Interested in selling your Las Vegas Home but don’t think you can because you owe more than it is worth? Selling your home for less than what you owe is called a short sale. A Las Vegas Short Sale requires the lender or bank to approve the transaction as they are agreeing to take less than they are owed on the mortgage note. A short sale requires a real estate agent that has experience in the short sale process as it is a very complex transaction.
The lender or bank will require a short sale package be completed that outlines your financial situation and they could request a hardship letter that explains why you are no longer able to afford your mortgage payment. A few examples of what would be considered a hardship could be a loss of job, pay cut, divorce, or job relocation.
Once an offer has been submitted on the property and has been accepted by the seller, it is then forwarded to the lender or bank for approval. They will usually request an estimated settlement statement from the Title Company for a break down of all the costs. Once submitted to the lender or bank it can take anywhere from 30-90 days for a response.
Once the short sale has been approved by the lender or bank a closing date will be set and there usually isn’t any room for negotiation on the closing date. It is imperative that once the closing date has been set that everyone involved in the transaction work together to get the deal completed.
Short Sales require patience not only from the seller but the buyer as well. Frustration can set in especially when you aren’t getting answers from the lender or bank. Having the right Las Vegas Real Estate Agent representing you in the short sale process can alleviate some of the frustration. For a free consultation on selling your Las Vegas Home, contact Sena & Associates today at 702.376.0088!!!
{ 1 comment… read it below or add one }
This article was insightful and provided alot of useful information to the Real Estate community and to the consumers at large.