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When a homeowner owes more on a property than it is currently worth there may be an option of pursuing a short sale in Las VegasNevada. If you have a valid financial hardship for which you can not pay your mortgage and if you are upside down on your mortgage, contact us. We have delivered results for our clients in your situation and have successfully negotiated short sales in Las Vegas, Henderson,Summerlin, Green Valley,North Las Vegas andBoulder City Nevada. Know your options! You might be able to avoid foreclosure or bankruptcy. The Edgington Group may assist you with doing a home in Las Vegas, Henderson, Summerlin, Green Valley, North Las Vegas and Boulder City Nevada. Keep reading to find out more or email INFO@TEG702.COM with questions. We can also be reached at (800) 509-5803
What is a Short Sale?
A short sale is when a bank allows a property to be sold for less than the amount that is owed on the mortgage. This creates a deficiency which is the difference between what the property is sold for and what is owed on the property. Why would a bank accept a sale that is less than the money owed on the mortgage? Typically, a bank would prefer to take a loss now rather than delay the loss for the future and maybe have toforeclose on the property and resell it themselves. Banks are in the business of making money off of loans. Banks are not in the business of owning real estate; in fact banks hate to own real estate. They despise it because it shows up on their books as a liability instead of as an asset. A bank does not want to foreclose on a property.
What does a Short Sale mean for aSeller?
For a seller, when more money on a home is owed than what it can be sold for, the seller may think that they are stuck in a situation that they can not get out of. It is possible in some cases to have the bank accept an offer that is less than what is owed to them. To increase the odds of a successful transaction the seller should use a team of professionals experienced in these deals to negotiate on their behalf. A bank will only consider a short sale when they have a written offer from a willing, able buyer to purchase the property, so the first step in this process is to find a buyer for the home. You do not have to be behind in your mortgage payments to request a short sale; you do have to prove that your home can not be sold for what you owe. There may be some negative effects for the seller, but far fewer negative effects than being foreclosed on or filing bankruptcy. Each bank has a different policy for dealing with short sales; the best case scenario is for the bank to forgive the deficiency. A big difference between a short sale and a foreclosure is that in almost every foreclosure the bank will pursue the homeowner for the deficiency. The most common solution to this problem is to file bankruptcy. The best way to determine how this will effect you is to seek competent legal advise.