Have Short Sale Questions?

Las Vegas Short Sale Help

Call Me Now... I have the Answers 702-348-7191

lv map
LAS VEGAS HOMES Search...Click on the map to search Las Vegas homes, foreclosures and short sales.

Archive for January, 2011

According to a recent survey conducted in August by the Nevada Association of Realtors, nearly one in four Nevada homeowners who went through foreclosure stated that they walked away from their mortgage despite their ability to pay. Surveyors interviewed 1,000 homeowners by telephone in August for the report, including 500 who had received at least one foreclosure filing during the previous year. The survey also found that most of these homeowners didn’t know about state and federal programs available to them, and those who did, found them unhelpful with only 3% helped in any way by by the Nevada Foreclosure Mediation Program.

Despite calling their decision to walk away from their mortgage as a strategic default, a good business decision advised to them by people they trusted, Linda Rheinberger, last year’s president of the Realtors association, disagrees. She claims agents should do more for homeowners to let them know what resources are available to them, perhaps like the $103 million allocated to Nevada through Home Affordable Foreclosure Alternative, a federal program created under the $700 billion bailout in 2008 that rescued banks, automakers and other institutions. ”It also reinforces our belief that lenders would do well to speak to their customers before foreclosing and to continue streamlining their short sale processes, since short sales are one viable alternative to foreclosures,” she said. With 65% of respondents reporting spending at least one-third of their income on housing when they received a notice, hard-working home owners do deserve to be made aware of all the alternative options that are available to them, like a short sale, for example.

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.

Jan
11

Las Vegas Short Sale Time Frame

Posted by: Kathryn Bovard | Comments (1)

One of the most often asked question that I get asked from Las Vegas homeowners who are thinking of short selling their home is “How long does it take?”

There are many variables such as condition of the home, pricing and location but once the seller has accepted an offer and that offer has been submitted to the bank for approval, the short sale time frame really depends on two things for the banks response time. Is it a delegated or non-delegated loan?

What this means is if it is a delegated file/loan the the bank has the ability to make a decision on the investor’s behalf without sending the investor a complete package for review. If it is a non-delegated file/loan then the bank cannot make the decision without a complete document review by the investor. The investor makes the decision in a non-delegated arrangement.

So basically the time frame for a short sale usually falls within the following:

INITIAL REVIEW AND SUBMISSION:

Delegated loans:                                                      5 weeks

Non-delegated loans                                            12 weeks

Valuation stage                                                       1-3 weeks

Held stage or negotiations                                   4 weeks

AFTER FILE HAS BEEN REVIEWED

Approval for delegated                                          2 weeks

Approval for Non-delegated                                4 weeks

Your Realtor or short sale negotiator will be able to determine from the bank asset manager what type of loan you have once a file has been opened.

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 to schedule a short sale consultation today.

las vegas mls search

lv map
Click on the map to start your Las Vegas area property search.
  • 11655
ResidentialShortSale.com provides useful information to the community about Las Vegas Short Sales, Nevada Foreclosure Mediation, and the Las Vegas Short Sale process. We are Las Vegas Short Sale Experts who know the Las Vegas Real Estate Market.

You can also search all Las Vegas Homes for Sale from this site.

short sale consultation

Do You Have a Real Estate Agent You Can Trust to Handle Your Short Sale?

Call Now: 702-348-7191