Most Las Vegas short sales are handled by a real estate agent, with a title company running escrow. An attorney isn’t required to sell a home as a short sale in Nevada. You may still want one, and there are times you should call one right away.
We are real estate agents, not attorneys. Nothing on this page is legal advice. For questions about your rights, a lawsuit, bankruptcy or what you could owe after a sale, talk with a Nevada attorney.
Who does what in a short sale
| Task | Agent | Attorney | CPA |
|---|---|---|---|
| Pricing the home and finding a buyer | ✓ | ||
| Building the lender package and following up with the negotiator | ✓ | ||
| Coordinating title, escrow and closing | ✓ | ||
| Reviewing the approval letter and any deficiency waiver | Flags it | ✓ | |
| Advice on lawsuits, bankruptcy or what you could owe | ✓ | ||
| Taxes on forgiven debt, 1099-C and Form 982 | ✓ |
Short sale commissions are paid by the lender out of the sale. Attorney and CPA fees are usually paid by you, and lenders rarely allow them on the closing statement.
When to call an attorney now
- A trustee’s sale date is set and it’s close.
- You’ve been served with a lawsuit or a deficiency claim.
- You’re weighing bankruptcy against a short sale.
- You have a second mortgage, a HELOC or an HOA lien in foreclosure.
- The lender’s approval letter doesn’t say, in writing, that the rest of the debt is waived.
- You refinanced or took cash out, and you want to know where you stand on the shortfall.
Read how Nevada deficiency rules work before that call so you know what to ask.
Watch out for “short sale negotiators”
Some companies offer to negotiate with your lender for a fee. Many lenders don’t allow a seller to pay that fee, and some of these outfits disappear once they’re paid. Be careful with anyone who wants money upfront to save your home or handle a short sale. A legitimate agent is paid at closing, from the sale.
If you need a lawyer and don’t have one
- Legal Aid Center of Southern Nevada, foreclosure help: 702-386-1070
- State Bar of Nevada Lawyer Referral Service: 702-382-0504
- A HUD-approved housing counselor can also help with lender paperwork for free: 800-569-4287
How we work with your attorney
We handle the listing, the buyer, the lender package and the follow-up, and we send your attorney and CPA what they need along the way, including the approval letter before you sign. We’ve been doing Las Vegas short sales since 2006. Call or text Jeff at 702-510-9625 or Lee Ann at 702-205-9430, or take the two-minute quiz.
General information only, not legal or tax advice. Jeff Mix, Nevada license S.0074457. Lee Ann Mix, Nevada license BS.0143453. The Mix Group at Realty ONE Group.