Why Short Sale?

A short sale is when a owner of a property owes more on a loan than that property is worth and the seller asks the bank to take less than what is owed to relieve the debt.

The reason people do short sales instead of letting a home just for to foreclosure is if you let a home go due to foreclosure the bank may seek deficiency. Basically, the home you could not afford and are now not living in the seller will now have to pay for. The banks will do what the need to do to get there money back including forcing the seller to sell assets, take money out of the sellers paycheck and bank account, and they have several years to do it.

In a short sale the seller will ask the mortgage company to accept a short sale as payment in full. The short sale will still affect your credit but the banks will look at you in the future as someone who did everything possible to get the debt paid.

On a foreclosure the foreclosure will stay on your credit report for 10 years and creditors will not give your credit or you will not be able to buy another home for 4-7 years.

A Short Sale should affect your credit less and you will be able to buy another home in 2 years.

Why Short Sales recieve a bad reputation.

Short Sales take a long time to do, sometimes, and after waiting a while the bank will deny the short sale and the buyer has to start looking again after waiting all that time.

Sometimes the numbers are wrong when a buyer and a seller go to closing. This is where an experienced short sale REALTOR comes in.

The government has set up a program called the MAKING HOME AFFORDABLE PROGRAM. This program is designed to help homeowners modify there homes through a program called HAMP.If they do no qualify for a HAMP modification, then there is a program called HAFA. HAFA is designed to motivate the banks to let home owners short sale there homes.

HAMP:

May reduce your intrest up to 2%.
May extend your loan up to 40 years.
May reduce the intrest owed on your principle balance.

HAFA:

May get you a check for moving expenses.
Will have extra incentive money for Second mortgage and other liens.
Will remove any deficiendy on the first loan.
Will pay the REALTOR's commission.

We are experts in short sales, REO's and all programs related to distressed properties. We set up our files so that they get looked at first and have a good working relationship with all of the major banks. Please give us the opportunity to help your solve some of your real estate problems. Please fill out our guest book on this site, call/text us at 702-496-0505 or e-mail lasvegasreal@aol.com, our services are 100% guaranteed.