702-482-7739 - http://www.ShortsaleinNevada.com - Las Vegas Short Sale Specialists explain the "Approved" Short Sale in Nevada - The Ballen Group - Keller Williams Realty Las Vegas
What is a Las Vegas Short Sale?
A Las Vegas Short Sale occurs anytime the value of the property is less than the amount owed to the lender and the lender agrees to write off the difference. In other words, the homeowner is "upside down" on his loan. Short sales may be forced by a variety of situations: job loss, loss of income, divorce, medical bills, or changing payments on adjustable rate mortgages (ARMs).
Why would a lender agree to a Las Vegas short sale? Lenders make their own business judgments when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not taking properties back through foreclosure and reselling them. They want to avoid spending time and money to foreclose, evict borrowers, and resell properties. They want to avoid paying property taxes, insurance, maintenance and repairs. They want to avoid risking theft and vandalism to the property. Before the mortgage lenders will consider a short sale, they need to know financial information about the seller and why the seller cannot pay the loan. The seller will need to submit information to the lender to assist the lender in deciding whether to accept a short sale.
Why would a lender agree to a Las Vegas short sale? Lenders make their own business judgments when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not taking properties back through foreclosure and reselling them. They want to avoid spending time and money to foreclose, evict borrowers, and resell properties. They want to avoid paying property taxes, insurance, maintenance and repairs. They want to avoid risking theft and vandalism to the property. Before the mortgage lenders will consider a short sale, they need to know financial information about the seller and why the seller cannot pay the loan. The seller will need to submit information to the lender to assist the lender in deciding whether to accept a short sale.
- May simply be "Approved" for the sellers hardship - not buyer, financing, or price
- May simply be "Approved" for particular buyer's financing and offer price
- May be pre-approved at a certain price (this is not always where the agent LISTS the home)
- May have been approved months prior at a certain price and now circumstances have changed
- May be "Approved" by the bank, but Seller still needs to agree to bank terms
- WATCH THE VIDEO ON "APPROVED" SHORT SALES HERE
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Contact The Ballen Grouptoday to get help from an agent that specializes in your area.
The Ballen Group
Las Vegas Short Sale Specialists
3100 S. Durango #106
Las Vegas, NV 89117
(702) 604-7739
Las Vegas Short Sale Specialists
3100 S. Durango #106
Las Vegas, NV 89117
(702) 604-7739
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Las Vegas Short Sale Approval, What is a Short Sale?, Las Vegas Real Estate Agent, Nevada Short Sale Specialist, Distressed Property
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