I would need more inofrmation regarding your financial status in order to determine if this is possible. You can't just decide that you are going to do a short sale unless there is a real hardship that has caused you not to be able to meet your financial obligation. I would be happy to disucss your situation in private and help you determine if it is possible for you to attempt a short sale. Currently only about one in four short sales actually complete. Many time the property may end up in foreclosure. Please let ne know if you would like to discuss this matter in private. I have a section on my web site that you can request addtional information.
You are at 239 to 249 depending on view, upgrades etc. I just sold a 1323 and other model. I am a KB/kurti specialist and own a new home there .
I would sell sooner than later as there is a ton of new homes coming on the market and prices may correct if builders lower prices. The consumer will prefer new with more Choices.
I can come over for an analysis if you would like. I answer e mails and Phone calls btw
775 750-5256... more
Are you speaking of selling in Nevada? It is a bit unclear.
1. Become a real estate licensee in Nevada and associate with a Broker
2. Practice in your area of competency. This is the gotcha. You and your broker will have to decide and guide on that issue.... more
The HOPE hotline is a waste of time. You need to call a local attorney. Google "Kidder Law Group reno" or "Darby Law Practice reno" and call them. If they they advise you to do a short sale and you agree then call your real estate agent.... more
Both parties (Morrison and Whitley) must mutually execute in order to provide a clean reconveyance. Both parties can always execute a quick claim deed in order to remove one from title allowing the one party to be removed from title and the other to sell if desired though this will not release them from any mortgage obligation if both are on the mortgage.... more
Check with your Realtor, since part of the answer will depend on the Reno market.
More generally . . .
A listing that's been on the market for a long time gets "tired" or "stale." People (buyers and even Realtors) assume that there's something wrong with it, since it hasn't sold. For that reason, sometimes it's better to take the property off for a while, and then relist it.
If keeping the house in near-perfect condition 24 hours a day is a major hassle, you may want to give yourselves a break.
Some markets slow down in the winter. Your agent can tell you what the situation is in Reno.
Regardless of whether a market slows down in winter, there are usually some buyers out there. You'd hate to have your home missed because it's temporarily off the market.
If you're relatively neat and organized, it may not be much of a hassle keeping your home in shape for people who might want to take a look at it.
It's all a numbers game. The more people who are aware of your house, the more likely some will want to see it. (Just make sure your home is priced right.)
If you have a specific activity or destination in mind (moving closer to your children, or moving into an assisted living facility, for instance), maybe selling as soon as possible outweighs the hassles of keeping it on the market over the winter.
Again, check with your agent for the specifics of the Reno market. But those are a few of the more general arguments for and against keeping in on the market over the winter.
Hope that helps.... more
Did you have an agent and if so what is your agent advising....depending on the amount of money in dispute, you may wish to consult with an attorney who specializes in real estate, and go from there--most professionals do offer a free consultation.... more
Are these seller documents or buyer documents that are late? Usually buyer documents are late and that is what holds up closing. However I have had it happen on REO's that the bank could not find the deed and that held up closing for 3-4 weeks. I have also had it happen that seller mortgage companies can be late and that will hold up closing as well. Usually no one charges for these late documents whether it is on the buyer or seller side. It is just a time problem. I can't imagine who this fee is coming from as I have never heard of such a fee for late documents. Just be aware that you can do lots of negotiating with a title company, your mortgage company and just about anyone else charging you fees in a transaction. Most people do not know that you can challenge any figures you deem unacceptable and higher than norm. Additionally, all documents from mortgage companies are sent either by email or fax so there shouldn't be a $500 fee for them to prepare it because that is what they are supposed to do. You might want to check your original mortgage papers that you signed and see if such a fee is listed in the original mortgage docs. They have to disclose everything when you sign for your original mortgage. They can't just pull a fee out of thin air. Ask to speak with a supervisor at your mortgage company and see if you can get this fee waived. I hope this advice helps you.... more
The HOA has their own fees that they charge for the service they provide, in this case they charge $500 for expediting documets. Your contract should state who pays for what. Usually the seller is responsible for providing the buyer all the necessary documents concerning the HOA but that can be negotiated when the offer is submitted.... more
Yes, any NV licensee can sell any property in NV- but normally a commercial agent isnt' the best choice because they do not belong to multiple listing service, where the great vast majority of properties are advertised and sold.
Just as residential real estate agents don't have the contracts and know how to sell commercial properties-
so it's pretty rare that a commercial agent will list and sell residential property and vice versa.... more
Deidre - as you know, by law, commissions cannot be set nor should it be stated as to typical commissions requested. Personally, I do not know of any agents that make a distinction between commissions by property type - i.e. condo, manufactured, single family. Some agents will primarily specialize in the resale of manufactured homes. However, most Realtors are available to market all property types except mobile homes or manufactured without an 8 point foundation.
Chase International Real Estate
985 Damonte Ranch Parkway Ste. 110
Reno, Nevada 89521... more
Seek the advice of a tax professional for your tax questions. If you are current on your mortgage, you can't expect much to happen with a short sale. Lenders are reluctant to talk to you about a short sale or mortgage adjustment while your payments are current. A short sale will hurt your credit, but not to the extent a foreclosure will. If you live in the home and can afford to make the payments, I would try and stick it out as history tells us home values will recover over time. None of have a crystal ball that really works, so we can only talk about trends and cycles. As for the difference in the mortgage and the short sale, laws are different in every state concerning additional actions. My advice would be to speak with a local real estate attorney.... more
Consult your contract as this eventuality should be addressed in it. In most cases, if the home doesn't appraise at the sales price, the buyer will not be required to complete the purchase.
Options? You can lower the price to the appraised value OR the buyer can bring the additional cash to the table above and beyond the appraisal OR the buyer can find a new lender who will then order a new appraisal OR the contract can likely be terminated and you can start over and wait for the next buyer. Your agent can also try to convince the appraiser that he/she missed the mark, but appraisers in our area will almost never revisit the data and make changes.... more
I feel for you, unfortunately, you answered your own question "they need a release of lien". Keep trying to get a hold of them and explain the situation and try and get it released. I have been there as well, good luck!
Anybody else have any suggestions?... more
Although I am not a tax expert, I've been in your situation, and that's what I was able to do with a capital loss.
Quickly glancing through 1040 D Capital Gains and Losses, it appears that is still the case, but you'll want to check with an expert.
Here is the IRS form:
It sounds like a beautiful home.
You may want to visit my website http://www.CatherineNevadaHomes.com. It has MLStimate tool and quarterly economic and market report. It is a valuation tool based on our local MLS. You don't need to register.
Let me know if I could be of further assistance.