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Question: What is a short sale? Answer: A short sale is a transaction involving real property where clear and marketable title is being transferred for a monetary amount that is less than the amount owed to any lien holders. (Mortgage) In other words, a seller is selling the property for less than is owed to the bank and the bank is willing to release the lien. Question: Why would a bank settle for less than what is owed? Answer: In many cases, when hardship can be proven by the Mortgagor (home owner) and the homeowner has no equity in the property, it could be in the banks best interest to accept a short sale deficiency as opposed to a costly and lengthy foreclosure. This decision by the bank usually comes down to actual numbers. Question: Why would someone want to sell this way? Answer: SOUTHERN NEVADA HOME VALUES ARE DOWN 35-50% SINCE THEIR PEAK IN 2006! During the housing boom of 2004-2006, many people bought homes with little or no money down, thereby procuring no equity in the property. Many also took out Adjustable Rate Mortgages that start off with a very low payment, and then rise after a certain period of time. As people’s situation change over time, they could find themselves in a position that they need to sell their home. Possibly a divorce, job transfer or loss, or possibly because their mortgage payments have adjusted to an unaffordable amount. Since they have no equity in the home, they cannot afford to sell it for what is owed. Question: Why would someone want to buy a home this way? Answer: Many short sales on the currently on the market are fantastic bargains. The buyer is issued a clear title with title insurance. The buyer still gets to deal with a seller and receive full disclosure on the property, unlike purchasing a bank owned home where there is no disclosure of any defects. Question: It sounds complicated. Is it? Answer: YES. However, if you use an experienced agent familiar with short sales, your chances of a successful transaction improve dramatically. BANKS ARE MUCH MORE RECEPTIVE TO SHORT SALE TRANSACTIONS THAN THEY WERE EVEN A FEW MONTHS AGO! Every short sale transaction is different with its own set of unique circumstances. Question: Is your office experienced in short sales?
Answer:
I am a certified Short Sale Specialist and Platinum Real Estate is one of the top short sale listing companies in
Southern Nevada with an excellent track record. If you are
interested in learning more about short sales, feel free to call me
to schedule an appointment.
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 Fact: One in ten homes in the Greater Las Vegas area is in some form of Distress. Fact: According to a study commissioned by the Obama administration, for every foreclosure in a neighborhood, property values fall in that neighborhood 9 %. Fact: Current FHA guidelines state that a person who has had foreclosure on his or her record will not be able to obtain an FHA mortgage for at least 4 years. Fact: FHA guidelines state that a home seller that successfully completes a short sale of their personal residence will be eligible for FHA financing in 2 years. Fact: Home values in the greater Las Vegas area have fallen between 35% to 50% since their peak levels in 2006. Fact: Recent studies indicate that home values will not approach their 2006 high levels until 2020-2022. Fact: A short sale can be an excellent alternative to foreclosure.
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DON'T GET FOOLED BY UNSCRUPULOUS COMPANIES THAT ADVERTISE THAT THEY CAN SAVE YOUR HOME FROM FORECLOSURE! NEVER SIGN YOUR DEED OVER TO ANYONE WHO CLAIMS THAT BY DOING SO IT WILL DELAY A FORECLOSURE! NEVER PAY ANY MONEY UP FRONT! ONLY DEAL WITH A LICENSED REAL ESTATE AGENT OR AN ATTORNEY! |
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