Some of the easier banks to work with on a Las Vegas short sale: Aurora, Nationstar, Wells Fargo, GMAC, Wilshire, HSBC, OCWEN, Specialized Loan Servicing
If you have mortgages with one of the above institutions and believe that you may qualify to do a short sale of your Las Vegas Home; then help may be easier than you think. The number one threat to successfully selling your home via a short sale (assuming you have a legitimate hardship and need to sell for less than you owe your bank) is the name of the bank on your mortgage statement!
I’ve found the above institutions understand the value of approving a short sale in an upside-down market such as Las Vegas is currently experiencing. The alternative is foreclosure, period. Foreclosed homes usually net less for the banks, so not approving the short sale is simply illogical. Lenders can get the homes off their books without ever having to take possession of the home—less liability, lower exposure to loss.
Banks that can make a decision on approving a short sale inside of 6 weeks will give those sellers a far better chance to complete a short sale as the end buyer will not get impatient and bail on the deal.
Sellers who can no longer make their mortgage or who will soon arrive at that point, give us a call to see if your lending institution has a reputation for really working with borrowers. We can be reached at 702.376.0088 or you can complete the form to the right. You can also read our most Frequently Asked Short Sale Questions.
Paul Rowe is a five year veteran of the Las Vegas real estate market and is the primary short sale listing agent for Sena and Associates.
{ 7 comments… read them below or add one }
Good to know that there are some banks out there that actually care!!
Thank you for the response, Ashlee. Believe it or not, some of the banks can give you a response in as little as 3 weeks.
Paul,
This is a breath of fresh air from what I’ve been experiencing in my local markets.
I wonder if it’s just the Las Vegas Market in general and banks are more aware of the bad situations some home owners are in. Do you think that’s part of the reason for the success?
3 weeks sounds like a dream come true!
I personally do not do short sales because the market conditions are different here than in Las Vegas. What’s it like not being in control of your transaction and at the mercy of bank personnel?
Believe me, Robert. Few people would prefer to do them, but in our current market, the need exists to service the distressed sellers prior to foreclosure.
I would not avoid a purchase of a short sale, just because it’s a short sale. In fact I help buyer through the process the key is know the process and setting realistic goals. It’s not a quick and easy process at all, it can wear you out, but it’s worth it if you know how to navigate through it.
Short sales are not going away anytime soon. It is all I do.