Las Vegas Luxury Properties Link

My team and I have been negotiating a Chase short sale on behalf of my client.  I'm proud to say that Chase has successfully approved the short sale!  The first approval letter we got from Chase had deficiency language in place.   This means that Chase has a right to pursue the borrower for the amount they are deficient from the sales price to the original amount borrowed....ie:

Original loan is $200,000

New Sales Price $100,000=

Deficiency Amount of $100,000

That's quite a lot of money to be on the hook.  My team and I went back to the negotiator and pleaded our client's case.  After a couple of weeks of back and forth, the negotiator sent a new approval letter removing the deficiency language.   Nevada is a deficiency state which means the bank has a right to pursue the borrower for the balance. It's CRUTIAL to get hat verbiage remove when you are working with a lender.   Certain lenders will ask for a contribution from the seller in order to remove that language, other banks have it in their approval letter from the beginning.

If you're looking to do a short sale, please give me a call at 1-866-589-1646 directly and I'd be happy to explain the short sale process hear in Las Vegas Nevada.  You can also look at Chase's FAQ about short sales below: 

My property is not listed. How do I start the Short Sale process?

If you want to sell your property because you can no longer afford the payments, contact your local licensed real estate agent about listing your property for sale on the local Multiple Listing Service (MLS). If you want to keep your property but are unaware of the current options or whether you may qualify for a loan modification, start here to learn more about home retention options.

My property has been listed for months but it is not selling.

Discuss the pricing with your real estate agent to ensure the property is listed at a competitive price within the fair market value range for the area. You and/or your real estate agent may contact a Chase Loss Mitigation specialist to review options if your property is not selling.

My property is listed but I want to keep it. How do I know if I qualify for a Modification?

If you want to keep your property and have not applied for a Modification, start here to learn more about home retention options.

I have an offer on my property. What should I do?

If you have received an offer on your property you will need to complete the information in the Short Sale Information Packet and fax all required documentation listed. You will find the full information listed as part of the Short Sale Information Packet.

What documentation will I need to submit with my Short Sale request?

You will need to complete a request for Short Sale using the Short Sale Information Packet. This contains the information we need describing your situation as well as contains a checklist of the supporting documentation you'll need to provide. If you have already submitted your financial information and hardship affidavit as part of a loan modification request, you can use the Short Sale Supplemental Packet which outlines the required information regarding the sale of the property. Review the Short Sale Information Packet for details.

How do I submit the required documentation?

You will have the option to fax the documentation or mail. Simply follow the instructions on the Short Sale Information Packet.

How long does the process take?

Once all required documentation is submitted a decision is typically completed within 30 days. Common reasons decisions may be delayed include low offers for your property which are under fair market value and junior liens held by other banks or individuals that also need to agree to a short sale. Depending on the type of loan, an investor and/or insurer may also need to approve the sale.

Will I have any tax liabilities?

Consult your tax advisor to see if you will incur any tax liabilities as a result of the short sale.

How will a Short Sale affect my credit?

The completion of a Short Sale may affect your credit rating. The final disposition of a completed Short Sale may be reported as "Account paid in full for less than the full balance" on your credit report.

Does Chase charge a fee for the completion of a Short Sale?

No, Chase does not charge a fee for processing or completing a Short Sale.

I signed up with a Short Sale negotiation service. Will Chase pay their fee?

No, Chase will not pay any 3rd party Short Sale negotiation or processing fee nor allow this type of fee to be deducted from the proceeds of the sale of the property.

Will I be required to pay back the amount of the shortage or the deficiency balance?

The approval letter will specify the terms of the Short Sale approval. Your Loss Mitigation specialist will be able to explain whether the deficiency balance will still be owed.

My loan is in Foreclosure. Can I still be considered for a Short Sale?

Yes, however the Foreclosure may continue during the process. Please contact your Loss Mitigation specialist for more information.

My loan is current. Can I still be considered for a Short Sale?

Yes, however the required financial documentation must be submitted along with a detailed Hardship letter explaining the inability to continue to maintain your loan payments.

I have two loans. Can I still be considered for a Short Sale?

Yes, however if the 2nd loan is with another bank they will need to approve the Short Sale separately.

My property is a rental. Can I still be considered for a Short Sale?

Yes, however you must include rental income documentation, which will include bank statements, rental agreements or an explanation letter if rents are not being generated.

Do property taxes need to be paid during the Short Sale process?

Yes, if your property taxes are not escrowed as part of your loan payment and they become due they should be paid.

I filed Bankruptcy. Can I still be considered for a Short Sale?

Yes, however consult your Bankruptcy attorney regarding the process of selling your property during a Bankruptcy.

I want to deed my property to Chase. I have heard this is possible through a Deed in Lieu of Foreclosure. Is this an option?

This may be an option however it is recommended the Short Sale option is reviewed first. Please contact your Chase Loss Mitigation specialist for more information.

Felipe Crook

Prudential Americana Group Realtors

Direct Line: 1-866-589-1646