Home Selling in Las Vegas>Question Details

Jacky.her, Home Buyer in Las Vegas, NV

If you have two properties and can not afford to pay a second home, can you short sell one and keep the other?

Asked by Jacky.her, Las Vegas, NV Tue Oct 2, 2012

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8
Shanna Rogers’ answer
Hi Jacky.her,

Yes. You can try to get your lender to approve the short sale - they don't 'have' to though. You have to be able to prove financial hardship. Contact a local Realtor to assist you.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Tue Oct 2, 2012
Yes you can. What you want to be careful about are the IRS tax consequences. In most cases you have a good chance of successfully dealing with the bank deficiency so you don't have to worry about them coming after you at a later date. It's the IRS that you need to be concerned about. When you short sale a property or have a property foreclosed, the IRS treats the deficiency amount as ordinary income and taxes you on it based on your tax bracket. For example, if you have a $100,000 deficiency and are taxed at 30% then you will end up with an IRS bill of $30,000.
0 votes Thank Flag Link Wed Oct 3, 2012
Yes you can short sell one and keep the other. I've helped many clients in similar situations short sell only one of their properties.

Damon Botticelli
Silver State Realty & Investments
(702) 523-7713
0 votes Thank Flag Link Tue Oct 2, 2012
Yes, absolutely yes. In fact, the faster you list, the better. Look up the Mortgage Debt Relief Act, this law expires currently the 1st of the year. After this time, a home that forecloses or short-sales may be responsible to pay losing lenders and government taxes tens of thousands of dollars. Not only this, but may losing lenders are encouraging investors to short-sale their properties instead of foreclosing now and are paying owners up to 30K to do so. I recently had a client receive 20K from CHASE bank.
Please call if interested 702-222-0815.


Sincerely,




James Bellile
iProperties International
http://www.LasVegasRealEstateConnection.com
0 votes Thank Flag Link Tue Oct 2, 2012
Hi Jacky,
I think is better to contact with real estate professional, who is familiar with Short sale process and discuss in person about your options. Of course most likely have to seek legal advice, but my opinion is to know the options and after that to go see the attorney.
I am CDPE and have a website designed specially for people in your situation. You can visit website, educate your self , or if you preffer to call me, I will be glad to meet you in person and answer your question
http://lasvegashomeownershelp.com
P.S. You have to act quickly, if you want to take advantage of the act expired on 12.31.2012, gives you a chance for deficiency judgement on short sales.
Aneta Ivanova
Broker sales person, Realtor, CDPE
Exit Realty Imoti
702-306-4917
Aneta_Ivanova29@yahoo.com
0 votes Thank Flag Link Tue Oct 2, 2012
Jacky, we do this all the time. In fact we just got an approval for a first and second lien and the first is giving the owner $10K to leave the house. It is not her primary residence, she owns several homes, and has a lot of assets.

Each short sale is different but owning more than one home doesn't automatically preclude you from short selling, one or more property. It might even be helpful to your hardship. If you would like to consult free of charge on your circumstance, give me a call or send me an email.

Regards,

________________________________

John A. Brassner, MBA, REALTOR®
________________________________

Prudential Americana Group, REALTORS®
10777 W. Twain Ave #333
Las Vegas, NV 89135
Cell: 702-808-9816
Fax: 702-995-0488
Email: john@john4realty.com
http://www.HouseOfVegas.com
http://www.CanadaLasVegas.com
0 votes Thank Flag Link Tue Oct 2, 2012
Hi Jacky,
I can help with waived deficiencies on primary and Investment homes. All negotiations with bank are at no cost to you. Initial consultation with a local attorney to advise you if a short sale or bankruptcy may be in your best interest at no cost to you.
Call or email me. Lets see if we can work together to sell your home.

Larysa Dombrovska
Broker Salesperson
SHORT SALE CERTIFIED
dombrovska@yahoo.com
Cell: 702.379.3662
Web: http://domlar308.las.mlxchange.com/
My Profile: http://www.ziprealty.com/agent/ldombrovska
0 votes Thank Flag Link Tue Oct 2, 2012
Jacky,
This is a great question.

Every situation is different, but I can tell you about my experience with clients in your situation.

The banks (your lender) are going to look for your hardship in determining whether to approve your short sale.

If you have another home, and more than $20k in liquid assets in any account (other than IRA's or 401k's) your chances of getting them to completely waive the deficiency (which is want you ultimately want) does decrease.

One thing I've been implementing with my clients who are selling high end homes, have higher end assets, or simply put have "money in the bank" is to legally hide the assets BEFORE listing the home and starting the short sale process.

I use an asset protection attorney named Gary Fales here in town and what he does is basically move around your assets so that you still control them, but don't own them through an asset protection trust.

The attorney is really inexpensive and has great information. He does charge a $250.00 consultation fee but he waives this COMPLETELY for my clients.

He also teaches free short sale classes, and from your question you could definitely benefit.

If you have more questions feel free to reach out to me directly. I wish you the best moving forward and don't hesitate to pick up the phone, even if you just want to pick my brain.

I'm here to help and be your real estate resource.

Take Care.

Amara Collins
Direct 702.672.0956
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255
Fax 702.317.3762
http://www.LuxuryHomeVegas.com
0 votes Thank Flag Link Tue Oct 2, 2012
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