Are Short Sales In Las Vegas Coming Back? Good question, let’s start off with what a short sale is. First off a Short Sale is when you owe more than what the home is worth. Example: Your home is worth $400,000.00 and you owe $450,000.00. The short sale amount is $50,000.00. If you have questions about Short Sales in Las Vegas, read on. As a Short Sale Realtor in Las Vegas, my goal is to help you avoid foreclosure in Las Vegas.
The simple answer is yes, they are on the rise. Why? Several reasons are causing us to see more short sales. A lot of the homes that are under water are more than likely from the past 2-3 years and COVID is a problem for most of those home buyers that bought from 2020 on to 2023. A loss of work, income, a death in the family etc are causes for people that have not made their loan payments or they did not qualify for a forebeanace program prior to 2022. All COVID related programs ended last year and no current remidies are available to people that are behind on their payments.
A lot of people I deal with when facing a financial problem want to ignore it and not handle it head on. Once you miss 3 or more payments, foreclosure can start. In the state of Nevada, lenders or servicers can file a Notice of Default with the county the home is located in. Once that Notice of Default has been filed, there is an automatic 90 day cool down period. This means both sides cannot proceed and must wait for 90 days. After day 91, a Notice of Sale can be posted via a public newspaper or other publication. This means that the lender or servicer intends to sell your home. Usually when this happens, there is another 90+ day period for the process to be completed.
Usually I am seeing foreclosures taking almost 1 year to be completed from the Notice of Default. Every situation is different so do not use this as an example for your own situation. Call your servicer or lender and see if there is anything they can do on their end to assist you. Do not discard notices from the mail, do not avoid talking to your servicer or lender. This makes things worse for you. Keeping the lines open for communication is very important.
Every month you miss making a payment on your home means you are losing your equity if you have it. This means you are taking on interest charges, late fees and other fees that will add up very quickly. Time is not on your side. If you lose your equity in your home, you are now forced into a short sale. If you have equity, it’s very important to call me NOW so that we can either sell your home or contact your lender or servicer to see if you have any options. Make sure you hire a Short Sale Realtor that has experience in this field. I have been doing short sales since 2006.
Be sure to check out my Short Sale page for more information as well as a specific time line of events post card that I made that explains every step in the process. https://lvrealty4sale.com/las-vegas-short-sales/
Check out the CFPB’s wegb site for more information: https://www.consumerfinance.gov/coronavirus/mortgage-forbearance-during-covid-19-what-know-what-do/
HUD also has a great foreclosure avoidance page to check out: https://www.hud.gov/states/nevada/homeownership/foreclosure
You can also contact me directly at: 702-768-2552. I am more than happy to give you some free advice and see if I can help you avoid foreclosure in Las Vegas. As a Short Sale Realtor, I am current on all trends about short sales in Las Vegas. If you are facing foreclosure in Las Vegas, time is not on your side. Contact me today. With over 300 short sales completed with a 99.9% success rate, my goal is to help you rebuild your finances and get a fresh start.