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Las Vegas Short Sale Guide
This article will guide you step by step on how to complete a short sale with your lender(s). It really is not all that complicated, you just need to be very persistent with your lender. What is a short sale? A short sale is when the sale of your property will not cover the entire mortgage(s). AKA “being upside down” in the home. This article will outline what the steps will be in doing a short sale, and the documentation required to complete one.
Instructions.Things You’ll Need:
Contact your lender! I’m amazed at how many times I hear from a client and it’s just too late. They have buried their heads in the sand and ignored the calls from the collection department. Please do yourself a favor and at the first sign of struggle contact your lender! Ask for the Loss Mitigation or Loan Workout department and tell them about your situation.
Next you need to contact Anthony Shaw a Las Vegas Broker with Alliance Properties who specializes in Las Vegas short sales and is a Certified Short Sale and Foreclosure Specialist. We will guide you through the remaining steps.
Put the home up for sale on the MLS and begin gathering financial documents. Each lender has different requirements, but in general you will be asked for:
* 2 years past tax returns
* 2 months bank statements (including brokerage accounts – you do NOT need to include retirement accounts)
* 2 most recent pay stubs
* Current HOA statement (if applicable)
* Hardship letter documenting the reason payments can no longer be made.
* 2 Most recent mortgage statements (from all lenders)
* Financial Statement – view an example at: http://www.SacramentoStopForeclosure.com/forms/freddiemac1126.pdf
Make sure to include anything else your lender asks you for. These documents along with an offer from a buyer will complete your “package”. It is crucial that you submit a completed package to your lender at one time. If they have to chase down a document here, or a statement there, your file will get set aside. We will help you ensure that your file is ready to be submitted.
After your agent with Alliance Properties has submitted a complete package to the lender, they will be calling them 2-3 times a day, at least 3 days per week. Busy agents do not have time to sit on hold for hours to hear from a lender regarding the status of your file. The successful short sale agents have assistants and negotiators dedicated to dealing with the banks it’s the key to success. Alliance Properties has a full short sale team and negotiators to handle the task of dealing with the banks numerous demands and strict timelines.
Approval. Once you have heard this from your lender, you typically have 2-3 weeks to close escrow. Your agent should then be changing the status of your home to “Pending” on your local MLS (Multiple Listing Service). You will now proceed to your normal escrow closing procedures outlined in your purchase agreement with the buyer: inspections, disclosures, etc.
Closing. You arrive at the title company and sign paperwork to close the deal. After receiving paperwork from title, your lender releases the lien on the property subject to your written agreement with them. We will be the 1st contact regarding the approval process from the bank and after a successful negotiation we move towards getting the property closed ASAP!
Las Vegas Short Sale Guide
0 Comments | Posted by Tony Shaw in Alliance Las Vegas, home buying requirements, home sales, Las Vegas Homes For Sale, Las Vegas Property Managers, Las Vegas Real Estate, Las Vegas Short Sale Information, mortgage requirements, North Las Vegas Property Management, North Las Vegas Property Managers, Property Management Las Vegas, short sales
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