With real estate prices down in many markets, particularly in the Las Vegas real estate market, short sales are up? A short sale occurs when a home owner sells a house for less than the outstanding loans against the property. In other words, the home is sold for less than it is worth. In order to determine whether or not you have a short sale situation, you need first to verify the worth of the property. Your real estate agent can help you with this. Then, you need to add up all of the outstanding loans against the property. If the loans are greater than the value of the property, and you need to sell the house, you will be looking at a short sale situation. If you can still afford your mortgage, then keep paying it and wait for the market to turn around! If not, though, hire a good real estate agent who knows the Las Vegas market, and prepare for a short sale. A short sale is always a better option than foreclosure, as it doesn’t damage your credit the way that foreclosure does. Before the process of foreclosure can begin, get in touch with your lender and explain your situation. Realize that the short sale process is a lengthy one! Utilize the expertise of your real estate agent to walk you through this process! Your lender may lower your payments, in which case it may be possible for you to stay in your house. Alternatively, they may approve the sale of your house for less than the amount of the loan †a short sale.As you go through the short sale home selling process, much of it will feel like a regular home selling process, but some things will be very different, which is why it is CRITICAL that you hire a real estate agent who has experience with short sales! Your agent should be able to advise you on the tax implications, the impact on your credit, and your realtor’s fees. If your agent can’t answer your questions, find one who can!The Simons Group in Las Vegas has experience selling homes in a short sale situation. We will handle your short sale with compassion and professionalism. Our goal is to sell your home and allow you to get back to the business of living your life.
Please Rate this Article 5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
