Las Vegas Real Estate Market: Doing a short sale with Litton Loan Servicing? Sellers, cheer up, it can be done quickly!
I have had a very positive experience with my most recent short sale listing with Litton Loan Servicing. I received an approval in less than three weeks! Now since this is a cash deal, it will close in a couple of weeks after that. It happened so fast, I have to start looking for a rental for my sellers in the time it takes many banks to even confirm that the short sale packet has even been entered into their processing systems.
When selling a home as a short sale, the seller’s bank or servicer (a servicer is the company you send your mortgage payment to every month) will require the home to be listed with a licensed REALTOR®. Now, if the home is marketed properly, priced right, and the sellers fit the short sale profile necessary, an approval may be come along faster with Litton than with other banks and servicers.
There are many factors to consider when researching if a short sale is right for you. Here in the distressed Las Vegas real estate market, short sales are becoming more and more common. Buyers and sellers are more familiar with them; the banks are warming to the idea, and the government is certainly pushing them. For those sellers who have a legitimate hardship and are upside-down in their mortgages, a true alternative to foreclose is within their grasp.
No matter which lender you may have, if you are interested to see if a short sale may be an option to consider and you own a home in the Las Vegas, Henderson or North Las Vegas area, just give us a call at 702-376-0088.
Paul Rowe specializes in listing short sales for North American Realty of Nevada
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