***Do You Owe More $$$ Than Your Home is Worth?***
***Are You Experiencing Financial Hardship?***
***Thinking about a Short Sale?***
I conduct FREE Consultations to inform Las Vegas Homeowners of the best path to take.
Contact me now to request your FREE LAS VEGAS SHORT SALE HANDBOOK.
My informational Short Sale Seller’s Handbook is a clear guide to what the Las Vegas Short Sale process is and how it is handled in detail.
CLICK HERE FOR YOUR SHORT SALE HANDBOOK
Fact: Over 90% of potential buyers for your Las Vegas property will start their search on the internet. My company EASYstreetrealty.com receives over 250,000 page views per month from these potential buyers through our extensive national marketing campaigns. Our #1 ranking on virtually every major search engine allows EASYstreetrealty.com to offer potential sellers something no other Realtor in the Las Vegas Valley can - daily exposure to thousands of potential domestic & international buyers. We have made the financial commitment necessary to maintain our search engine dominance; Type in "Las Vegas homes" into your search engine right now and see who comes up #1.
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My goal is simple: Assess my client's needs, take into account the current and expected Las Vegas real estate market pricing and inventory, then match them with buyers that are actively seeking to invest in Las Vegas real estate.
Beyond my online presence, I will also expose your property to my network of over 17,000 REALTORS in the Las Vegas Valley through email campaigns and the Multiple Listing Service. Many of my listings sell before we even have the opportunity to fully showcase them.
When you're ready to sell, it's important to have an Experienced & Certified Short Sale Specialist handle the details involved in the successful short sale of your home and assist in avoiding foreclosure.
Here's what you can expect when you list your home with
Stuart Shienfeld & Easy Street Realty:
Few other brokerages can give your home the exposure to the market like Easy Street Realty. Easy Street makes sure through its on-line dominance, technology superiority, and industry connections; your home is exposed to the entire market. Every home will be advertised with over 15 pictures & Virtual Tour. Our proprietary marketing program is so dominant.
It is like having a 24-hour OPEN HOUSE for your home!!!
I am a full time Certified Short Sale & Foreclosure Specialist. My team that consists of a full time negotiator, certified default resolution closing specialist, an internet marketing expert and an administrative support staff.
As my client you will receive weekly updates on the progress of the short sale transaction. These updates will also be conveyed to the Buyer’s Agent & Buyer. Many buyers of short sales walk away or cancel their purchase due to lack of communication.
CLICK HERE FOR YOUR SHORT SALE HANDBOOK
SHORT SALES FREQUENTLY ASKED QUESTIONS
1. What is a Short Sale?
A short sale is the process by which homeowners can sell their home and the sales proceeds
do not fully pay off the existing loan(s) and the lender(s) accepts a discounted payoff to
satisfy the loan.
This is accomplished by providing proper documentation to the lender(s) to convince them to
reduce the payoff balance to allow the sale. If the sale is approved, the home can be sold for a
price lower than the total debt on the property without the seller having to come up with
immediate cash to cover the shortfall. Then mortgage is either fully or partially satisfied and
any foreclosure process stops.
2. Why would a mortgage company agree to accept a Short Sale?
There are actually several reasons why a mortgage company would approve a Short Sale,
including the following:
Legal Concerns – Mortgage lenders have come under legal pressure to work with borrowers
to equitably resolve situations where borrowers are unable to meet their mortgagee obligation,
particularly when the borrower makes an effort to arrive at a compromise solution.
Wall Street is Watching – Mortgage lenders rely heavily on their ability to package and sell
bundles of loans on the secondary mortgage market. They need to sell these bundles of loans
in order to put the funds back to work by loaning the money again and collect loan fees along
the way. If mortgages perform poorly after they are sold it could impact the lender’s ability
to sell their loans on the secondary market. A successful Short Sale gets the loan payoff
Asset Management Expenses - If a lender acquires a property through foreclosure, the
property will be managed until it is repaired and resold. It is expensive to manage real
property assets – homes - spread though the region, the state and possibly even the nation.
Keeping properties maintained, keeping utilities on, making repairs and the administrative
costs attached to these activities are all costs the lender would prefer to avoid. A successful
Short Sale eliminates most of these costs.
Reserve Requirement – Delinquent and non-performing loans place another burden on
mortgage lenders. For all delinquent and non-performing loans lenders must set aside funds
in reserve to deal with potential losses. These funds cannot be put to work generating new
loan fees until the bad loans are resolved. A successful Short Sale lets the lender put more
money to work.
3. Can I simply deed my property to someone else and avoid the hassle?
Deeding your property to someone without paying off the loan is nearly always a bad idea.
The lender still considers you primarily responsible for payment on the loan. If loan
payments do not get paid, or if the lender ultimately forecloses, this will still show on YOUR
credit. Do not deed your property to someone else without consulting with an attorney.
4. What sort of hardship would my lender consider legitimate?
Generally, so long as the hardship is real and the mortgage company believes the loan is
likely to become delinquent as a result, the Short Sale request will be processed by the Loss
Mitigation Department. The key to getting the Loss Mitigation Department to accept a
hardship is to submit a strong hardship letter. Below is a list of “hardships” that are common
and frequently accepted by mortgage lenders.
• Family illness or injury
• Job loss or significant income loss
• Divorce or split of domestic partners
• Death of Spouse
• Adjustment in mortgage payment or unforeseen increase in living expenses
5. I am concerned about my credit. How will a Short Sale affect my credit?
The big key here is to avoid foreclosure. Short Sales will affect your credit rating especially
if you miss your mortgage payments during the process. But, by nearly any measure, a
foreclosure is the most damaging event your credit status can encounter.
6. Can I be considered for a Short Sale if my loan payments are current?
Yes, however the required financial documentation must be submitted along with a detailed
hardship letter explaining the inability to continue to maintain your loan payments and reason
behind the Short Sale request.
7. Why Work with a Realtor®
• Getting a Short Sale approved by the lender is a complicated, multi-step process.
This required a high level of patience, persistence and most importantly, experience.
The Lender realizes that it is in their best interest as well as the borrowers to have the
Short Sale file packaged correctly from the very beginning, by a Real Estate
Professional that does not have a conflict of interest.
• You get professional representation at NO COST TO YOU! The lender pays the
Real Estate commission along with most of the other sales costs, so that professional
representation is FREE to you.
8. How does the Mortgage Forgiveness Debt Relief Act of 2007 work?
Prior to passage of this law, for any debt that was forgiven in a Short Sale or Foreclosure the
homeowner would receive a 1099 and would have to report this forgiven (or cancelled) debt
as income. This still holds true for those individuals who do not qualify for the exceptions of
this act. From January 1, 2007 to January 1, 2010, the act eliminates the phantom tax on debt
cancellation in mortgage discharge.
• Debt must have been debt incurred to acquire a principal residence
• Cancelled debt up to $2 million is eligible
• Sets forth rules for determining the allowable amount of exclusion for taxpayers with
non-qualifying indebtedness and taxpayers who are insolvent.
• Debt from a second (non acquisition) mortgage or HELOC is not eligible
• Cancelled debt from investment properties and second homes is not eligible
9. What about Tax Consequences?
If you do not qualify for the above exclusions, the IRS defines the amount you are ‘short’ as
having been ‘cancelled’. It is also required for the lender that allows this debt cancellation to
issue you a 1099 for this amount and you are required to claim this amount as income.
If a property is foreclosed on, this is also debt cancellation and the default amount can also be
treated the same way. In most cases the amount of default with a foreclosure will be much
greater than with a short sale. This is one of many reasons why avoiding foreclosure if most
likely the better option.
10. Will the Lender pursue a deficiency judgment against me?
In some cases, lenders also pursue a deficiency judgment against borrowers and attempt to
collect the amount that was short. This does require a separate action to be filed in court
causing the mortgage company to incur further expense. The mortgage company is acutely
aware of your inability to pay and often see further collection as fruitless. In most cases, a
short sale will get the lender more money than a foreclosure. The bank also has the right to
pursue a deficiency judgment in a foreclosure. When considering all consequences, a short
sale is almost always better than a foreclosure.
CLICK HERE TO FIND YOUR HOME'S VALUE
The information provided is for informational purposes only. Prior to entering
into a Short Sale, you should discuss the matter with a qualified accountant or
attorney regarding your options and the consequences of each.