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Should I Short Sell, Or Let The Bank Foreclose?

By Kathryn Bovard

I recently met with a client who owns a home in Las Vegas and they asked me if they should short sell their home or just go ahead and let the bank foreclose. The husband had just recently lost his job and they could not afford to pay their monthly bills on top of the mortgage payment.

Deciding on doing a short sale or just throwing up your hands and letting the  bank foreclose should be  based on you deciding on what is in your best interest.

A few of the advantages of a short sale are:

1. Shorter time frame usually 2 to 6 months to close that allows you to get on with your life.

2. You are in control in determining who the buyer is and what the sale price will be.

3. Avoiding the stigma of “foreclosure”.

4. Usually less negative credit impact than a foreclosure.

An experienced short sell real estate agent can fully explain each step of the process and familiarize you with all of the required forms before you make your decision. At the end of your first meeting, you should know exactly what are the advantages and disadvantages of a short sale vs a foreclosure. In the Las Vegas short sale market, we are seeing more accepted short sale from banks than ever before and a greatly reduced time frame, anywhere from 30 to 4 months.  

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Related posts:

  1. Will Bank of America Lawsuit Affect the Las Vegas Short Sale Market?
  2. Las Vegas Short Sale Time Frame
  3. Is now the time to buy or sell a Las Vegas home?


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