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1. FHA requires at least one of the owners to be occupying the home at the time of short sale.  
    
2. The seller MUST be at least 31 days delinquent on the loan.
    
3. The seller must inform the lender of intent and follow appropriate steps prior to accepting offers on the home. This is the pre-foreclosure program which allows the lender to order an appraisal. The appraisal then sets the fair market value of the property. The HUD form 90045 will state the appraised value and is issued to the seller.
    
4. The seller has 90 days to sell their home under agreement terms from the acceptance date into the pre-foreclosure sale program. During this time, the lender is required to postpone foreclosure proceedings.
    
5.  The minimum net proceeds (this would be purchase price minus all closing costs, realtor commissions, liens and judments, etc.) to the FHA 1st mortgage is based on the time line below. NOTE: EXCLUSIONS TO CLOSING COSTS: The closings costs paid by the lender SHALL NOT include a home warranty, HOA delinquent dues, HOA transfer fees or the water/sewer escrow.  The $1000 incentive to the seller may be used for these costs.
    "As-Is" Appraised Value AND Lenght of Time From Date of Approval:

WHAT TO EXPECT DURING YOUR LAS VEGAS SHORT SALE
Las Vegas Short Sale Process

1. The Listing Contract – We will obtain all required forms and data to begin the process
    

2. Lock Box – We will hang an electronic lock box for showings – if permitted. The lockbox is a computer and provides data to us for following up with agents who show the property. We find a lockbox doubles the showings than a property without one.
    

3. Pictures – We will take pictures of the property in order to create a virtual tour and showcase the property on television, in print, and online. The better the pictures, the better your chances of selling your home and receiving offers the bank will consider.
    

4. MLS – Within seven days of obtaining your listing, we will have your property live on the MLS. If we are unable to get pictures during that time, due to property preparation, we will have to do a written exclusion of the MLS. We encourage you to prepare your home in advance and work with the photographer on scheduling. If you allow a lock box, you will not need to be present for the photos. A professional style ad will be written, 8-12 pictures will be featured, and link to a virtual tour will be provided. The better the MLS brochures look, the more likely it is that we will receive an offer within our 6 week plan.
    

5. The Shortsale Package Submission – All banks are different. Certain banks want the entire shortsale package up front, while others won’t look at anything until there is an offer. The shortsale transaction coordinator will submit all information including the authorization to speak on your behalf, the listing contract, and the package when the bank will allow the submission.
    

6. The marketing plan-All shortsale listings are put on a plan from the day their listing is live on the MLS. This plan includes the weekly updates, internet marketing, and price reductions. This plan is designed to generate an offer within 6 weeks of a live listing. You will receive change orders that require your signature in order to reduce the price.
    

7. The Timeline – The entire process typically takes 90-120 days
    

8. The Offer- The law requires us that we present you with all reasonable offers. We will explain the offers, what they entail, and what they mean to you. You will have the right to accept, counter, or reject all offers. Our goal is to obtain an offer that proves to the bank that it will be more expensive for them to foreclose than to accept the loss on the provided offer. If the offer is too low, we will need to counter or reject. In some cases, especially where there is a tenant, the price has to be dropped under fair market value to encourage an offer. In this case, we will have to provide proof to the bank that we attempted to obtain a higher offer. This is done providing marketing proof, MLS records, and showing reports.
   
    

9. The Acceptance – Once we have an accepted offer, all information will be submitted to the bank. The bank will require proof of the offer, all counter offers, and a HUD. The HUD basically provides the bank with a bottom line loss when they include the brokerage fees and closing costs.
   
    

10. The Property Status – Here is the tricky part. Once you accept an offer, the board of Realtors REQUIRES us to list your property as “contingent” in the MLS. This shows other Realtors that your property has an offer. If a buyer hires a Realtor to look up active properties, your property may not show up on their report. This is required to prevent sellers from wasting the time of buyers who would otherwise assume your property is available. We are permitted to continue marketing your property as we had been on TV, Radio, Internet, Print etc. It is only the Multiple Listing Service that requires us to list your property as contingent. During this time we are permitted to receive other offers and send them to the bank as well. 
    
     

11. The Escrow – We will require the buyer to open escrow within 24 hours of your signed acceptance. Although they will be required to deposit an earnest money deposit, this does not mean you are entitled to it. The earnest money check is cashed and held in a bank account assigned to the title company. In most cases, the offer provides the buyer with financing contingencies that entitle them to a refund if they lose their financing. In addition, they will have a due diligence process (explained on the next item) that allows them an exit strategy due to inspections etc. That being said, both parties to have to sign a cancellation of escrow in order for the buyer to obtain a refund. You have legal rights as well and will have the right to refuse the reimbursement with your legal representation. The Escrow officer will be determined in the contract. Nothing will be done without both parties agreeing, that includes the actual closing of the home.
     

12. Due Diligence – Due diligence is the process where the buyer investigates everything they need to know, in order to make an educated a decision about the condition and whereabouts of the property. This includes inspections, investigations of nearby schools, worship, and other buildings or services pertinent to the buyer, home owner’s association’s amenities and regulations, and property inspections. The length of due diligence is determined in the contract and is typically 10-15 days. The buyer has the right to withdraw their offer and obtain a refund of earnest money within that due diligence process. After the due diligence process is complete, only finance contingencies, or the sellers failure to perform (honor the contract) would entitle them to a refund, unless otherwise agreed upon in the contract. In a “normal” transaction, due diligence would begin on the date the contract is signed. In a shortsale transaction, due diligence (unless otherwise stated in the contract) begins upon written bank approval of the short sale financing contingency. In other words, approval of the shortsale.
     

13. The Bank Process – Once the bank receives the offer and the shortsale package, they begin their procedure. They will order what they call “Values”. The values are usually obtained by two reports. The first is a standard appraisal. The appraiser will valuate your property based on the condition and nearby sales. The second is a Brokers Price Opinion, more commonly know as a BPO. The BPO is ordered from a non-affiliated real estate agent.  In most cases, especially if your property is occupied, they will only do a “drive by” obtaining exterior pictures and statistics for the bank. The bank will then assign these values to a negotiator. The negotiator will then determine if the offer is acceptable. If you have multiple mortgages, this process has to be completed with each bank.
     

14. The Decision – Most of our short sales are being approved, but new rules and regulations are put into play everyday. The most common reason for denial is liens. If you have not paid your HOA dues, you will be unable to pass a free and clear title if they have placed a lien on the property. We strongly encourage you to keep your HOA dues current. If there is a mechanics lien (sometime seen from a pool builder or repair person who was not paid), It makes it difficult, but not impossible to close. The bank would have to agree to pay off this lien. If the offer obtained is high enough, and the bank is ultimately receiving their “bottom line”, it might be paid. Another recent struggle is the 2nd or 3rd mortgage. In the past, the additional mortgages would take $1,000 and right it off. Today, they are getting tougher. We must get the additional mortgages to agree just as much as the first. Without their approval, we have no sale. Some banks have a standard (we won’t take less than ___dollars or ____percent of the sales price) and some are more flexible. We won’t know until we get into the details of your short sale. Once the bank(s) approve, they will give us a written approval stating their terms (bottom sales amounts, commissions, closing costs, timeline to close etc.) You still have to agree to sell. If you don’t agree with their terms, you don’t have to agree to the short sale either. If there is a denial, you owe nothing to the brokerage. 
     

15. The Commissions – This is the good news. You do not pay the brokerage/agents commission, the bank does. The goal here is for the loss of your home to be your entire expense. Although we have a transaction fee, we ask the bank to pay that as well. The only thing you may have to pay is liens or HOA arrears if they can’t be negotiated.
     

16.  The Closing – This is the best part. Once the acceptance from the bank is handed down, the HOA (home owner’s documents) package is approved, and the due diligence is completed, the buyers & sellers are brought into the Title Company to sign off on all documents. The buyer’s funds are then deposited (usually within 24 hours – 72 hours of signing), the deed is recorded, and you are done. You must vacate the property PRIOR to closing. In our experience, it is best to vacate the property 72 hours prior to closing (provided both parties have signed). This allows the buyer to complete the walk through on a vacant property. This is not required, just suggested. We suggest you have all utilities scheduled for shut off on the next MONDAY after closing. This way, if there is an extension for any reason, you are not stuck in the property with no power, gas or water. Please remember to forward your mail to your new address.
    
     

17. The End – Hopefully a smooth process and you are now free to begin the next chapter of your life! 
    
    Call 702-482-7739 to be assigned to your Las Vegas Short Sale Specialist (North Las Vegas or Henderson) today.