How do you sell an underwater home?

It is possible to sell an underwater home in Las Vegas.  There really are no secrets to selling a home as a short sale even though most Realtors and sales agents want you to think it is a very specialized area.  The truth is that it is a bit more time consuming and there is a risk that the bank will not approve a sale but title companies and real estate agents have streamlined the process over the past few years.  The biggest change recently has been from the banks.  They seem more willing to negotiate short sales and more interested in clearing their books of what could be considered useless paper.

Click here to see some of the requirements for short selling your home. 

Plenty of hurdles must be cleared in order to get a short sale closed in Las Vegas but it just involves a bit more work by the seller.  The banks request more financial information that is normally required to sell a house and they also need a letter of hardship.  The letter of hardship is just a letter detailing the home owner’s situation and how they may have come to get behind on their mortgage.  Unfortunately a large number of people in Las Vegas have suffered hardship that has affected their ability to pay their mortgage and maintain their real estate payments.

Going through the loss of a home or having to move after buying your perfect home is not a happy thing for anyone.  However, the world has changed drastically since the real estate meltdown and doing a short sale is becoming a must in some cases.  The real estate market in Las Vegas has been hit so hard that an underwater home could haunt families for 20 or more years.  Ideally there would be a process for restructuring of debt like large companies can do, that would allow people to stay in their homes, but it appears the banks are more interested doing short sales than with mortgage reductions. It seems much more punitive to make someone do a short sale than to negotiate a more reasonable mortgage for home owners so this may be the bank trying to set an example for the future.

Often a home that is underwater can become significant burden on a family and moving can be the best thing to do.  A release of debt by the bank can let homeowners walk away without overhanging debt.  There are effective programs in place to help.  Call and talk to Chris today and discuss your options. 

702-338-8526

Chris LaHaie Realtor
List with Chris
Prudential Americana Group,
Las Vegas, NV
chrislahaierealestate@gmail.com

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3 thoughts on “How do you sell an underwater home?

  1. Thank you Linda, I have linked to your site on hardship letters, it is a great resource for people considering a short sale or wondering what to do with their underwater home

    Like

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