Welcome back to The Property Lover!
Here is a great opinion from a local short selling Realtor.
Most of you know I am all for the short sale option for your Las Vegas home. Here this agent tells us some extra “Pros” on this option.
So, darlings… give it up for Ms. Kirsten Tesfay
Short Sale vs Foreclosure
It has been very economic challenging times and the implosion of the Real Estate Market, especially in an area like the depressed Housing Market in Las Vegas, Lenders are more often accepting Short Sale Options now than they were just 3 years ago. There are huge benefits for doing a short sale vs. a foreclosure and they might not have come to your mind:
- You are in control of the sale it still your house, not the bank, and you can possible pick the buyer
- You can stay in your home and live there until the new buyer takes possession
- Your home sale will be handled like any other sale, you avoid the stress and embarrassment of foreclosure. All you have to tell your neighbors is that you are selling you house.
- You still sign you closing papers and will move after Close of Escrow.
- You may avoid bankruptcy
A short sale may prevent bankruptcy, which could enable the Seller to possibly re-purchase a home in the Las Vegas Market and secure a mortgage without the delay associated with a foreclosure. This is possible good news.
To be eligible for a short sale, in most cases a homeowner must be in arrears on their mortgage payments, and be able to show a hardship. Possible hardship reasons are:
- Loss of Job
- Death in the Family
- Decrease of Income
- Increase of Mortgage Payment
- Unexpected expenses
When making the final decision on whether a short sale is the better option, homeowners should take all this information to heart and work with a Las Vegas Realtor or a Realtor in their area who knows the entire process and has been through it before. Ask them how many short sale transactions they are currently working on and what the process of short sale is. There are many Realtors that are very familiar with the process and are actively working on these and are very capable of explaining the process to you.
Don’t be fooled by Attorneys that bankruptcy is your only solution, work with the lenders and say yes to a short sale! Look for my next article about tax consequences.
or call me , Kirsten Tesfay, Broker with Harmonic Realty, LLC in Las Vegas. I have been actively working on short sales since 2006. Direct 702-339-5007 or email me at firstname.lastname@example.org
Great article Kirsten!
I love happy stories. I really love happy stories about the Las Vegas housing market!
The Property Lover
Tags: homes las vegas, Las Vegas foreclosures, Las Vegas house values, Las Vegas Real estate, Las Vegas Realestate, las vegas short-sales
Posted under: Buying Real Estate, Las Vegas Real Estate News, Short Sales