My house is worth $225000 and my loan is $330000 . Is a short sale doable ? And what are the consequences ?

Asked by Olivier, Las Vegas, NV Sun Jun 29, 2008

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7
Will Robles, Both Buyer And Seller, 76248
Wed Jul 9, 2008
A short sale is possible ANYTIME an owner cannot make payments for FINANCIAL REASONS (Health, etc. included) OR the lender will lose out one way or another and not be able to recoup their money no matter what happens. My company BUYS PROPERTIES, even if there is no equity by negotiating with the lender for a short sale. You may contact me if you would like more details.

Best Wishes,
Will Robles
888.605.9190
will@firstcasasolutions.com
0 votes
Len McGuirk, , Las Vegas, NV
Mon Jun 30, 2008
Olivier,

A short sale is doable depending on your situation. Most banks really like to see that you have a financial hardship that does not allow you to pay your mortgage any longer. Banks have gotten much less strict regarding short sale approvals though. For the most part, they just want to get the property off their books rather than have to foreclose.

Please contact me so we can discuss your options clearly. I am actually a short sale specialist. All of my current listings on the market are short sales, so I am very familiar with the process. The majority of my listings go into contract within the first 2 weeks they are on the market too. Right now about half of mine are set to close within the next 30 days. I have my own marketing and negotiation strategies with these types of deals. I would be happy to speak with you about your situation and see if we could move forward with getting the property sold prior to you going into foreclosure. Let me know.

Len McGuirk, Realtor
Short Sale Specialist
Prudential Americana Group
(702) 203-6688
0 votes
Pacita Dimac…, Agent, Oakland, CA
Sun Jun 29, 2008
Before the lender approves a short sale, they have a very stringent hardship test that the financially distressed homeowner must meet. Following are some examples of hardship: /
Unemployment
Reduced income
Divorce
Separation
Medical bills
Too much debt
Death of spouse
Monthly payment increases
Business failure
Job relocation
Illness
Damage to property
Military service
Incarceration

Lenders may approve the short sale as a last resort before foreclosure because of any or all of the following reasons:

1. The borrower is insolvent
2. The proposed purchase price is more than the lender would be able to sell the property after foreclosing on the loan
3. The value of the property has decreased to an amount that is below the loan balance due to local and national economic conditions
4. The property was refinanced at a higher value based on an inflated property appraisal report, or
5. The property is in such a physical condition that it is not financially feasible for the lender to put it into a marketable condition.

Do you meet any of the hardship criteria? Sounds like you do. If you want to do a short sale, don't do it on your own. It isn't easy, and it's time consuming. Engage a real estate professional --- -a realtor --- to help you. The lender will pay for the selling commission anyway, so why not hire someone to take care of aggressively marketing this for you?

Good luck!
0 votes
Tosh Primrose, , Las Vegas, NV
Sun Jun 29, 2008
Yes, you can do a short sale on your property. The amount of the difference is not the issue. There are also many other options available to you that you may not know about. I specialize in short sales, know the process, and can negociate successfully with the banks. Based upon your initial question, it raises many additional questions, as short sales are very individualized. For example, do you have a second, or a HELOC, is this your primary residence, do you "qualify" for a short sale, do you have a "legitimate" hardship, did your loan recently reset or will it reset in the near future, have you spoken with a HUD counselor or your lender about loan remodification...? I could go on, but I will be more than happy to speak with you, explain the process, answer any questions or concerns you may have. This is no charge for you and no obligation, of course. Please go to my website http://www.VegasHomeRescue.com or call me at 702-306-3939 as soon as possible. If you have missed any payments, time is not your friend. We may be able to help you stay in your home or sell it as a short sale. Hope to hear from you soon.

The Vegas Home Rescue Team
0 votes
The Ballen G…, , Las Vegas, NV
Sun Jun 29, 2008
Yes yoru short sale is doable. The short sale "rules" are changing every day. In fact, there really are no standards in the Las Vegas market. We have had short sales approved for nearly $200,000 difference. You need somebody who specializes in short sales, knows the banks and how to handle them, and are willing to spend the time and money marketing your property to sell. We would be happy to speak with you about that. We recently posted some short sale information on our website. This is not to be taken as legal advice, but may give you some information you were not aware of. Visit http://www.theballengroup.com and click on the shortsales tab (the last tab down on the left). We are going to be adding more, but this is a great starting place. Please contact us to have us come see your property. 702-604-7739
0 votes
Vicky Chrisn…, , 20176
Sun Jun 29, 2008
You need to check out a recent blog post. You'll find information there you're not hearing anywhere else - YET.
0 votes
John Brassner, Agent, Las Vegas, NV
Sun Jun 29, 2008
Bon Jour, Olivier. I think you already know my answer, so I'll let others answer.

-John
0 votes
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