Short Sale May be the Solution for Delinquent Owners of Las Vegas Homes

The Las Vegas homes
market hasn’t had it easy. Prices are dropping, appreciation is stalled, and
homeowners whose mortgages are adjusting to higher interest rates are worried
that they can’t keep up.

Foreclosures and short sales are the hot new topic in real
estate. A short sale is the same as a displacement issue. It’s when the
homeowner cannot afford to make the payments on his loan due to various circumstances,
and the majority of those distressing circumstances seem to be an adjustment of
a mortgage. These days, lenders, who want to avoid costly Las Vegas Foreclosures, are
more prone to accept a short sale in which the loan balance exceeds the market
value of the house.

The short sale path ends by agreement with that the lender
will approve the sale of the property to a buyer and it results in an escrow,
documentation and a short sale consummation. Since homeowners know they will be
moving they will need to find a new place to live.

It’s also important to understand that owners of Las Vegas homes
could be taxed down the road on the
sale of their home due to the lender’s suffering a loss of principal of $600 or
more. If the property goes to a foreclosure,
additional fees will be accumulated and later reported by the lender to the IRS
as losses.

The benefits of the short sale are numerous. The homeowner
isn’t going to be disgruntled and tear the property up thus he’s going to
maintain it for a certain amount of time. For Las Vegas Realtors, the benefit of short sale is that they will
receive a commission and thus there will be commerce for the community.