Las Vegas Mortgage Special Report- how to do a Las Vegas short sale
April 1st, 2009 | 
Author: Las Vegas Mortgage Special Report-
If you’re looking at buying or selling a home in this market you should definitely know about a short sale. Short sale is when the bank will accept less than the current balance for a full payoff. Most of the time the banks ok this because the alternative would be dealing with a foreclosure. Not ever short sale request is granted, but it takes patience and a little knowledge to get your success rate up.
A few people know the correct way to approach lenders and ask them for a Las Vegas short sale. Many homeowners and investor think that all it takes is to send in a offer and wait for a reply, but the truth is it takes for than that to get an approval.
It is important to have a plan. This plan will help convince the lender to accept the short sale.
The following steps will help you succeed at getting a short sale.
The first step is to understand the situation and know all the background information. This way when you are asked the tough questions why the lender; you will have the answers handy. Know your gross income, monthly payments for all debt, housing market in your area, recently sold comparables for yours house, and any other negative information that would cast a negative picture in favor of the short sale.
Secondly, if the initial answer is no, then find out why. There must be a reason that the answer is no. Maybe next time you have to talk to an manager or offer a higher short sale price. Find out what the lender is try to recoup out of the deal. What did they get for a broker’s price opinion (BPO)?
By knowing all of this, you will approach the lender again with a better chance of getting an approval.
Here’s a story of a recently short sale.
John’s company informed him that they needed to cut back his hours because of the slow down in business. Rather then waiting, John called his lender and asked then for a short sale. At first they did not approved his requested.
He then found out why, went to an real estate agent, got comparables sold homes and other market info, and reproached the lender. The lender look over the newly provided data and realized that if they did not approve the short sale, they could end up losing a lot more in a foreclosure sale.
He went on to sell his home and “save” about $50,000. He was success because he did not accept the initial denial, but instead used that info to succeed in his short sale. He wasn’t even behind on his mortgage payments.
This situation is common and you must realized that it can be done. Be prepare with the right knowledge and data to back up your claim that it’s a “bad market here” and “payments are a burden” . The lender will ok your deal. Hopefully you learned something from this article. We wish you the best.
Tags: short sale
April 1st, 2009 1:46 pm
Just wanted to say HI. I found your blog a few days ago on Technorati and have been reading it over the past few days.
May 5th, 2009 8:36 pm
Short sales are a win-win scenario for the Banks, distress home owners and potential home buyers. The more foreclosures we can avoid in any neighborhood will help existing Las Vegas home values.
May 15th, 2009 9:51 am
Great honest post.. Short sale surely involves the three parties.. the scary bank, the hostile buyer and the loser seller..
May 18th, 2009 8:01 pm
This is a good article, thanks.
In my experience only a fraction of the current agents in this market know how to properly explain what a short sale is, let alone work one.
You make an important point about having “the right knowledge and data” to back up your claims, but isn’t it always wise to do your research for your clients on any type of real estate transaction? :)
June 6th, 2009 2:08 am
Hi , Really liked article.
Good writing
Thank you
June 6th, 2009 2:11 am
Hello good post
Las vegas good city im maybe go the vegas :)
June 10th, 2009 4:26 pm
It’s unfortunate how steep the values of real estate in the Vegas area have dropped. I am working a short sale for someone who purchased just 2 years ago at 220k and we now have an offer in at 75k.
June 11th, 2009 9:54 am
thanks for good article.
Short sale surely involves the three parties.. the scary bank, the hostile buyer and the loser seller..
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