Las Vegas Short Sale
We at Gavish Real Estate also help you in selling your property through Short Sale. So, what exactly is Short Sale? A Short Sale is when the owner/borrower is permitted by the lien holder(s) to sell the property at current market value thus allowing the debt to be satisfied “short” of what is owed per the terms of the mortgage contract in place. A Short Sale generally takes place when both the lender and the borrower are in agreement that selling the property at a value less than what is owed is a better alternative and outcome than having a default loan. A Short Sale is a mutually beneficial and preferred alternative to foreclosure in most cases.
What is the process for Short Sale? The steps to a successful Short Sale are very well defined by all lien holders in the current market. Quite simply, list your property for sale, find a buyer, request a short sale approval from lien holder and then sell your home. It can take a time period of one to four months from the time the lender and the borrower agree to the sale. Gavish Real Estate advises a seller throughout the entire process and works with the lien holder(s) to insure that lender guidelines for participation, document submission and lien holder approval are maintained. Although everyone’s situation is different based on loan type, number of lien holders, income and financial status, primary residence versus investment property, etc. etc., our primary goal is to seek a waiver of the deficiency balance from the lien holder on your behalf.
Gavish Real Estate made a checklist of several of the more critical documents required for initiating a Short Sale:
•A Hardship letter. This letter is the basis for the request for a Short Sale and details the reason the owner/borrower is not able to repay the loan per the terms of the mortgage and a sale of the property is hereby requested.
•Tax return documents for the last two years or equivalent filings of income.
•Bank statements and salary statements for the last 3 months
•Listing Agreement of the property with a registered/licensed real estate agent.
•A Residential Purchase Agreement (contract to purchase from a buyer)
At Gavish Real Estate, we provide consultation services to illuminate the current Short Sale landscape as it relates to your specific situation, lender specific programs (if applicable) as well as the evaluation and determination of next steps.
*****The Mortgage Forgiveness Debt Relief Act has been extended through January of 2014****
NOW IS THE TIME TO SHORT SALE YOUR HOME AND TAKE ADVANTAGE OF THIS LIMITED BENEFIT BEFORE TIME RUNS OUT.
“For more details about our full-service Real Estate team call or email Gavish Real Estate today,”
