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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
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....
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 28, 2016 in
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...
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...
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