Las Vegas Short Sales & Homes for Sale

I’ve Received a Notice of Default. Is It Too Late to Start a Short Sale?

Not always. Even after getting a Notice of Default, you may still have time to list your home, receive an offer, and submit paperwork to the bank. Once the bank has all the documents, they may delay foreclosure and consider your short sale. Starting early improves your chances.

What Lender Requires to Start a Short Sale

• Hardship Letter
  
• Last 2 Years Tax Returns
  
• Recent Bank Statements
  
• Recent Paycheck Stubs
  
• Financial Worksheet
  
• Profit & Loss Statement (if self-employed)
  

Each bank may ask for different documents, but these are the most common.

Why Choose a Short Sale?

A short sale can help release you from paying more than your home is worth. Compared to foreclosure, it has a smaller effect on your credit score. Banks usually prefer short sales to avoid foreclosure, making it a win-win for both sides.

How to Start the Short Sale Process?

First, hire a real estate agent experienced in Las Vegas short sales. You will sign a Third Party Authorization, letting your agent talk to the bank on your behalf.

Check if you qualify for programs like HAFA or Home Affordable Modification Program for extra benefits.

Next, prepare your home for sale and gather all documents the bank needs. When you get an offer, submit it carefully and completely. A strong and accurate offer helps speed up approval.

How Long Will a Short Sale Take?

Short sales can take time. Factors include how many loans are on the property, how fast you respond to the bank, and how quickly you get an offer. Usually, the process takes from one month to up to a year.

Can I Stay in My Home During the Short Sale?

Yes, most homeowners can stay in their home until the sale finishes. If you cannot pay your mortgage, make sure to pay HOA fees and utility bills. Unpaid bills may create liens that can delay or stop the sale.

What Counts as a Hardship for a Short Sale?

A hardship is the reason you cannot keep up with your mortgage payments. It does not have to be financial. Moving, medical problems, divorce, or even difficulty using stairs in your home can be considered a hardship. Banks usually accept many types of hardships when deciding to approve a short sale. Showing a valid hardship is a key step to get your short sale approved.

What If My Short Sale Is Not Approved?

If denied, find out why. It could be the price, missing paperwork, or insufficient hardship. Ask your bank about other options like a deed in lieu of foreclosure.

Will I Be Responsible for Any Deficiency?

Sometimes. You and your agent can ask the bank to waive the deficiency. The bank may:

1. Try to collect the remaining balance after closing
2. Require a personal note for the remaining amount
3. Cancel the deficiency completely

Government Help Programs

Home Affordable Refinance: If your mortgage is 105% or less of your home value, you may refinance at a lower rate.

Home Affordable Unemployment Program: If unemployed, you may suspend payments until you find work.

Home Affordable Modification Program (HAMP): If your mortgage is over 31% of your income, you may qualify for a loan modification.

Home Affordable Second Lien Modification: After HAMP, you may get help with your home equity loan or HELOC.

Home Affordable Foreclosure Alternatives (HAFA): Offers ways to settle your mortgage without foreclosure.