SHORT SALE OPTIONS

OUR MISSION:

We help and work with hundreds of homeowners in the Las Vegas and Henderson Communities, Clark and Nye counties, who find themselves unable to afford their Las Vegas property they own due to an unforeseen financial hardship. Our goal is to assit our Las Vegas homeowners avoid the emotional and physical devastation of foreclosure. Many such Las Vegas homeowners can mitigate credit issues and improve future home ownership prospects significantly by proactively deciding how and when to voluntarily transfer ownership of their Las Vegas property e.g., via Short Sale instead of Foreclosure. We negotiate settlements with the seller's lien holders to get them to accept less than the full amount due and release their liens on the property. We help consumers understand and pursue Foreclosure Alternatives such as Short Sales. Short Sale negotiations are very complicated and require thorough knowledge of the local, state and federal laws related to negotiating short sales and the foreclosure timelines. With foreclosure rates soaring the need to find comprehensive and affordable solution to this crisis was necessary. Too many Las Vegas homeowners with financial problems fall victim to Foreclosure instead of selecting and pursuing a Foreclosure Alternative that would be better for them and their family emotionally and financially. Too many Las Vegas and American homeowners allow themselves to be evicted from their home instead of receiving a cash payment from their loan Servicer to support a more graceful and respectful transition.

This can be a very difficult time for homeowners facing foreclosure in Las Vegas. We understand what you are going through and can help. Our Goals when Negotiating your Las Vegas Short Sale:
         > To negotiate with the bank to specifically agree not to report the shortage, the bank may report it as a Score Factor Code 22. That score factor relates to delinquencies, derogatory records and collections.
        > To negotiate relocation assistance for you provided by the mortgage note holder.
        > To negotiate Servicer/ Investor to sign a release in regards to taxing (1099) borrower for the difference in the lien and negotiated short sale.
        > To negotiate Servicer/ Investor to release right of recourse for deficiency.

We work and negotiate directly with your lender to make sure your short sale is risk-free and cost-free. You can walk away at any time should a short sale cease to be in your best interest.

Las Vegas Short Sales and foreclosure Alternatives:

A short sale is when a homeowner owes more than what the Las Vegas home is worth and the lender or lenders, agree to accept less than what is owed, a short payoff. A short sale takes a knowledgeable agent to get the transaction closed. We are experienced Las Vegas Realtors, with the knowledge required to close short sales in Las Vegas for sellers as well as buyers. We have spent years developing relationships with many banks and companies to help facilitate the short sale in a timely manner and efficient manner to relieve the homeowner of additional stresses. Please contact us sooner than later so we have as much time possible to help.

A short sale of your Las Vegas home may be a choice for you to sell your home if you owe more on the home than its current market value.

Short Sale. This is when you sell your Las Vegas home for less than what is owed on the property. In most cases it is more advantageous for the bank to do a short sale than go through the foreclosure, carry the Las Vegas property, list the home with a Las Vegas Realtor and still have the closing costs and commissions that they would with a short sale. Another advantage of a short sale is 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.

Benefit: A short sale allows the Las Vegas homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual's public record, and in many cases will allow the homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 24 months (as opposed to five years for a foreclosure).
Drawback: Las Vegas Short sales can be a trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way.

The homeowners do not pay for the real estate agents commissions; they come from of the banks proceeds of the sale. We will work with your lender directly to negotiate the short sale on your behalf.

If you do Nothing. The lender will set a sale date during the foreclosure process to sell the home at the Clark County steps in Las Vegas. 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 market, most Las Vegas homes are upside down. When this happens, the home goes back to the bank and becomes an REO( Real Estate Owned) property. 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 a home through Fannie Mae or Freddie Mac backed loan.

If you do nothing, the lender can go after the homeowner for a deficiency judgment, the unpaid mortgage

Loan Modification. This should be your first thing to do if you want to stay in your Las Vegas home. The lender does not want the property back through a foreclosure. 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 and stressful 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 home.

Deed in Lieu of Foreclosure. This is an alternative to foreclosure of your Las Vegas home where the home owner signs over the deed to the lender. There are four main conditions for a lender to consider a deed-in-lieu.

Foreclosure is imminent and unavoidable
The borrower is unable to sell the property.
There should be no other liens, or attachments to the property.
The property needs to be left in broom clean condition.

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.

Can the lender sue for the deficiency? The answer is yes. On a foreclosure, 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 judgment. Under the new HAFA program, April 5, 2010 Requires that borrowers be fully released from future liability for the debt with a Short sale. Our Goal, as your representative is to negotiate with the Servicer/ lender to release the right of recourse for your deficiency. The servicer/ Lender is not obligated to sign a release nor do we guarantee that they will, however we work extremely hard to negotiate in your best interest. You should speak with our real estate attorney to fully understand whether a short sale is the best choice for you.

We work and negotiate directly with your lender to make sure your short sale is risk-free and cost-free. You can walk away at any time should a short sale cease to be in your best interest

Is there a tax liability? If the lender agrees to the short sale, 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 Seller of a Las Vegas Short Sale. You should speak to a real estate lawyer or a tax accountant to find out whether you will be exempt from these taxes or not. 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 NOT attorneys or accountants so you should consult competent professionals with these important issues. Our Goal as your representative is to negotiate with the servicer/ lender to sign a release in regards to taxing (1099) borrower for the difference in the lien and negotiated short sale. The servicer/ Lender is not obligated to sign a release for taxing the deficiency nor do we guarantee that they will, however we work extremely hard to negotiate in your best interest.

We work and negotiate directly with your lender to make sure your short sale is risk-free and cost-free. You can walk away at any time should a short sale cease to be in your best interest

Do I have to pay for the services? No. As Las Vegas Realtors, we do not charge the homeowners for listing their home, marketing the property or negotiating the short sale. Buying and selling agents commissions and closing costs are paid from the lenders gross proceeds from the sale of the distressed home.

How long will it take? The typical Las Vegas short sale takes 2 to 4 months to close from the time an offer is written and accepted on the home. 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 agent can get a Las Vegas short sale through to approval faster than an agent who does not know what they are doing.

Can I sell it to a relative or buy it myself at the new price? No. There will be an arms length transaction form required by buyer and seller to sign stating that they are not related to each other. once you sell that is it, you have to move out.

Can I get any proceeds from the sale? No. No funds what so ever will go to the seller in a short sale transaction.

My home is in foreclosure, can I still do a short sale? We will do whatever it takes to successfully stop the sale of a Las Vegas home from going into foreclosure. Even if we have to go to the Clark County steps the morning of the foreclosure sale to submit an entire short sale package with a bonafide offer the evening before. Over 80% of Las Vegas 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 and know your options.
Call us to discuss your options further. We can help you sell your Las Vegas home on a short sale or even give you some tips to try to save it.

We work and negotiate directly with your lender to make sure your short sale is risk-free and cost-free. You can walk away at any time should a short sale cease to be in your best interest

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