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If you have received a 1099-C form from your mortgage company, the reported “income” which is the difference in the amount of what you owed and what the bank received, you may not  have to pay taxes on that income. But only if you qualify under the Mortgage Debt Relief Act of 2007 . If you are considering “short selling” your home, the first thing you should know is that this Act is due to expire in December of 2012. Thats right, this year. And typically the “short sale” process takes anywhere from 3 to 6 months to final close of escrow.

Here is an excerpt from the IRS – read the full article on  IRS.gov:

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.  This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).

If you have questions about the short sale process, click on this link for frequently asked questions and a full description of the process.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short saleprocess.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191

Effective June 15th 2012,……….

Fannie Mae and Freddie Mac Services will be required to give homeowners a short sale decision within the 60 to 90 day timeframe. This is great news as the typical short sale in Las Vegas takes anywhere from 3 months to a year to get a decision.

Further guidelines are as follows:

*Requires Servicers to make a decision within 30 days of receiving an offer.

*If more than 30 days is required (PMI or BPO’S) the banks must provide the borrower with weekly updates and must decide within 60 days.

*If the bank decides to counteroffer, the seller and seller’s agent is expected to respond within 5 business days.

*The Bank will respond within 10 business days from receiving the sellers response to accept, reject, or counter.

With the Las Vegas Real Estate market at one of the lowest points for available inventory (Under 5,000 single family homes) that we have seen in many years, with an available inventory supply of only a few weeks, this means that short sale sellers will receive quick offers on their market priced homes! There has never been a better time than now if you are considering a short sale, and don’t forget that the One Time Tax Credit on the debt forgiveness expires on December 20, 2012.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

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Although with the estimate of 75% of our Las Vegas Homes under water, I still have clients calling me daily with questions about the basics of a short sale. How long does it take, how much will the bank pay, what is a hardship and how much will it cost me are the most common questions.

I’ll try to address each of these questions in order.

Of course it depends on the the individual situation and the bank, but with all of the new procedures in place with the banks, the process has been greatly streamlined.  If the owner has been pre-approved with HAFA, I have seen close of escrow within 45 of acceptance of offer. If the property is a second home or the owner is not occupying, it can take anywhere from 60 to 180 days from acceptance of offer to purchase.

How much will the bank pay is dependent on the owners assets, mainly what cash is on hand. If there is no cash, then it is unusual for the bank to request the seller to contribute any funds. They do not go into retirement accounts and I have not seen any requests for liquidation of assets in my four years of short sale experience.

If you are not able to afford to pay your mortgage, that is a hardship, if you have been transferred or there are any changes to your circumstances, that could constitute a hardship. A good Las Vegas short sale specialist can help you define your particular situation.

And lastly, how much will it cost? As an experienced short sale negotiator, it is our top priority to make the short sale process as affordable as possible, many homeowners have little or no cash on hand to pay for any expenses and we will ask the bank to pay for all expenses associated with the sale of the home, including the sales commission.

Navigating the short sale process can be a relatively simple process with the right agent in charge, it might be easier than you think. Call us today with any questions, we’re available!

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process.   Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Kathryn joined forces with Nevada’s #1 Real Estate Brokerage in September 2011.  She is currently the Managing Broker for the new Green Valley branch of Realty ONE Group in Henderson, NV with over 400 real estate licensees.  Kathryn is responsible for the leadership, training, coaching and recruiting of real estate professionals for this 11,500 sqft, state-of-the-art real estate office.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process.   Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Realty ONE Group is a full service residential real estate brokerage that has embraced technology in order to make real estate transactions smoother for REALTORS® and their clients. With REALTOR® support at our core, our Team of Professionals® has grown to over 3,300 agents working from 14 locations in Arizona, California and Nevada.

HIGHLIGHTS OF 2011
  • Realty ONE Group is ranked #1 in Nevada by Vegas INC for number of closed transactions, #4 in Arizona by IMS Real Estate Trends for number of closed transactions, and #4 in Orange County (in less than two years) for number of closed transactions.
  • 3,300 agents (up from 2,500 in 2010) in the tri-state area
  • $2.7 billion in sales volume (up 25% from $2.1 billion in 2010); over $600 million in Arizona, over $450 million in California, and over $1.6 billion in Greater Las Vegas
  • 16,040 closed transactions (up 23% from 13,051 in 2010)
  • Awarded by Inc. 500 as one of the Fastest Growing Companies in America (three straight years)
  • Ranked as #1 Brokerage in residential real estate by “In Business LV” magazine

From cutting-edge technology such as our proprietary paperless transaction system, to real estate education and training, Realty ONE Group offers an unprecedented level of service to our agents, empowering them to embrace their entrepreneurial spirit. The company continues to thrive as the fastest-growing, debt-free real estate company in the tri-state area.

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I get asked this question by many clients, particularly from those who live out of state. The simple answer is yes, banks will accept a short sale with a tenant in place paying the owner rent. The key here is what hardship does the owner have with receiving rent. For example, is there a negative cash flow once you calculate the entire costs such as taxes, insurance, maintenance and repairs, sewer, vacancy factor, etc. Or is there an over-riding reason to sell the home.

Usually the biggest obstacle is availability to show the home with the tenant. Ideally there should be a lockbox so that agents can show the home after making an appointment, I have found that not having a lockbox will seriously curtail the marketability of the home. Most agents will call the “day of” or the night before, and if the home is not available, then they will just move on to the next home. There are several incentives that you might offer the tenant to allow for this. A reduction in rent or a set amount taken off the rent for each showing provides an incentive for showing.

In fact in some cases having a tenant in place will be attractive to a potential investors as long as the rental amount pencils out for them. The lease will continue with the home, even though ownership has changed hands, so if you have a long term lease with a below market rent, that will also minimize the marketability. A lease will also prevent a lot of buyers who intend to occupy the property from looking at the home as their loan will be for owner occupant only.

Pricing the home to over come these challenges will be important in getting your home sold. Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

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