If you have made the decision to sell your Las Vegas Home after looking at all other options such as Loan Modification than the next step is finding an experienced agent specializing in short sales.  Short Sales require a real estate agent to not only list your home, market your home but negotiate on your behalf with your lenders to accept an offer for less than you owe on your mortgage.  If you have a 1st Mortgage and a 2nd Mortgage it can be even more of a challenge, which is why your real estate agent needs to specialize in short sales.

When you interview perspective agents, make sure you ask them how many short sales they have sold in the last 6 months and how many where they actually represented the seller!  There is a difference in selling a short sale when you represent the buyer as opposed to representing the seller.  Make sure you ask them what you can expect during the process and what they will do to ensure you get your home sold!

You can contact Sena & Associates at 702.376.0088 to set up a free consultation and we can discuss the process of selling your Las Vegas Home.

Are you having a hard time making your payments on your Las Vegas Home because your interest rate adjusted causing your payment to increase hundreds of dollars a month?  You’re not alone as many Las Vegas Homeowners are facing the same dilemma.  Instead of letting your home foreclose you have a few options.

1. Contact your lender and see if you can adjust your payment
2. Refinance - New FHA Guidelines allow you to refinance your house up to 90% LTV (loan-to-value) on current market value
3. Short Sale

You can contact your lender to see if they will lower you payment but the chances of them lowering it any substantial amount is slim.  From what I have heard from my clients, they usually will lower the payment by $100 to $200 a month.

FHA has just updated their guidelines which will take effect on October 1st, 2008.  So if you are interested in this refinance option, you will have to wait till October 1st!

Your best option might be attempting to sell your Las Vegas Home as a short sale.  A Short Sale is a special transaction that allows you to sell your home - even when your mortgage debt is higher then the value of your home.  Lenders are motivated to approve short payoffs if it makes sense.  The foreclosure process for a lender is very costly, takes a long time, and exposes the property to vandalism, deterioration, and declining market values.

If you have never been late on your payments and have a true financial hardship or compelling reason to sell your home (relocation, loss of job, hospitalization, divorce) the bank will still consider a short sale of your property. YOU DO NOT HAVE TO BE LATE ON YOUR PAYMENTS TO SELL YOUR HOME AS A SHORT SALE!

We will need to present to the bank a short sale package. Most banks request the same documentation, yet there are some that may require their own forms filled out and different actions. We will provide you with a package to fill out complete with a check list of documents needed.

Typically short sales can take anywhere from 45 business days to 120 days to complete from the time the offer is received. Contrary to popular belief, short sales are any thing but short in time. The true name is a short payoff when the lender is taking less than the full balance of the loan.

If you are interested in selling your home as a short sale or have questions about the short sale process, feel free to contact us any time @ 702.376.0088 or visit us on our Las Vegas Short Sale website!