A Las Vegas Short Sale Could be the Alternative to a Foreclosure
It's important to understand what a Las Vegas short sale is to begin with. A Short Sale is an agreement between the holder of your mortgages to allow you to sell your home and take less then what is owed on the Las Vegas home and approve a hardship to allow you to move on in life.
Why would a Bank agree to this? Contrary to popular belief, Banks don't want to take back Las Vegas homes in a Foreclosure and own Las Vegas real estate. It's a very expensive process and at the end of the day, they are only going to be able to sell the Las Vegas home after the time consuming foreclosure process for what's it worth anyways.
Time is money and if the Las Vegas Home is sitting vacant for months, it's costing the bank a lot of money and headaches. Let's not even talk about vandalism and theft issues going on for vacant Las Vegas homes.
What is a Short Sale? | Las Vegas Short Sale Attorney
Information About Short Sales in Las Vegas, Nevada
A short sale is the term used to describe a real estate sale in which the seller receives less than the amount owed on the mortgage. The bank or other lender agrees to forgive the difference between what is owed and what is realized from the sale. In markets with declining home values, short sales may be the best way for the lender to realize the value in a home. Short sales are also appealing to homeowners seeking to avoid foreclosure after receiving a notice of default.
For more details visit http://www.lasvegasshortsaleattorney.org