las Vegas homes where the home owner signs over the deed to the lender. There are 4 main conditions for a lender to consider a deed-in-lieu. 1. Foreclosure is imminent and unavoidable 2. The borrower is unable to sell the property. 3. There should be no other liens, or attachments to the property. 4. The property needs to be left in broom clean condition.
5. Bankruptcy. This option can liquidate debt and/or allow more time. Chapter 7 (Liquidation) To completely settle personal debt. –Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years. –Chapter 11 (Business Reorganization) A business debt solution. Please contact a qualified attorney to find out what your options are.
Regardless of what choice you make, your credit is going to take a hit. Below are frequently asked questions before someone does a short sale to avoid a foreclosure.
1. Can the lender sue for the deficiency on Las Vegas real estate? The answer is yes. On a foreclosure, Las Vegas homes, the first mortgage holder can file for a deficiency judgment within 180 days of the foreclosure. The second has 6 years to come after the homeowner for the deficiency. On a short sale, the first and second have 6 years to pursue a deficiency judgement. Regardless of what you do this is a reality. When you do a short sale of your Las Vegas homes, it is because there is a financial hardship. They have a copy of your financial and can see it does not make financial sense to spend more money on attorney fees etc. to pursue. As a Las Vegas Realtor we can not give legal advice. The content on this site is to be used as a guide and NOT considered legal advice.
2. Is there a tax liability? If the lender agrees to the Las Vegas short sale that is with a Las Vegas Realtor, the lender will issue you a 1099 for the short difference. The Mortgage Forgiveness Debt Relief Act of 2007 is an IRS code which addresses the tax consequences to a Sellers of Las Vegas Short Sales. You should speak to a Las Vegas real estate lawyer or a tax accountant to find out whether you will be exempt from these taxes or not on the Las Vegas homes. Generally speaking, if the property is a primary residence you are exempt from paying taxes on the 1099 amount entirely. If you have an investment property you maybe able to show you are insolvent on tax form 982 to help with the tax penalty of the gain. This means you have more debt than assets. Again we are a Las Vegas Realtor and NOT Las Vegas real estate attorneys or accountants so you should consult competent professionals with these important issues when doing Las Vegas Short Sales.
3. Do I have to pay for a Las Vegas Realtor services? No. As a Las Vegas Realtor, we do not charge the homeowners for listing Las Vegas homes, completing Las Vegas Short Sales or marketing the property. Buying and selling Las Vegas Realtor commissions and closing costs are paid from the lenders gross proceeds from the sale of the distressed home.
4. How long will it take? Typical Las Vegas short sales takes 2 to 4 months to close from the time an offer is written and accepted on the Las Vegas homes. There really is no typical short sale. Every file is a different set of circumstances. Some can go quicker and some will take longer. The key is to submit a complete package and submit any additional requested info in a timely matter. An experienced Las Vegas real estate agent can get a Las Vegas short sale through to approval faster than a Las Vegas Realtor who does not know what they are doing.
5.Can I sell the las Vegas Homes to a relative or buy it myself at the new price? No. There will be an arms length transaction form required by buyer, seller and Las Vegas Realtor to sign stating that they are not related to each other. Once you sell your home through a Las Vegas Short Sale, you have to move out.
6. Can I get any proceeds from the sale? No. No funds what so ever will go to the seller of Las Vegas Real Estate in a Las Vegas short sale transaction.
7. My home is in foreclosure, can I still do a short sale? As a Las Vegas Realtor we have successfully stopped sales of a Las Vegas homes at the steps the morning of the sale by submitting an entire Las Vegas short sale package with a bonafide offer the evening before. This is not always typical of all lenders but always worth a shot no matter how far along you are. Over 80% of homeowners who are in default NEVER talk with the lender during the foreclosure process. Communication is the key even though burying your head may seem like the easy choice. It is actually easier to communicate with your lender and know your options.
Call us, Las Vegas Realtor, to discuss your options further if you think a Las Vegas short sale may be in your future. We can help you sell your Las Vegas homes and Las Vegas Real Estate on a short sale or even give you some tips to try to save it.
If you want to purchase a home in Las Vegas or Las Vegas Real Estate we can help. Our site is full ofLas Vegas home communities information. You can use our IDX search to search for all Las Vegas Homes from all of the different brokerages in Las Vegas. There is no need to search on multiple sites because they are all here! Start your search for Las Vegas Homes and las Vegas Real Estate here. We have Las Vegas Foreclosures and Las Vegas Short Sales.
Whether you are looking for foreclosure Las Vegas homes, Las Vegas short sales or a home in Henderson, as a Las Vegas Realtor we have the experience and drive to find the home that is perfect. We are experienced Las Vegas Real Estate Agent and have closed homes for buyers in Las Vegas, Henderson and North Las Vegas. We work with buyers who come from out of state and understand the challenges of a new city and not knowing where they want Las Vegas homes or Las vegas Real Estate. We will take the time to see if location in Henderson or Summerlin is more important or maybe a little more home in the Northwest is more desirable. Buyers are all different and home buyers needs are different. As a caring Las Vegas Realtor we take the time to make your Las Vegas homes search include just the homes you are looking for.
The best thing to do is contact us directly to set up a custom search in our MLS system for Las Vegas Real Estate. A Las Vegas Realtor can narrow search with more than 150 different criteria options. This is a very detailed search that will really narrow your search to what you are looking for instead of searching through hundreds of listings that may have to small a yard, too high of HOA fees, maybe no RV parking or only granite kitchens…..You get the idea!
Our site also has information and listings for homes in Henderson and listings of homes in North Las Vegas. Henderson has many popular communities such as Green Valley, Anthem, Seven Hills and the world famous Lake Las Vegas. North Las Vegas has really blossomed over the last few years into it’s own. Communities like Eldorado and Aliante are now full of shopping, parks and freeway access. The prices of Las Vegas homes and Las Vegas Real estate on average is lower in the north. If you are a buyer looking for a little more square footage or yard, a home in North Las Vegas maybe the answer, so call a Las Vegas Realtor today.
Las Vegas HUD Homes are great alternative when searching for a Las Vegas Home. A hud home in Las Vegas is basically a foreclosure or bank owned home in Las Vegas listed with a las Vegas Realtor. This means the home was purchased with an FHA loan but then foreclosed on by the lender. An FHA loan requires a 3.5% down payment. These loans became very popular after 100% financing went away in 2006. This was the cheapest way for a homebuyer to buy a Las Vegas Home. Now the homeowners are falling behind on their payments and eventually end up being foreclosed on. Since the home financed and insured by a federal loan program (FHA), the bank forecloses and then turns the home over to HUD. Some homebuyers have a perception of a HUD home being trashed but to the contrary, a lot of HUD homes in Las Vegas are move in ready and in excellent condition. Visit ourLas Vegas HUD Home Blog for video tours of some of our favorite Las Vegas HUD Homes and call a Las Vegas Realtor to view a home today.
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