A short sale is when you sell your property for the current market value while working out a deal with the bank to accept this as payoff in full for your mortgage. In many cases the banks are willing to do this in order to clear their books and to avoid the costly foreclosure process. The banks have gotten funding from the many government bailouts that have given them plenty of cash to discount loans. However, they have been dragging their feet for a variety of reasons. Some of the reasons have been legit and some have been bogus.
Securitized loans can be harder to modify or short sell because there may be several different parties involved in the ownership of the note but it is still possible. Banks can get short sales and in Nevada they are starting to realize they market will never clear and their inventory of foreclosed properties will never go down if they don’t start a process of dealing with home owners and realtors facilitate short sales.
The ideal situation in most cases would be for the bank to just negotiate directly with the home owner and modify their loan so they could stay in the house with a lower payment and lower mortgage amount but for whatever reasons the banks have refused to use this as a tool clear up their books. It makes less sense to do a short sale for the bank but they seem to be more in favor of doing a short sale so selling your home this way and getting the balance of your mortgage waived so you can buy a new home very soon at a much lower price is the best scenario. It sounds unrealistic but it is true. The banks are willing to work out deals for short sales so you can get out of your home without any further liability.
If you are in the Las Vegas area and want to sell your home give me a call or email me and I can discuss your options. Being underwater is not the end of the line, we are processing short sales every day in your offices and people are moving on to buy a new home in a very short period of time. You do not have to be behind on your mortgage to do a short sale either. You can be current or you can be behind it doesn’t matter. Make the call today to get your home listed and sold quickly.
The inventory is low in Las Vegas and homes are selling very fast. This seems impossible but it is true. Call me, Chris LaHaie at 702-338-8526 or email me at email@example.com and find out how to list your home for sale and get out from under that cloud of debt.