What is the current state of Las Vegas Short Sales? Who is a Las Vegas Short Sale Realtor I can trust?
Here is my response: Right now even with the Covid-19 threat we all face, Las Vegas short sales are still under the national average of 5%. Here in the Las Vegas, Short Sales make up 2-3% of the housing market. My last short sale I completed was in January 2020. I can help you with this difficult choice to make and show you how this is only temporary and things will get better! Read on so that you can understand what I do and how I can help you!
What is a Short Sale?
Simply put a short sale is when you owe $300,000.00 on your home but the current market value on your home is $250,000.00. 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 capitol 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 is the process and how does this help me?
The short sale process can be either long and dragged out or short and sweet! It all depends on your bank or 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, we 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 hardship and why you need to complete a short sale.
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 servicer or bank so that you are free and clear of this home and the debt from it.
Guidelines for Servicers and Lenders:
The new guidelines for servicers to issue some type of Forbearance program should also help people. The servicer or lender of your loan may ask you to repay what you did not pay. THIS IS NOT A FREE MORTGAGE OR FREE RENT SITUATION. This balance that is due could be a ballon payment which means you have 180 days of forgiveness but on day 181, you will have to pay back that balance you missed. Also, they might also add on the balance you owe to the loan balance you currently owe. This means if you owe $300,000.00 and if you missed $20,000.00 in payments, you now owe $320,000.00 plus interest and additional fees and charges which could make the loan go over $340,000.00.
This is also something that is a major concern for me if you have equity in your home now, you may lose that equity if pricing falls. Call me today to see if selling your home NOW makes sense before you miss payments.
Also, please keep in mind that if you can make your house payments, please do! If we start to see mass defaults on loans, that will bring down the value of your home as well as the rest of us here in Las Vegas. If the housing market falls in value, it hurts everyone.
How Can I Help You:
Since 2006, I have completed over 250+ Las Vegas Short Sales with a 99.9% success rate. My goal is to help you re-establish yourself financially and to give you a better future. Working with you and making you a priority is a huge step in the right direction. I have helped hundreds of people restart their lives and get out of their housing debt.
If you have any questions about completing a Las Vegas short sale, or you need to speak to a Las Vegas short sale Realtor, please contact me anytime at: 702-768-2552.