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 Short Sale Tips

If you have received a 1099-C form from your mortgage company, the reported “income” which is the difference in the amount of what you owed and what the bank received, you may not  have to pay taxes on that income. But only if you qualify under the Mortgage Debt Relief Act of 2007 . If you are considering “short selling” your home, the first thing you should know is that this Act is due to expire in December of 2012. Thats right, this year. And typically the “short sale” process takes anywhere from 3 to 6 months to final close of escrow.

Here is an excerpt from the IRS – read the full article on  IRS.gov:

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.  This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).

If you have questions about the short sale process, click on this link for frequently asked questions and a full description of the process.

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

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.

I get asked this question by many clients, particularly from those who live out of state. The simple answer is yes, banks will accept a short sale with a tenant in place paying the owner rent. The key here is what hardship does the owner have with receiving rent. For example, is there a negative cash flow once you calculate the entire costs such as taxes, insurance, maintenance and repairs, sewer, vacancy factor, etc. Or is there an over-riding reason to sell the home.

Usually the biggest obstacle is availability to show the home with the tenant. Ideally there should be a lockbox so that agents can show the home after making an appointment, I have found that not having a lockbox will seriously curtail the marketability of the home. Most agents will call the “day of” or the night before, and if the home is not available, then they will just move on to the next home. There are several incentives that you might offer the tenant to allow for this. A reduction in rent or a set amount taken off the rent for each showing provides an incentive for showing.

In fact in some cases having a tenant in place will be attractive to a potential investors as long as the rental amount pencils out for them. The lease will continue with the home, even though ownership has changed hands, so if you have a long term lease with a below market rent, that will also minimize the marketability. A lease will also prevent a lot of buyers who intend to occupy the property from looking at the home as their loan will be for owner occupant only.

Pricing the home to over come these challenges will be important in getting your home sold. 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.

Having trouble short selling your Las Vegas home? It might be your couch. Yep. It looks like something from grandma’s. Really though, in this fiercely competitive market with more homes on the market than buyers, you may already know that things like getting rid of the clutter and having professional photographs taken may help your home sell. But there may be something else you can do, too.

In a recent article in the New York Times, Diane Cardwell claims that providing a floor plan might be an equally important component when putting your home on the market. Because we all don’t have the same taste in furniture and color palettes, a floor plan can provide a more neutral backdrop for the buyer to access. By looking at a floor plan potential buyers can better see each room in relation to another as well as imagine their own furnishings inside.

Some sellers are even hiring floor plan artists to create aesthetically better versions of the floor plans of their homes. Jettisoning blurred or incomplete lines and illegible hand writing, a floor plan artist takes measurements of your home but also has the skills of a graphic designer, making sure the floor plan translates into a clear picture on the web. A buyer may want to know things like exactly where the plumbing is in a home so they could add an extra bathroom. By adding fixtures like toilets, sinks, and bathtubs to the floor plan, a buyer could do just that. A floor plan artist can also estimate the thickness of the walls on the floor plan by making some lines thicker and others thinner. Windows, columns, or anything else that cuts into the space of the home can also be marked on the floor plan.

Looking for more creative angles to short sale your home? 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.

 

Comments (0)

It’s a great time time to buy a home, but there’s a catch—only for those who buy smart.  Tara-Nicholle Nelson, a broker in San Francisco, gives some tips that are relevant to the Las Vegas short sales market.

  • First, stay on track by getting the order right: Know what you want before looking rather than looking to find what you want.  By having a concrete vision of your home–including your price range, your vision of the home itself, and your vision of the location–you’ll avoid homes that are a bad fit.  An agent’s job is partly to translate your sometime abstract vision into a concrete dwelling, but the more you work to focus your vision, the happier you’ll be in the end.  Towards this end, write down what you want before consulting an agent.
  • Second, know what you want, but also know when to settle. To find the best deal, you need to strike a hard bargin but also be realistic about what kind of home you’re going to get for the money you’re willing to put up. If you’ve been searching for months on end and no home has met your complete wish list, then it might be time to compromise.  A real-life home that meets most of your needs is better than a dream house that remains merely a dream.
  • Third, caste a wide net, but then focus on one good fish.  That is, in the beginning, look widely around to find a broker you trust, but once you find your broker and your strategy, focus like a laser beam.  Housing markets vary from city to city and from neighborhood to neighborhood within a city. Having someone–a broker–with intimate knowledge of the local market can make a world of difference.  The focusing aspect of this strategy is necessary to avoid wild goose chases and to succeed in the sometimes tiring process of finding a home.
  • Fourth, the small print matters, especially for the Las Vegas short sales market. Contracts for short sales vary widely and the facts about the condition of the home become especially relevant. Make sure to read inspection reports for short sales.
  • Fifth, beat your own bad psychological habits by doing your accounting on paper and in the cool hour.  By this I mean that making financial decisions and calculations on the fly and in your head can sometimes break your bank.  We humans tend to weigh the price tag more heavily than extra fees and costs, even though money is money. We also tend to let our desires get in the way when we’re in the process of actual buying.  To avoid this, write up your all of the costs on paper or on a spreadsheet and make your decisions when you’re at your most realistic.

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.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

 

 

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