The Basics of Short Sales for Las Vegas Homes Residents

A real estate short sale is a form of agreement between
the seller of Las Vegas homes
in the
beginning stages of foreclosure and their lender, which allows the home to be
sold for less than what it is really worth. The borrower would accept less than
the loan amount in order to avoid a foreclosure proceeding. This short sale
would result in a substantially discounted purchase price for the buyer of the
home. The buyer would then proceed with the purchase of the home much the same
as in any conventional realty transaction. 

The time you can start a short sale depends on the state
you are located in, each state has laws and regulations regarding foreclosures.
A foreclosure can happen as quickly as 35 days from the time the notice to the
borrower is filed. It is this reason that time is very important and you should
allow a time frame of less than 60 days to execute a lender approved short
sale.

The documents necessary to execute a short sale depends
on the lender. Most often, lenders usually require hardship letter from the
owners of Las Vegas homes
explaining
the circumstances behind the short sale. There may be
additional requests for more detailed information on the financial condition of
the seller, like, pay check stubs, bank statements, a personal financial
statement and monthly budget assessment, amongst other things.

A seller’s credit rating may be saved if they allow a
short sale on their property to take place. Actually, it is up to the
individual lender to decide what to report; most often lenders report the loan
as paid on their credit report. It is certainly more advantageous for your
credit score to have the short sale mentioned than to have a foreclosure on
your credit report.

If a seller is in bankruptcy, they cannot negotiate a
short sale for Las Vegas homes.
Negotiating a short sale between the parties is thought of as a collection
activity and such a negotiation is forbidden in bankruptcy.