The short sale process gives you the chance to sell a Las Vegas home that you can no longer afford. Many people assume that banks, credit unions and other lenders just want to make money and that those lenders won’t work with homeowners. If you live in Las Vegas and need to sell your home, the short sale process might be the best option for you.
What is a Short Sale?
A short sale is essentially an agreement between a lender and a borrower that lets the borrower sell the house before the bank forecloses on the property. You typically need to show that you have some type of financial hardship that prevents you from making your mortgage payments. Some borrowers choose the short sale option after losing a job, watching a spouse lose a job, going through a divorce or undergoing a long illness or medical problem. If you suddenly lose your primary source of income, you might find that you can no longer afford your mortgage payments. Your lender should give you the right to sell your home quickly.
How Long Does the Process Take?
Despite its name, a short sale will typically take a few months. When you sell your home through a short sale, you go through the same process that you would through traditional means. You need to work with a realtor, find a buyer for your home, wait for the offer to come through and close on the home. Many sellers find that their homes sit on the market for months or even years before a seller makes an offer. The short sale process goes much faster because buyers know that they can get a better deal on that home and move in faster. Which is especially important when you, as the current owner of the home, have fallen behind or in a default situation.
Are You in Default?
Defaulting on your home loan means that you stopped making payments on your mortgage. You might be one month behind or several months behind before the bank begins the foreclosure process. Even if you didn’t default on your mortgage, you might find yourself paying a little later each month and struggling to come up with the funds that you need. Whether you are a little behind, defaulted on your mortgage or just worry that you can’t pay your bills… The Batchelor Group can help. With her experience as one of the top realtors in Las Vegas, you can get your home sold fast through a short sale.