A short sale can be an excellent solution for distressed homeowners who need to sell their home, and who owe more on their homes than they are worth. In past years, it was rare for a bank or lender to accept a short sale. However, due to overwhelming market changes , in Las Vegas, banks and lenders have become much more negotiable when it comes to these transactions. Thankfully, recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here’s a more official definition:
- A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of an experienced professional. The Lindstrom Group can help.
Jason is nationally, CDPE certified Realtor. The Lindstrom Group will identify all possible options and we can assist you in the quick execution of a short sale transaction. Please call The Lindstrom Group today.
We would love to earn the right to become your guide in the Real Estate market, and provide solutions for homeowners facing market hardships in Las Vegas.
Keller Williams Realty Southwest
6180 Brent Thurman Way, Suite 200
Las Vegas, NV | 89148
Office 702-540-1327 | Fax 702-988-8795
Servicing Las Vegas, NV & Los Angeles CA