Can a home seller sell a home for less than its mortgage?

Asked by Alifer, Las Vegas, NV Thu May 23, 2013

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17
Robert Adams, Agent, Henderson, NV
Wed Sep 4, 2013
Yes this is called a short sale. Please fill out our sellers form and I can give you a free CMA which will tell you the value of your home. From there you can contact your lender and ask them for a payoff amount. Once we have these two numbers I can better advise you as to what your options are. CLICK HERE: http://lvrealestatehelp.weebly.com/selling-real-estate.html

I look forward to hearing from you!

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

CONNECT with me on LinkedIn: http://www.linkedin.com/pub/robert-adams/2a/971/a93/

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FOLLOW me on Twitter: https://twitter.com/ShortSalePros
1 vote
Robert Adams, Agent, Henderson, NV
Wed Sep 4, 2013
Yes this is called a short sale. Please fill out our sellers form and I can give you a free CMA which will tell you the value of your home. From there you can contact your lender and ask them for a payoff amount. Once we have these two numbers I can better advise you as to what your options are.

I look forward to hearing from you!

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

CONNECT with me on LinkedIn: http://www.linkedin.com/pub/robert-adams/2a/971/a93/

LIKE me on FaceBook: https://www.facebook.com/pages/The-Adams-Team-at-Rothwell-Go…

FOLLOW me on Twitter: https://twitter.com/ShortSalePros
1 vote
John Repoza, Agent, Westerly, RI
Mon Mar 3, 2014
You should contact an attorney who is familiar with the short sale process it is very complicate.
Who can sell you but make sure you do your homework
0 votes
Georgia Purp…, Agent, Las Vegas, NV
Thu Aug 1, 2013
Yes, this exactly what a short sale is. And this can sometimes be done with out being late on a payment. This means you could be ready to buy again very soon!
Georgia Purpura
0 votes
Rebecca Nish, Agent, Las Vegas, NV
Wed Jul 31, 2013
Yes, with bank approval. I would be happy to assist you selling your home. Please feel free to contact me via phone or email.

Thank you,

Rebecca
702-3555-8901
SellorBuyVegasHomes@gmail.com
0 votes
Michele Kubi…, Agent, Las Vegas, NV
Thu Jul 11, 2013
Most definitely . Especially if you have had hardship.

Michele Kubiak
Certified Short Sale Agent
Prudential Americana
Group Realtors
10777 W. Twain #333
Las Vegas, Nv 89135
702-683-6576
0 votes
Jimmy Balsano, Agent, Las Vegas, NV
Wed Jul 10, 2013
Hi Alifer

It can be sold for less it is called a short sale
& requires a agent to do it. I am a Short Sale
Certified pleas contact I can assist you.

If I can be of further assistance and answer
Any of your other questions please contact me

Thanks
Jimmy Balsano
Realty One Group
702-281-2225
Fax 1-866-371-8421
Email: jimbalsano@gmail.com
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
REO-BPO CERTIFIED

I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
http://www.jimmybalsano.com
http://www.salestraq.com/las_vegas/newhomesearch/index.cfm?id=4780(New Homes
0 votes
Gary Geer, Agent, Antioch, IL
Tue Jun 18, 2013
Alfer,
Yes this can be done if your lender or lenders agree. It's called a "Short Sale" .
0 votes
Dawn Barrier, Agent, Las Vegas, NV
Mon Jun 17, 2013
Yes it is possible if your lender agrees to it.
It would be sold as a short sale.
Feel free to browse my blog for lots of information about short sales, I've been doing them for quite a few years as you can see.
0 votes
AL McCaw (Lo…, Agent, Las Vegas, NV
Sat Jun 1, 2013
If your house is upside down (or worth less than your mortgage) by 40% or more, and you are still paying the mortgage on time, click the following Trulia link on a related topic to find out how to buy back your home at today's market value:

http://www.trulia.com/voices/Home_Ownership/What_Options_Doe…

There is a good exchange of conversation between me and Kathy that's worth reading if you would like to keep your home and replace your mortgage(s) to a new home loan based on today's market value.

...
0 votes
Jeff & Kelly…, Agent, Las Vegas, NV
Fri May 24, 2013
Yes. It is called a short sale and you need to get approval from your mortgage company. The process typically takes a minimum of 4 months. Currently there is a Debt Relief Act that expires at the end of this year. Under that law, you would not be taxed on the amount forgiven by your mortgage holder. Contact me for specifics on your situation.
Kelly
0 votes
Myra Gouger, Agent, Las Vegas, NV
Thu May 23, 2013
Yes - they just have to make up the difference with their own cash so that the mortgage is paid off.
0 votes
Aneta Ivanova, Agent, Las Vegas, NV
Thu May 23, 2013
Hello Alifer,
One more thing if you are qualified for short sale to the end of the year you may get up to $30 000, depends of the lender for relocation expenses and also waive the defficiency . call me to discuss your options.
0 votes
Aneta Ivanova, Agent, Las Vegas, NV
Thu May 23, 2013
Hello Alifer,
You can sell your home home for less that you owe on your mortgage, and it is call Short sale
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions.
But to be technical, here's a more official definition:

•A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
•A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.


For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

•Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
•Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
•Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.


This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.
Also to learn more you can log in my website http://lasvegashomeownershelp.com to

Understand your options.
Homeowner Resources
Get Your FREE Report!
What is a CDPE®?
Learn how agents with the Certified Distressed Property Expert® designation are best suited to help distressed homeowners.
Aneta Ivanova
Exit Realty Imoti
Las Vegas, NV 89117

(702) 306-4917
0 votes
Brett Gordon, Agent, Henderson, NV
Thu May 23, 2013
In today's market, most foreclosures can be avoided through short sales.

During the short sale the borrower can negotiate with the bank to sell their home for less than they owe. Key to a short sale is the elimination of all deficiency judgments. A deficiency judgment is a court approved request by the lender to go after the borrower for the difference between the short sale price or Trustee Sale price and the amount owed. A good real estate agent trained and experienced in Short Sales should be able to get the lenders agree to waiving their rights to a deficiency judgment. This waiver must be in writing and in the short sale approval letter.

Also, in today's market, it is very possible for the borrower to receive $1500 to over $10,000 in relocation assistance through the short sale process. This again is highly dependent upon having a knowledgeble real estate agent working with you on the short sale, as well as how much your house is worth and how much you owe. Most relocation assistance checks range between $1500 and $5000.

I have completed many short sales eliminating deficiency judgments ranging from $50,000 to more than a half a million dollars.

Finally, if any agent or attorney asks for money upfront to complete a short sale, RUN! I like many other reputable agents NEVER charge upfront or additional fees to process a short sale.
If you have any additional questions or would like assistance with a short sale, please call me at (702) 283-1960.

Brett Gordon, Broker-Salesman, CDPE, SFR
Platinum Real Estate Professionals
brettgordon@LvReNow.com
http://www.CallAnExpertNow.com
0 votes
Tim Kimball, Agent, Las Vegas, NV
Thu May 23, 2013
Short sale or you can pay the difference (not what many people do these days).
0 votes
Don Tepper, Agent, Burke, VA
Thu May 23, 2013
Yes.

It's called a short sale. Your lender needs to approve the sale. Some will; some won't. And you may be liable for the deficiency.

Check with a good Realtor in your area for more information.

Hope that helps.
0 votes
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