Yes, We are seeing a lot of Short Sales in today's Las Vegas Real Estate Market. It is happening to your friends, your family, and maybe even you. Your home is not worth what it used to be. Las Vegas Short Sale Professionals are now calling it being “upside-down” in which you owe more on the mortgage than the house is now worth. If you can hang on through the slow market, great. If not -you may want to consider a Las Vegas Short Sale to avoid a foreclosure situation. A short sale is when the house or property is worth less than what is due on the mortgage. The bank (note holder) takes the loss, but not a such as a foreclosure process. A Nevada short sale is not always the best option for everyone. You need expert Las Vegas real estate short sale expert advice to decide on the pros and cons of a real estate short sale in Nevada. If you are even thinking of short selling your property, here are some positives and negatives to consider:
Positive
- Avoid Foreclosure – Foreclosures can be a very hard and stressful process for everyone. It might take anywhere from six to twelve months even for a foreclosure to complete.
- Being proactive – Facing your Las Vegas foreclosure will help give you some control over the process. By choosing a short sale, finding a buyer and negotiating terms with the bank, the huge effect on your credit score by a foreclosure can be dodged.
- Start over faster – Minimizing damage to your credit score can help you get back on your credit feet faster. You’ll be eligible to purchase another house faster than if you entered foreclosure according to major lenders.
- You might not owe anything after the Short Sale – Your agent can try asking the bank to cancel your debt altogether. It does happen, but not all the time.
- You won't need to pay large monthly mortgage payments
- The bank may forgive the difference in debt between what you owe and the final price.
- You can avoid the time consuming and traumatic foreclosure proceedings.
- Your credit score will usually recover more quickly than a foreclosure
- You are more likely to avoid bankruptcy
- You may not be taxed on the debt forgiven.
- If you are not able to pay the mortgage premium, or work with the lender on getting a loan modification, a short sale is probably the way to go…even though it means losing your home and investment.
Negative
- There will be damage to your credit – When a short sale is completed, it is still recorded on your credit but should have a lesser impact as a foreclosure for most creditors. Although lenders will consider a short sale similar to a foreclosure, The chances of getting a home loan will still be slim for a bit.
- Tax Consequences – Talk to your accountant to see if you qualify for the Mortgage Forgiveness Debt Relief Act of 2007, no taxes are owed on the forgiven debt.
- Bank Could Demand a note or some payment – The bank is not forced to forgive the debt. They may ask you to pay them back for the difference on the sale and what is owed on the mortgage, but you’ll need to agree to this.
- The mortgage holder/lender does not have to say yes to a short sale
- You must prove a hardship that prevents you from making your payments.
- A short sale is not short. The time depends on how quickly you and your agent put together the hardship package, and how quickly the lender reacts
- Lenders are known for taking a while to approve short sales.
- If your home has liens, each lien holder/lender must be consulted.
- The successful transaction depends on a good offer from a good buyer.
- The real estate agents involved will usually get a smaller commission.
- You may be asked to sign a promissory note for the debt forgiveness for approval .
- Lenders may seek repayment of the debt forgiven after the short sale is completed.
- Your credit score is going to take a hard hit. Consult tax and legal advice.
- You could be taxed. Consult a tax professional.
There are no promises or guarantees in a Las Vegas short sale whether the lender(s) will approve the short sale or forgive your debt, but Short Sales offer an alternative to the damaging effects of a Nevada foreclosure. A short sale is a complicated process for all parties involved. There are so many details involved (more than what the average homeowner is aware of). Make sure to consult a Las Vegas Short Sale Specialist with a proven history of success with short sales. For help with your Las Vegas Real Estate, Equity or Negative Equity -
Contact Richard Ballen, (of The Ballen Group) - The Wizard of Real Estate. Richard will work Magic with your Las Vegas Short Sale, Henderson Short Sale, or North Las Vegas Short Sale.
RICHARD GET'S THE DEAL DONE!
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