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Short Sale

Posted on January 20, 2017 in
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...
Posted on October 20, 2016 in
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 comparables, submitting offers and negotiating the provisions of any proposed sales contracts.
Posted on October 10, 2016 in
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...
Posted on September 9, 2016 in
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...
Posted on August 23, 2016 in
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...
Posted on July 27, 2016 in
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...
Posted on July 25, 2016 in
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...
Posted on June 4, 2016 in
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...
Posted on May 20, 2016 in
Short selling a home is a viable option for many families. New laws imposed on banks have made the foreclosure process more onerous therefore many banks short sell as an alternative to foreclosure. There are many pros and cons to short selling a home. It is a relatively easy way to get out from under...
Posted on May 20, 2014 in
The simple answer is MONEY. It is great the market skyrocketed last year, but 2014 has not been as kind. Property values are either staying steady or moving slightly upwards. In other words – we are on our way back to a normal market, wherein we see housing prices rise by approximately 3% per year,...