Short Sale Information
As real estate prices have plummeted in many areas of the Country, including Las Vegas, homeowners who find themselves unable to pay their mortgages for any number of reasons. They also cannot sell because they have no equity (positive value) in the home and are prevented from selling it in the traditional way. Many homeowners in Las Vegas have chosen the quickest, but most damaging path…foreclosure.
Here at North American Realty of Nevada we have sought to help our clients avoid foreclosure. The much ballyhooed promise of loan modification has been an enormous failure, especially in Nevada. Less than 1 in 5 persons seeking loan modification can even get one; and then owners are often still stuck with large payments and a property worth half of what it was just a couple years back.
Banks provided their existing customers few options, so owners began to walk away from their properties. A short sale on the other hand offers a homeowner to sell their home at current market value, even if that amount is less than what is owned to their bank. If you feel a loan modification will not be possible, don’t wait until the last moment; call us for a free evaluation on whether you may qualify to do a short sale.
Short Sales offer the following:
- Settle your debt rather than abandoning it
- Allow sellers the chance to start over and recover quicker
- Smaller impact on credit rating
- Neighborhoods benefit as they gain a new owner rather a vacant foreclosure property
- Banks get bad loans off their books without having to take back the property
If you are a homeowner who is upside-down in your mortgage, you need to understand that there is a solution to your problem that does not involve an embarrassing and destructive foreclosure.
Answers are only a click away. Get started here or contact Paul Rowe at 702.376.0088.
Helpful Short Sale Resources