Las Vegas Short Sales-What You Need To Know!
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Las Vegas Short Sales-What You Need To Know! Do you need a Short Sale Las Vegas Realtor? As a Las Vegas Short Sale Specialist I can help you avoid Foreclosure here in Las Vegas! Do you have questions about a short sale? This page will help you! I have been doing short sales here in Las Vegas since December 2006. With over 250 completed, I have a 99.9% track record in helping people avoid foreclosure.
Here in Las Vegas, Short Sales make up 2-3% of the housing market. I can help you with this difficult choice and show you how this is only temporary and things will get better!
Read on so that you can understand what I do as a Las Vegas short sales Realtor and how I can help you! A short sales in Las Vegas can be tricky, make sure you hire someone with experience!
What is a Las Vegas Short Sale?
Simply put, a “Short Sale” is when you owe $400,000.00 on your home but the current market value on your home is $350,000.00. The “Short” is $50,000.00. In the past, The Mortgage Forgiveness Debt Act forgave that short amount from any tax liability. The $50,000.00 which is considered a capital gain is considered income by the IRS. This law expired in 2017 so if you were to short sale today, you would have a tax liability. Talk to your CPA for more information.
What Are The Costs of Doing a Short Sale?
This is mostly a FREE process to you. When you use me as your Las Vegas Short Sale Realtor, the bank/loan servicer will pay all Realtor commissions due. Usually the costs to do a short sale are small compared to filing for bankruptcy. The biggest cost to you will be to order an HOA Resale Packet if you live in a HOA Community
Having a foreclosure on your credit may affect you in the following ways:
- A reduction of current credit on your credit cards.
- Higher interest rates on car loans and other credit services.
- The ability to not qualify for another home loan for several years.
- Not being able to rent a home or apartment. The rental market in Las Vegas is highly competitive and this is a huge factor having bad credit.
- Getting a government job or other jobs that require good credit.
- Having bad credit limits your financial options and how you can recover.
- Banks and loan servicers can sue you in court and get a judgement against you for the amount you have defaulted on.
- Having a lower credit score could take you years to improve it.
These are just a few problems you may have if you let your home go to foreclosure. Preventing foreclosure is the best way to rebound and start over. A Short Sale may be the best way to handle this problem.
Completing a Short Sale will have the following positive affects compared to Foreclosure:
- Within 2-3 years after completing a Short Sale and working on your credit, you may be able to qualify for another home loan.
- Short Sales end any future legal actions against you. Nevada is a “One Action State” which means the bank or loan servicer can only pursue 1 action.
- Most of my clients that have short sold their homes have called me after a few years and told me that they have bought another home.
- Credit is not affected as badly as having a foreclosure on your credit history.
- Short Sales give you a way out of a bad situation and the ability to fix your finances faster than foreclosure.
- I can give you ideas how to work on building up your credit and rebounding from this negative situation.
- Short Sales give you completion and a way out that is fair and easy to recover from compared to foreclosure which takes years to over come.
As a Short Sale Foreclosure Realtor and Specailist here in Las Vegas, I can help you with several different options. I know how to help you recover from this and give you a positive outcome. Call me today and let’s discuss your options when you are facing foreclosure. Click on this timeline below for more information:
What is the process for short sales in Las Vegas?
The short sale process can be either long and dragged out or short and sweet! It all depends on your bank or loan servicer and how fast they can assist us in the process. The process starts by determining your current home’s value and all costs associated with the short sale.
Second, you and I work together in getting a short sale packet created and sent off to your servicer or bank. This “packet” consists of tax records, pay stubs, financial asset forms, listing debts, savings, investments, etc. It also talks about your financial hardship and why you need to complete a short sale. Being a Las Vegas Short Sale Specialist, my job is to make sure that this process works out to your advantage.
How does this help me?
As your Las Vegas Short Sale Specialist, I help you with all of this from A to Z. It’s my job to also help you find a buyer for your home. The goal of doing a short sale is to make sure the debt is paid off and that you will not have to deal with this situation in the future.
I always get a “Full Release Letter” from your loan servicer or bank so that you are free and clear of this home and the debt from it. Make sure you hire someone that can get you results and who knows what they are doing when it comes to Short Sales. This is about your financial future and getting a clean slate to start over. Call me today for a free consulation! 702-768-2552.
