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Short Sale Advice for New Guidelines (HAFA)

By Kathryn Bovard

Short Sales and the new government guidelines taking effect April 5th through the Home Affordable Foreclosure Alternatives (HAFA) are a current buzz in the media.  I was recently contacted by the Wall Street Journal who wanted information on the pulse of the Las Vegas Market and market conditions for distressed properties.  The article entitled New Program to Speed ‘Short’ Sales was published Sunday, March 14, 2010.

Here’s an excerpt and my words of advice:

Short sales are a valuable tool for struggling homeowners. But they’ve been notoriously difficult to complete, with buyers and sellers often playing a long waiting game before hearing back from lenders.

Now, however, a new government program plus some lender initiatives may make for shorter wait times and a smoother process. “Any structure is better than what we’ve had,” says Kathryn Bovard, a broker/manager for Prudential Americana Group in the Las Vegas area.

Lenders “have finally gotten on board with the fact that short sales will be a large part of the market over the next 24 to 36 months,” says Ms. Bovard.

While the popularity of short sales differs by market, in the Las Vegas brokerage that Ms. Bovard runs, 70% of pending sales are now short sales, she says.

For homeowners considering a short sale, Ms. Bovard says it’s important they speak to their trusted advisers, including their attorney and tax accountant, as well as a real-estate agent who has a short-sale designation.

For buyers, a lot of patience is required to finish one of these deals, says Ms. Bovard. “It’s a long, involved process. But the payoff is getting a tremendous value.”

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. HAFA Series Part 5 – Can I Request a HAFA Short Sale without doing a HAMP modification?
  2. What Short Sale Sellers Should Know About the New Short Sale Guidelines (HAFA)
  3. HAFA Series Part 4 – What else should I know about Home Affordable Foreclosure Alternatives?

Categories : Short Sale Tips

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