The McCollough Group www.tmglv.com

In 2010 The Short Sale is Las Vegas Real Estate.

 

 

 The once frightning and lengthy (and often unsuccessful) short sale process is becoming streamlined....

 

There are Many Changes in 2010!

 

The U.S. Goverment has begun enacting many new rules and incentives to help distressed homeowners who were not successful or did not perceive a Loan Modification to be a viable option for them.

 

with so many options and rules constantly changing -lets discuss the steps for a short sale

 

Here are the 7 steps for homeowners:

Step 1 – Get Educated

You need to know your options when it comes to your home. If you want to keep your house, but can’t make the payments and you owe more than your home is worth, you have six options:

1. Pay your mortgage as agreed(possibly throwing away bad money after bad-hoping for a quick turnaround)
2. Try to get a loan modification(easier said than done but possible-however over 60% of loan mods re-dfault in first year due to lack of principle reduction)
3. Try to do a short sale(Becoming commonplace- and though still lengthy and challenging- Shorts Sales are the new Norm)
4. Rent your home out to a tenant( you will most likely not be able to cover the monthly mortgage with the rent)
5. Walk away from your home(a Option for some -though there is still some negative social stigma attached,however the negative stigma is on the severe decrease.
6. File Bankruptcy
   

Short Sale

If you owe more than your home is worth, and don’t want to declare bankruptcy or face foreclosure, then a short sale of your home is the best option. A short sale does have potential tax implications.

Step 2 – Get Some Help

This is probably the biggest tip I would give to people who want to sell their home in a short sale. FIND AN EXPERIENCED REAL ESTATE AGENT WHO IS SUCCESSFUL AT CLOSING SHORT SALES! Your real estate agent will be able to deal and negotiate with the mortgage company(ies) on your behalf. An experienced short sale agent will give you a much better chance of successfully short selling your home.

Because there is often so many different entities involved in a mortgage (1st mortgage, 2nd mortgage, the investor on the loan, etc) you really don’t want to do this on your own, with no experience. Plus, you’ll never have any out of pocket expenses to pay an agent, as everything is essentially paid by the lender.

WARNING! Just because an agent says they specialize in “short sales” does not mean they have actually successfully done one! There are many classes agents attend regarding short sales, but nothing compares to real world experience.

Step 3 – Get Started Now

The longer you wait to get started with the short sale process the less chance you have of success. In Nevada it used to take 6 months to Foreclose , now its a little longer-but that may change too! You need to decide quickly to start the short sale process if you’re getting behind on your payments, or have already received a notice of default.

Step 4 – Follow Instructions Exactly

An experienced short sale agent will tell you what you need to do to get the house ready to sell. Don’t get too hung up about the price. If the agent wants to set a low price on the house, there is a reason behind that.

 Don’t get hung up about the price, all you should care about is getting the place sold.

Step 5 – Know The Tax Implications

Congress recently passed and the president signed a law that likely releases you from any tax implications of a short sale.

Talk to a qualified tax attorney or CPA about this for your particular situation. Your real estate agent should know about this! A good agent will have a quality referral for you to handle the tax implications of your short sale.

Step 6 – Prepare to move quickly

Because your closing date may not be set in stone, you need to be prepared to leave your home quickly if needed. A minimalist lifestyle is nothing to be ashamed of; in fact it should be venerated. Your possessions are just inanimate things; it’s the relationships in your life that really matter. OK, enough life advice! Sell anything you don’t need or haven’t used in the last 6 months on craigslist! The less you have to deal with on moving day the better.

Step 7 – Prepare yourself emotionally

If you are already in default, or have a foreclosure pending, this whole scenario and process of trying to short sell your home can be very emotionally draining.

You will receive solicitations from everyone and their mother. You may have people stop by your home while you are still there. It can be a very difficult process.

Make sure you have people in your life to talk to about your situation. You will need a support network to help through this time in your life. It will pass. And you are being proactive in seeking a short sale of your home. You are taking the right steps, and in time, everything will work out. I can’t promise it will be easy, but you will make it!

You Need An Experienced Short Sale Agent!

 

 

The McCollough Group was the #1 sales team for all of Prudential Real Estate in North America in 2008! Specializing in Distressed properties- that is what we do.

 

we are the market experts!    

 

 

THERE IS A GREAT DEMAND FOR LAS VEGAS AND DUE TO THE WORLD ATTENTION ,AGGRESSIVELY PRICED HOMES ARE FLYING OFF THE SHELVES! 

 

This may not last however, If you are trying to wait out the storm till our prices get back to 2005 levels-DO NOT COUNT ON IT - we are estimating 20+ years to get back to the pricing of the bubble years.   Now is a great time to sell - as there is STRONG DEMAND  (for how long ? we dont know).   

 

Please call or email us. 

 

We are here to help you - regardless of if we list your home or not.  We have a great team and network of Attoney's and CPA's who can handle all questions.  Let us help you make the best decision for you and your family!