From The Desk of Linda Strasberg

Las Vegas' Kick Ass Short Sale Specialist

Short Sales Are Different: 

A home that was purchased for $285,000 in 2007 can now be bought for $135,000 with a 3.85% mortgage! 

Lenders will approve deals that allow a home to be sold for less than what's owed on the mortgage.  That makes it tough to do a lot of dickering, so your first bid needs to be a realistic offer with a good chance it will be accepted.

Estimate the fair market value of the home using comps (values of comparable properties that have sold near the home in the past few months).

Take the condition of the home into account and reduce your estimate when the home needs repairs. If most of the homes in the comps spent several months on the market, it should be a good bid.  When the comps show as having sold quickly, bid up.  

The general rule of thumb is that lenders will approve the short sale payoff amount when: 

~ The lender(s) will lose less money by selling the home at a steep discount as a short sale than by going through the foreclosure process -- and then selling the home to someone else at a steep discount. 

~ The Buyer offers more than 82% above the home's current market value. (Include a few thousand dollars to cover the lender's cost of doing a short sale.) 

~ The real estate transaction is Arms Length (not related to the seller). 

Be prepared to wait 2-4 months to close. 

The short sale seller will be able to buy again at market lows vs 7-10 years when having a foreclosure on their credit history.  What are you waiting for? 

Seller Solutions = Buyer Opportunities!

Local Portfolio Lender Will Finance Within 1 Day Upon Completion of Short Sale!

Linda Strasberg, All Rights Reserved

        Las Vegas Real Estate Specialist , Broker, HAFA Short Sale Specialist, Erase Mortgage Debt, Avoid Foreclosure , Stop Foreclosures in Las Vegas          Las Vegas Real Estate Specialist , Broker, HAFA Short Sale Specialist, Erase Mortgage Debt, Avoid Foreclosure , Stop Foreclosures in Las Vegas

las vegas' kick ass short sale specialist