Short Sale

WHAT IS A SHORT SALE?

A short sale is when a lender agrees to accept an amount less than the payoff on a loan actually is. In most cases the home owner owes more on their property than it is currently worth. A seller must qualify for a short sale by proving a hardship, mainly a financial hardship.

The advantage of doing a short sale vs. a foreclosure is that a foreclosure will impact your credit far more than a short sale.  Some banks do not even report short sales. In the event of a foreclosure, a lender can seek a deficiency judgement in the amount that you owe, meaning they can come after your assets, other properties and even your car. Your credit recovers quicker with a short sale, less than two years, whereas,  a foreclosure or bankruptcy can take seven to ten years.

You can now get cash back from a short sale for relocation expenses. As part of the Home Affordable Foreclosure Alternatives (HAFA), qualified home owners can get $3,000 back and some lender are offering even more. Click here to learn more about HAFA.

HOW I CAN HELP YOU!

I help home owners in Las Vegas by working with your lender to negotiate a lower payoff amount in order to price your home below competition and get it sold. I will market your home to prospective buyers, as well as oversee the entire sales process. Please call me today for a FREE consultation 702.428.3969.

BUYING A SHORT SALE PROPERTY

BE PATIENT! If you have come to an agreement with a seller to buy a short-sale property, the seller’s lender, or lenders; if more there is more than one mortgage, must approve the sale before you can close on the home. Typically when there is only one mortgage, lender approval takes about two months, but could take more. If there is more than one mortgage with different lenders, it can take up to four months or longer for lenders to approve the sale.

Have Your Financing In Order Lenders like to see cash offers, but even if you are not able to pay all cash for a short sale property, it is important to show you are well qualified and you have financing in order. If you have obtained pre-approval,  if you have a large down payment, and you can close at any time, your offer will be viewed more favorably than a buyer’s  financing that is less secure.

You don’t have any contingencies Say if you have a home to sell before you can close on the purchase of the short sale property—or you need to be in your newhome by a specific date, a short sale may not be for you. Lenders like no-contingency offers with flexible closing terms.

Are You Considering a Short Sale or Foreclosure?

There is a New Government Program designed to help home owners like you. Call me Today for details on how you may benefit. Know your options and make an informed decision that will improve your financial situation.

No Equity? No Problem!
Pay $0 to your Lender and You pay No Fees for our short sale services!
Become debt free while saving your credit!

Call Your Short Sale Real Estate Expert Nathan Petrosian Today!
CALL: 702-428-3969 Free, No-Obligation Consultation!

If you have already decide a short sale is best for you, Call me Today to List your property for sale and Negotiate with your lender. Take advantage of my lender relationships and 10 years of experience negotiating with lenders!

Short Sale Process:

(Time Frame on average is 3 – 5 months depending on your lender)
Call Nathan Petrosian to determine if a Short Sale is the right option for you.
List your property for sale with Nathan Petrosian.
Gather your financial documents needed for a short sale.
Coordinate with Nathan Petrosian to deliver him your documents.
Sign the Purchase Agreement with buyer.
Wait 30 ? 90 days for your lender’s response and terms of short sale agreement.
Relax and Celebrate!

Short Sale Forms:
Authorization to Release Mortgage Information
Mortgage Data Sheet
Financial Worksheet
Documents Needed for a Short Sale

If you want to learn more about the short sale process, give me a call at 702.419.9231, or email me at nathan.petrosian@gmail.com.  Nathan Petrosian is a  Las Vegas Based Real Estate Agent, with over 15 years of experience in Real Estate Sales and Mortgage Lending.

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