How do I do a Short Sale Las Vegas? and what is it?

Finding information on a short sale Las Vegas can be easy, but you really need the RIGHT information! Do you know that you need to show a harship to succeed at a short sale.

The best situation to get your bank approval is to be behind in payments and be able to show a job loss, death, health issue, etc. But there is a chance if you are not yet behind in mortgage payments. You may be able show hardship in "your neighbors are drug trafficers or vandalists", but these issues are rare.

You can bet that if you are showing a lump of cash in the bank on your bank statements, you are going to have to come with some money to closing of your short sale, the lender is not going to let you just walk if you are not suffering in some way!

Necessary documents for a short sale

• Hardship Letter - Please email for an example (bethatc21@aol.com)
  
  
• Homeowners Financial Statement- Income, assets and liabilities, email for form bethatc21@aol.com
  
  
• Last Two Bank Statements
  
  Last Two Pay Stubs
  
  
• Last Two Years Tax Returns
  
  
• Last two years W-2's
  
  
• Any Necessary proof of your hardship - Death certificate, Divorce decree , Incarceration decree , Bankruptcy discharge letter , Relief from stay, Proof of disability, Insurance claims , Police reports , Court approvals , Anything that may be useful
  
  
• Listing agreement with real estate agent
  
  
• Offer from buyer
  
  
• HUD 1 from escrow company showing costs for everyone to close the transaction
  

Now, any situation you are in is worth the effort to try to negotiate a short sale, but you need to list your home for sale with a REALTOR that is experiencted in handling short sales and dealing aggressively with banks as well as having a title and escrow team to support you in this difficult transaction in which you are trying to negotiate your future outcome.

How soon can I buy a home after a short sale ?

I have obtained these general figures from a good resource, please verify these for your future planning:

• Get an FHA loan after 3 years
  
• Get a VA loan after 2 years
  
• Get a Conventional loan after 2 years
  
• After a Foreclosure, you can get a conventional loan in 7 years
  *****these estimates are based on each individuals re established credit and scores as well as income, job history and any other factors that my be necessary to obtain a loan. Contact a real estate professional or major banking lender for your personal re-qualification status after a short sale Las Vegas.

Helpful Links:

Las Vegas Real Estate search homes, get up to the date information on the market

Las Vegas Foreclosures looking for a great investment? find out how to take advantage of the crisis

Las Vegas Realtor free professional information from a 20 year veteran agent

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