Las Vegas Short Sales are a very hot topic in Las Vegas real estate in today’s market. If your property is worth less than what you owe on your mortgage, a short sale may be a wise alternative to facing foreclosure.
A short sale occurs when a lender agrees to accept less than the amount owed to satisfy a home loan as an alternative to foreclosure.
With a short sale, the homeowner gets permission from the bank that holds their mortgage to sell the property for less than they owe on the mortgage, usually due to some form of “hardship”. It works for the bank because they avoid an expensive and time consuming foreclosure process. Usually if the lender takes the property back via foreclosure, they incur even greater losses. But not all lenders will accept short sales, especially if they think it makes sense to proceed with the foreclosure process. (read a story about short sales here)
If you can’t make your mortgage payment, you need to consider a short sale before you just give your home back to the bank and walk away with a foreclosure on your credit, something that may affect you negatively for several years. In addition, the possibility of a deficiency judgment exists where the bank can sue you for their losses during the foreclosure process. The bottom line is this:
DON’T GIVE UP! Consider your options to protect your financial future.
You need to explore the option of a short sale which is why we present you with our complimentary Short Sale guide. However, the process of proving hardship and getting your short sale application approved requires special skills and fine details that are better left to a real estate professional. A short sale transaction is nothing like your typical real estate sale. Because of our connections with a variety of major lenders, our experience in the short sale environment, and our negotiation abilities, shorts sales are one of the specialties we do at All Vegas Valley.
We can not emphasize this point enough: Not all real estate agents are equal when it comes to the world of short sales. You need to be certain you’re working with agents who understand the entire short sale process. If you’d like a no-obligation confidential consultation to see if a short sale is right for you, we urge you to contact us at 702-541-8300 or fill out the form below and we will promptly follow up with you to discuss your options: