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Mar
31

Negotiating Short Sales in Las Vegas Nevada

By Kathryn Bovard

In the State of Nevada, short sale negotiating falls under the category of “loan modification or foreclosure consultant” as defined in Assembly Bill 152 which modified NRS Chapter 645F.  You can read AB152 here: Download AB152_LoanMod_ForeclosureConsultant

In summary there are three options for negotiating short sales in Nevada

  1. Attorneys may handle short sale negotiations because they are exempt under NRS645.380(1).
    Here is a list of recommended Real Estate Attorneys.
  2. A licensed real estate agent as a part of a real estate transaction and as evidenced by being on the “Duties Owed.”As excerpted from the RE Division position statement:
    Download NVRED_MortgageLending_Position Statement_101509

    There may be no separate or distinct payment or compensation for performance of activities defined as loan modification, foreclosure consulting or providing of covered services outside of a real estate transaction.
    Activities that by definition might include aspects of “Loan Modification Consultant,” “Foreclosure Consultant,” or “Provider of Covered Services” must be part of a real estate transaction. As such, a commission paid to a licensee through a real estate brokerage as a result of those activities defined in NRS 645.030 and/or NRS 645.040 shall serve as evidence that the activities engaged in by the real estate licensee were “acting under the authority of their license.

  3. Properly licensed companies/3rd party negotiators per the Mortgage Lending Division

Click Here for Licensing Requirements.

Check Here for the List of licensees and applicants who are eligible for conducting Pre-Foreclosure and Loan Modification activities, according to the Nevada Mortgage Lending Division

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale?

The Serra Group is here for your confidential, no obligation consultation
regarding your options – there are solutions!  Call Kathryn at 702-348-7191.

Looking to buy property in the Las Vegas Area?  Start your free property search now.

Related posts:

  1. Short Sales vs. Foreclosures in Nevada – Answers to Common Questions
  2. Las Vegas Short Sale Time Frame
  3. Las Vegas Short Sales Now Possible for Fannie Mae & Freddie Mac Mortgages

Categories : Short Sale Tips

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