The week of September 17, 2012 was a very busy week for the Short Sale experts at The Amanda Brown Team. We are very happy to say that we helped 5 local Las Vegas residents close a successful short sale and all 5 received a full release of debt on everyone of their short sale.
A Short Sale does not have to just be your primary residence. Out of the 5, 1 of the short sale was a piece of vacant land in Seven Hills on the golf course. Many Las Vegas residents purchased land in Seven Hills with the plans of building their dream home. But little did they know that once the market drop, and the land prices dropped they would not be able to get a loan from a bank to build their dream home. Therefore, left with only one choice and that is to short sale the vacant land. The seller of the land received a full release of debt from Bank of America and no longer now has to worry about the high HOA fee’s that were raking up in Seven Hills.
Also, many people in Las Vegas think it is not possible to short sale a property if it is an investment property. Well 2 of the properties we did last week were in fact investment properties. The client was very pleased to find out that they were released from all the remaining debt with their lien holders which included Chase, Wells Fargo and Bank of America.
The final 2 clients we helped did buy their home as a primary resident. Due to unforeseen circumstances they had to short sale their home to avoid foreclosure. They both were accomplished last week with their lien holders along with the release of debt, and in plenty of time for them before the end of the year. Because it closed before the end of the year they now won’t have to pay taxes on their short sale because they fall under the Tax Relief Act.
If you are interested in short selling your home call me now to find out how we can get started. We offer a free 30 minute legal consultation with an attorney.