Las Vegas Luxury Properties Link

Do you know all your options to avoid foreclosure?

Don't be in denial, you have choices!

Did you know that 44% of all the available home on the Multiple Listing Service in Las Vegas are SHORT SALES?  That number is larger than the current bank owned homes.  What exactly is a short sale?  A short sale is when the bank allows you to sell your home for less than what you owe.   Let me clear something up right now, they should call these kinds of transactions LONG sales, because they take on average 90-180 days.  Hopefully with legislation passed to encourage lenders to approve short sales, the process will be easier.  I have a client who just bought a short sale and he was able to close in 60 days.  That's really fast for our market, so maybe the legislation is working??

Here are some common questions about short sales:

• Will the banks approve my short sale?: Each short sale is different and each bank is different.  Some banks can be more difficult, like ones that start with the letter B and end with America, but some banks are streamlining the process.
• How long does it take? I would plan on anywhere from 3-6 months. 
• Why not just foreclose?  Foreclosures stay on your credit report for 7 years.  With a short sale, you will be able to purchase with in 2-3 years.  Short sales are able to negotiate a payment in FULL or a full satisfaction of the loan.
• Can I stay in the property? Many times a short sale can delay the foreclosure process allowing the sellers to stay in the property while the short sale is being approved.
• What documentation do I need? Every short sale package needs to have the following documentation:
  • Last two years tax returns
  • Last two bank statements
  • Last two pay checks
  • Hardship Letter (Bank need to know you are having a hard time making your payments)
  • Financial Statement (I can provide you with one)
  • Listing Agreement to sell your home
  • An Offer on your home
  • .....and various other documents your Realtor will provide for the bank.
• What are the tax consequences? This is a question for your accountant.  There are definitely tax implications that you need to discuss with your accountant.
• Will I owe the bank money? In certain circumstances, the banks will ask for a promissory note for the difference. My goal when negotiating a short sale is to have a satisfaction in full from the bank.  Certain banks are harder than others. 
• I don't have money to pay the commission.  Who pays the real estate agents?

THE BANKS PAYS ALL REAL ESTATE COMMISSIONS

These are just a few questions I hear consistently from my clients seeking to do a short sale.  If you'd like to read more about short sales, visit www.LasVegasShortSaleConnection.com  or you can call me toll free at 1-866-589-1646. Don't keep your head in the sand about your options to avoid foreclosure!

Felipe Crook

Certified Short Sale Professional

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646

Felipe@felipecrook.com