Debbie Tuttle,ABR,CRS,GRI

Are you upside down on your home? Do you know someone who is?

Most everyone has concerns about the Real Estate market here in Las Vegas and with good reason, our home values have plummented to an all time low.

Considering A Short Sale In Las Vegas Area?

 

Consult an experienced Short Sale agent -  Before Listing Your Property With Just Any Realtor.

A Short Sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. In a Short Sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communicaitng with a bank's Loss Mitigation Department..

A qualified, experienced Short Sale Specialist can help you through this process. Not just an agent who has taken classes to better understand the process, but an agent who has been working and closing Short Sales in our market. It is commendable for all Realtors to stay informed on the Short Sale process to better understand the market, but unless a Realtor has had hands on experience with dealing with the negotiation process successfully, it is not to your advantage.

How does a Short Sale affect my tax liability?

Currently, if you are an owner occupant of a property, the tax code allows you to avoid paying taxes on the Short Sale shortfall. This can be a huge savings for owner occupants who decide to sell their home as a Short Sale.

How does a Short Sale affect my credit?

The Short Sale option will have much less negative effect on your credit than a foreclosure would, so a Short Sale may be the best course of action, even if you have fallen behind on your mortgage payments. But don't wait too long, since foreclosure proceedings will begin once you miss 3-4 regularly scheduled payments.

Hire a Specialist!

Home owners in this situation should contact an experienced, seasoned Short Sale Specialist to not only list and market their home, but also to assist in handling the short sale process for them.