Las Vegas, NV -- (SBWIRE) -- 09/04/2012 -- Many homes all over the nation have been hit by the recent mortgage crisis. Millions of homes have gone into foreclosure, and millions of families have thus been forced out of their homes due to an inability to pay off their mortgages. Short sales can help curb foreclosures especially in hard hit regions like Las Vegas, Nevada. Short sales happen when a homeowner sells their home for a lower amount than what they still owe to the lender on their mortgage. They also help the homeowner in that short sales do not damage their credit score by pinning it with a foreclosure penalty.
Nevada short sale is a listing of short sale properties all over the greater Las Vegas area. It is a resource for individuals looking to short sale their home, or for new home buyers to locate a home at a discounted price. The site helps users locate real estate agents in their area who specialize in short sale packages which includes a lengthy amount of paperwork and record-keeping: a financial hardship letter, two years of tax returns, a W-2, personal financial statements, and two months (or more) of bank statements to prove financial hardship.
Real estate agents associated with Las Vegas short sales will list the homeowner's house for sale. Once an offer is received on the home, the homeowner will need to approve it and submit it to their lender for approval. Short sale agents are always willing to negotiate with lenders for the best price before receiving an acceptance letter. The entire transaction should be completed within 30 days of the lender's acceptance of the offer, and the buyer must have the necessary funding available to purchase the home.
Short selling a home in Nevada can be incredibly confusing because of all the different real estate laws involved in the process. Homeowners are advised to contact Keller Williams Las Vegas short sale agents for questions and help throughout the short sale process. While a short sale will not solve all of a homeowner's financial ills, it is certainly a step down the right path. Lenders may ask the homeowner to sign a promissory note stating that the homeowner will pay off the rest of the loan that is not covered by the short sale unless the homeowner can prove substantial ongoing financial hardship.
Company:Keller Williams Las Vegas Short Sale Team
Address:5980 S. Durango #131, Las Vegas, NV 89113