What is a Short Sale? Las Vegas Real Estate

House for Short SaleIf you are upside down in your mortgage, meaning you owe more than the property is worth and you HAVE to sell, you can start the process of a Short Sale.  Basically you will be shorting the lender his money, but only if they approve the sale.  I was speaking to another Realtor last night because she has an offer on one of my listings.  She was joking that short sales should be called LONG SALES because they can take some time.  EVERY short sale is different so don’t get discouraged.  If you choose to sell your home right now in Las Vegas, be prepared to be very aggressive.  Choose a Realtor with short sale experience. If you’d like help with YOUR short sale, please give me, Felipe Crook, a call at 702-683-2169 or email me at Felipe@felipecrook.com.

Here are a couple of things you will need to provide to the lender:

  • A completed Financial Worksheet. Every Lender is a little different so talk with your Realtor and your Lender to coordinate all of the necessary paperwork.
  • Current proof of income reported. Usually two or more pay check stubs or a work contract.
  • A brief letter of hardship.  Why do you HAVE to sell?  What’s going on in your life that you’re asking a lender to lose sometimes up to $100,000.  Make it real and make it good.
  • A copy of your most recent Tax Returns.
  • A listing agreement to sell the property.  It MUST be listed before they will negotiate….and usually you must have an offer in order for them to even talk to you.
  • Signed purchase agreement or Sales Contract.
  • Seller Net Sheet or a HUD-1 statement.
  • A pre-qualification letter for the buyer who put in the offer or proof of funds if it is a cash deal.

Each document should reflect your loan account information plus your name obviously.  Like I said before, each lender is a little different, but most of them will require these items.    If you need any help with buying or selling a short sale property, please call me at 702-683-2169.  Thank you!

Felipe Crook

Felipe Crook

Prudential Americana Group Realtor

8337 W. Sunset Rd. #150

Las Vegas, NV 89113

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