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Archive for February, 2012

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.

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