Short Sale

Rebuilding Credit Following a Short Sale

After a short sale, Nevadans may expect their credit scores to drop significantly, but there are steps that they can take to rebuild their credit. In short sales, banks or mortgage companies agree to allow distressed borrowers to sell their homes for less than the balance that they owe on their mortgages. A short sale is thus similar to settling another type of debt for less than the amount owe...

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How Long Should A Short Sale Take?

Banks may take days, weeks or months to approve a short sale. To minimize frustration, buyers of short sale properties can conduct due diligence to make certain that their offers are reasonable. They may also want to understand the process of short sales approval so that they have a better idea of what to expect. A Nevada real estate attorney may help his or her clients with researching the com...

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Taxes Impacted by Short Sale Laws

Some homeowners may owe taxes on short sales. Homeowners in the Las Vegas area and around the country are struggling with mortgage debt. Even if this debt is forgiven during the short sale process, it is still considered taxable income by the IRS. Short Sale Basics Short sales happen when a homeowner sells a home for less than what is owed on the property. Lenders typically negotiate with hom...

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Preparing for a Short Sale

Completing a short sale requires thorough preparation and documentation. Executing a short sale in Nevada can take several months so it is important that everything is properly prepared so that the lender will approve the application. Document the Hardship Start by documenting the market value of the home. This can be determined through a recent appraisal of the property, tax records, etc. Ty...

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Nonjudicial Foreclosures in Nevada

Nonjudicial foreclosure commonly occurs when homeowner associations (HOAs) attempt to seek payment for super-priority liens that they place on homeowners in order to collect overdue HOA fees. The Nevada Supreme Court recently ruled that nonjudicial foreclosures do not violate the legal and constitutional protections afforded to the original mortgage holder. In their decision, the court ruled...

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Extension of the Mortgage Forgiveness Debt Relief Act Makes Short Sales an Attractive Option

A little-publicized extension of the Mortgage Extension and Debt Relief Act of 2007 has made short sales in Las Vegas a viable alternative to foreclosure. Though short sales in Nevada continue to make up a minority of real estate transactions, they are still an attractive option for homeowners who are currently underwater on their mortgage. Who is Helped by the Extension? In a short sale, the...

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Real Estate Market in Nevada on the Upswing

Many people end up facing foreclosure in Nevada, and when they are in danger of losing their homes, negotiating short sales are far better options than letting the homes go to foreclosure for multiple reasons. While a short sale will still have a negative impact on a person's credit, the damage will not be as severe as what may happen with a foreclosure. People may also be able to purchase new ...

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Qualifying Hardships For Short Sales

Despite their best intentions, extenuating circumstances place homeowners in situations where they are unable to make their mortgage payments. Homeowners may use a short sale attorney to negotiate a short sale agreement and avoid foreclosure. What Is A Short Sale A short sale is any sale where the lender allows the homeowner to put the property on the market for less than the remaining va...

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Inexperienced Realtors Can Ruin A Short Sale

Relying on an inexperienced realtor for a short sale can cost thousands of extra dollars. Short sales are much more complicated than standard sales. Many realtors do not have experience negotiating directly with banks. Experienced legal counsel is a better option for a short sale Las Vegas. The Bait-and-Switch Realtors may try a bait-and-switch tactic to lure in buyers. They offer a lower...

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How a Short Sale in Las Vegas Works

The concept of a short sale is simple enough. However, the actual process can be involved, slow-moving and frustrating. This is especially true for people uninformed about state laws on deficiency judgments and their lender's policy or process for accepting short sale offers. A short sale is when the net proceeds of a home sale are less than the amount needed to pay off existing liens against t...

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