A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for and the owner of the property can’t afford to make the payments. If the bank allows it, is usually one of the best ways (With the F.H.A HOPE/H44H and LOAN MODIFICATION programs) to avoid foreclosure or bankruptcy.The lender usually agrees to a short sale because they know if they take the property back through foreclosure they are going to take a loss anyways. Keep in mind, not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense for the lender to foreclose. In some cases, a second or even a third mortgage may exist on the property. When this occurs, the process becomes much more complex. We will need to negotiate between the existing lenders as to the actual payoff amount they are willing to accept in relation to the other lenders. This process may take several weeks to months before a lender and home owner can agree on acceptable terms. Many lenders have thick layers of bureaucracy, insurers and investors that we will have to maneuver through in order to get your short sale approved. You must be very cautious of anyone who offers a guarantee that they will be able to negotiate a short sale. We will not make any promises to you that a short sale will work. Once you missed a payment, the lender is in charge and can proceed with foreclosure if they decide on that option. However, in light of the current Las Vegas real estate market, lenders are aware that they might have a better chance of selling a home via short sale instead of reclaiming the property in a foreclosure. The short sale process is a very complex and may have legal and tax impact therefore you must seek the expertise of a knowledgeable specialist.

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