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What is the best way to sell a house that is worth less than what you owe?

Asked by Trulia Las Vegas, Las Vegas, NV Tue Apr 30, 2013

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Yes Short Sales are great. We all do them and we all want your business wonderful! Now, I'll tell you about some other options that were not previously mentioned!!

OPTIONS FOR SELLING YOUR HOME WHEN YOU OWE MORE THAN IT'S WORTH:

1. Short Sale (as explained below)
2. FSBO- For Sale by Owner, put a sign up in the yard and if you can sell it yourself save the 6-7% commission. Sometimes the commissions and closing costs can be thousands and can make the difference in making your home a traditional or a short sale. If you're worries about the legal paperwork you can always find a realtor to handle that end for around 3% once you find the buyer.
3. Use an auction! There are tons of auction houses out there that can help you sell. Often times, homes sell for higher than they would on the MLS/ Coop market because buyers will bid it up in competition. So if a realtor tells you your home is worth $250k, you may be able to sell for higher and again, save on commissions
4. Lease it out! Or do a Lease Option to Buy- A lot of my owners that are short of selling are leasing their homes out. With the market increasing (due to low inventory) it may be better for your to lease it out and hold on to it until you can sell with equity or at least break even.
5. Offer Seller Financing- There are still a lot of buyers out there who cannot afford to get a bank loan due to a previous short sale themselves, etc. Many times they are willing to pay a little more than market value or what the home is worth in order to lock something in now before prices get too high again. If you do not need your cash out now, or your leverage back than this may be a great option for you.
6. Foreclose or file BK- Always consult an attorney. For some people, depending on your situation this may just be best. Example, if you don't plan on buying for 7 years or more or if you're elderly it could make the most sense to walk away.

Lastly, if you do decide to sell find a realtor that will ask you the right questions in order to determine what is truly best for you and your family, and not just their pocket book. Find someone who will help you and not rush you into a short sale or any one decision. In this market, who your work with matters so make the right choice.

Sincerely,
Amara Collins
Direct 702.672.0956
Fine Homes International
Prudential Americana Group Realtors
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111
Fax 702.317.3762
http://www.LuxuryHomeVegas.com
0 votes Thank Flag Link Tue Apr 30, 2013
Short sales are the way to go. The key is to ensure the banks release you from any liability for a deficiency judgment. I do short sales for free and have been doing short sales since 2006 before they were recognized by most agents and attorneys.

A few examples include one home where the seller owed $1.2 million and we completed the short sale for $667,000. The seller was able to walk away from $550,000 in debt with no liability from the banks coming back at him for any more money ever. Another instance, was a home my client purchased for $237,000 and we completed a short sale for $89,000. Again, no liability for a deficiency judgment.

Now is a great time to short sale your home as the IRS is still not holding the seller liable for the taxes on the forgiven debt which may change if the short sale is not completed by the end of this year. Short sales normally take between 90-120 days to complete. Some can be done sooner many can take longer. So to ensure you have no tax liability now is the time to start.

Please call me if you have any further questions or would like to discuss your specific situation.

Brett Gordon, Broker Salesman, SFR, CDPE
Platinum Real Estate Professionals
(702) 283-1960
brettgordon@LvReNow.com
http://www.CallAnExpertNow.com
1 vote Thank Flag Link Tue Apr 30, 2013
I suggest that you consult with several agents and get several opinions of the current value of your home and how much underwater it is at this time. Right now values are going up all over the country and if you are only a little deficient, it might be good to try and keep it till it is worth more. Get fully informed of the effects a short sale will have on your credit before you go down that road. Some banks are offering programs to help homeowners keep their homes, so see if your lender will work with you.
0 votes Thank Flag Link Tue May 21, 2013
Hello,...

Every situation is different....

If you are not behind on payments....you may want to consider renting out the property or you can set up a lease to own agreement. This would enable the buyer to have enough time to get their credit back in action so that they can finance from a proper financial institution.

You can also sell the home and carry the note like a bank would.
Buyers who are interested in this sort of agreement, generally have had some financial/credit problems in the past and would be willing to take on a higher then prime rate mortgage from a private party. If they default....you take the house back....keep the payments and then do it again.

A HARP refinance would also be an option...this would enable you to keep the home at a more reasonable payment.

If you are just tired of the whole business or are behind on your payments..,....a short sale would be another option. This is where you ask the bank to take market value for the property and to forgive the deficiency. A good majority of home sales are through short sales at this time in Las Vegas.

Bankrupt and foreclosure are also other options but not very good ones...!
That would be last resort...only if you have too......

Hank Lauzon III
Realtor

Exit Realty Number One
6600 W. Charleston #119
Las Vegas, Nv 89146

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://www.HanksLVRealestate.com
Email: HankLVRealestate@aol.com
Facebook: http://www.Facebook.com/HanksLasVegasRealEstate

Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Tue May 21, 2013
Oh I do not recommend you do a lease op! This is fraught with potential problems.

It also may not be necessary to do a short sale.

There is a difference between being knowledgeable and being smart. You need to be smart.

Search :
http://WWW.LAS-VEGAS-REAL-ESTATE-HOME.COM

Regards,


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net
http://www.PhilScheinman.com
0 votes Thank Flag Link Sun May 12, 2013
Let me do a CMA on the property I have some really surprising news to share with you!

Search :

http://WWW.LAS-VEGAS-REAL-ESTATE-HOME.COM

Regards,


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net

http://www.PhilScheinman.com
0 votes Thank Flag Link Sun May 12, 2013
Looks like you have it all covered. Great advise from everyone so far.

Samantha Kolari
Pulse Realty Group
Las Vegas, NV
702-301-7163
0 votes Thank Flag Link Mon May 6, 2013
Short sales are the best option in most cases. Make sure you get the bank to release you from any further liability beofre signing off.

Everyone's scenario is different. If someone is interested in short selling their home or would like to discuss their options please let my team and I help guide you through this process.

The easiest way to get started is to contact me directly or fill out our seller's form here: http://lvrealestatehelp.weebly.com/selling-real-estate.html


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon May 6, 2013
Call me and we will do a short sale. Short selling your home is not difficult and I can sit down with you and go over all the reasons "Why" you should short sale versus letting it go back to the bank....

Anymore, one doesn't even have to provide a "Hardship" letter because the hardship is that you can no longer afford the payments and your home is not worth what it was when you purchased it.

Some people are trying to get loan modifications and honestly, I have only heard of one person finally getting one and it is only good for 5 years.

If I can help you further, you can email me at bzisk@aol.com. I am here for you - good luck! Becky
0 votes Thank Flag Link Tue Apr 30, 2013
Short Sales are free!!! Please call me for more details and to learn about the process.

Warm Regards,
Bridgette Villamor , REALTOR
PulseRealtyGroup LLC
c. 702-203-9855 I o. 702-856-7400 I f. 702-974-1732
5510 S. Fort Apache Ste #13
Las Vegas, NV 89148
0 votes Thank Flag Link Tue Apr 30, 2013
Worth how much less than you owe? One option may be to owner finance the home to a buyer who is unable to obtain institutional financing. As with anything, there are some risks, but this is an option that works frequently for folks in your position and it certainly has it's benefits.
0 votes Thank Flag Link Tue Apr 30, 2013
Short Sale fore sure. I have been doing short sales since 2007 and have built my business around supporting people in leaving the situation with dignity. I'd love to help. email me christingriffin@gmail.com

Christin Griffin
The Short Sale Queen
CDPE, Certified Distressed Property Expert
TheShortSaleQueenLV.com
0 votes Thank Flag Link Tue Apr 30, 2013
Short sale, they work! Banks are accepting them buyers are buying them! Call me...702-717-0614 or email me....danya@bugvegashouses.con
0 votes Thank Flag Link Tue Apr 30, 2013
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