You’ve come to the realization that you owe more on your Las Vegas house than it’s worth, so now what? You don’t want to foreclose (when the bank repossesses your home) but you want to get out of your house and mortgage. Short sales can be a viable option for you – but if you are unsure of the process, then it’s time we had a talk.
Working with a true short sale specialist (like Paul Rowe, the managing agent for the short sale division at Shelter Realty) is the one of the best ways to boost your chances of a successful short sale. In fact, a real estate agent with proven experience with Las Vegas short sales can mean the difference between a successful short sale and a foreclosure (which is typically a far worse black mark on your credit than a short sale is).
When you find a short sale agent, you should have an open and honest conversation about what to expect. Will the short sale take one month, three months, nine months? You should ask as many questions as possible, because after all, you are the one who is drowning in your house.
As you consider whether to short sale your Las Vegas home, keep these three points in mind:
- With the right short sale expert, your Las Vegas short sale doesn’t have to be painful. (We can’t guarantee success, but we won’t make the process complicated). A short sale is a complex transaction that demands a real estate agent with expertise and diligent follow up systems, and having personal relationships or internal connections with lending institutions are invaluable. The right short sale agent will take care of those complexities; for the seller, the short sale process shouldn’t be difficult.
- Patience is required. Once you’ve made the decision and started the short sale process, then you just have to wait. It can take at least 30-60 days to get your short sale approved – which we know seems like a long time. Sometimes, though, the process can drag on much longer, when the mortgage holder drags its feet. Because no two shorts sales are the same, times vary.
While you wait for the short sale approval, this is the time when the process can feel really daunting. It can be frustrating not knowing the status of your mortgage – and that’s compounded when you don’t have good communication with your agent. It’s another reason having a great short sale agent is important.
- A Las Vegas short sale specialist with proven success is invaluable. Why hire any agent when you could hire one who is in the top 5% of real estate listing agents in the nation with regards to short sale closings. A real estate agent who has been trained to know how to make the short sale as efficient as possible will make your life easier (some agents, like Paul, work exclusively with short sales and have perfected their process).
The Las Vegas real estate market, the economy, the banks, short sale rules, and laws governing short sales and foreclosures can change from week-to-week (or hour-by-hour), which is why it is important to work with real estate professionals who are experienced with short sales and who have the most up-to-date knowledge.
Let us get you out of your submerged house and onto dry land. To set an appointment with Shelter Realty’s Short Sale Genius, or simply to learn more about how our short sale process can be your lifesaver, call us today at (702) 376-7379 or visit www.shelterrealty.com.