This page contains quick answers to common questions about Short Sales, especially those in Nevada. After each quick answer is a link to more information with additional details about that topic.
What is a Short Sale?
A Short Sale is the sale of a home which the homeowner owes more on the mortgage balance than current buyers are willing to pay for it. To accomplish this all lenders and lienholders must agree to accept less money than they are owed.
Further details are available in the “What is a Short Sale?” article.
Can I Qualify for a Short Sale?
Most circumstances the answer is YES! It is not very difficult to qualify for a Short Sale. We have helped high net worth individuals, high income families, investors, owner occupant homeowners all sell their homes in Short Sale situations. The best candidate for a short sale.
Further details are available in the “Can I Qualify for a Short Sale” link.
Is a Short Sale the Right Answer for Me?
In many circumstances, the answer is YES! See our “Is a Short Sale the Right Answer for Me?” link to see if you should consider a Short Sale.
Why Would any Bank Agree to do a Short Sale?
There are actually many reasons for banks to accept a Short Sale rather than foreclose on a home. The main reason banks do anything is because they make more money that way. See this link for Other Reasons Banks Approve Short Sales.
Why should I choose the Five Star Real Estate professionals to negotiate my short sale?
Experience. Our team has been forefront in the Short Sale market helping homeowners since 2006. This is also why we are considered one of Las Vegas Most Referred Real Estate Companies! See more qualifications here…
Do you work with all banks?
Yes, currently we are working with all banks. Unlike some agents that are too “picky” to help everyone, we are here to serve you, our clients. We have experience working with banks across the board from small local banks to large international institutions.
How long does it take to complete a Short Sale?
Typically we see closings take place 3-6 months after we list the property. See the drawing we created to help explain the time frames.
Are There Any Tax Ramifications?
Maybe. This is not a simple question and deserves a detailed answer with useful information which can be found in this link to “Are There Any Tax Ramifications?”
Can I save my credit by doing a Short Sale?
This question is asked very often and has many different variables involved. The first thing to keep in mind is that the moment you go beyond 30 days late on your mortgage payment…much more info on the page “Can I Save My Credit by Doing a Short Sale?”
Will I be sued or have a Deficiency Judgment filed against me?
This is a good question that is best answered by a qualified Real Estate Attorney. What you should know is that Nevada has both Judgment and Non-Judgment Deficiency laws which have changed… more info on the page “Will I be sued or have a Deficiency Judgment filed against me?”
For more specific questions not answered here, please email Five Star Real Estate or call us today at 702.852.2852.