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Las Vegas Short Sales

Short Sales are the new wave of listings in the real estate market. Short selling your home means you list the property and ask the bank to accept the market value regardless of what you owe. IE: You owe 550K on your mortgage and the market value prices your home at 150K.

Short Sale means exactly that, - -  selling for market value regardless of what you owe. 

Jennifer Martin Realty has been successfully selling and closing short sales since 2007. Basically there are 4 steps to getting the bank to accept less than what you owe. 

Hardship Package ( We sent you all the forms to complete)

1.   Hardship Letter- This is a template, in which you complete your reasons for becoming late. Ex: loss of job, pay cuts, relocation, death in family, illness in family, additions to family, and any other reason you can list that has or will cause you a hardship.

2.   Financial- In this template you will write your income and then fill in your monthly expenses.

3.   Authorization to Negotiate a Short Sale- Complete your mortgage information

4.   W2's or 1040- We need copies of 2 years of W2's along with the 1040 tax returns, 2 recent pay-stubs, and 2 months worth of bank statements. That’s the hardship package. We request this upfront to be sent to your lender when we list the property in order to get this ready for an offer.

Listing Package

1.   Listing Agreements

2.   Duties Owed

3.   Consent to Act- (If Applicable)

4.   JMR Short Sale Addendum's

5.   GLVAR Addendum's

6.   SRPD- Completed information about the property and any known repairs, lawsuits etc.

7.   HOA disclosures 

We take the listing agreements and put the property on the market.  When we receive an offer we make sure it’s a clean offer and complete, ready to be sent to you to consider accepting.

The accepted offer is then sent to the title company and an estimated HUD is prepared based on the offering price and all the fees associated with the closing. This will show the offering price and all the fees deducted, and then the NET SALES PRICE - this is what the bank looks at.  We have estimated the bank needs to net 88% of the BPO.

Broker’s Price Opinion (BPO)

The BPO is an appraisal or opinion of the value which is ordered by the bank to an unrelated third party. The BPO normally is ordered at the time the offer is sent to the bank along with all the other documentation.  Once the bank receives the BPO values, they will continue and either agree to the short sale offered price, or they will counter the terms. Lenders generally hire local real estate brokers or appraisers to evaluate properties in the short sales and they are paid a fee from the bank to assess a value on that property. The BPO is the key piece of information that a lender will rely on to make a decision regarding a short sale.

Deficiency Notice

Jennifer Martin Realty is not an attorney or CPA and we recommend you contact your attorney or CPA. What we will say is; In the state of Nevada the banks have 6 months after a foreclosure to file a deficiency notice against you. In the short sale we negotiate this upfront so you know if there is a deficiency requested. In most cases we have successfully closed the deal with no deficiency required. In some cases the banks have requested the seller to pay 3K towards a 550K mortgage in which the offering sale price is only 120K. This is just an example. We will not know until they request and at that point, if you do not have the money you can allow the property to go into foreclosure. Normally when we let the banks know that you have no money to contribute - if you truly do not, they will normally accept the short sale and give you full satisfaction. I would guess that 90% of all the properties we have closed received a full satisfaction. 

Credit Score

So your credit score was 700 and now with late payments it is 550. Part of JMR addendum's state; If the banks accept the short sale they agree to remove the late payments from your credit after successfully closing on the property. You should make 3 copies of the contract and HUD proving the property closed and mail them to the credit agencies. We will provide you with this information during the short sale time frame. We make no guarantees of the outcome or restoration of your credit and we are not a credit counseling company. We merely give you public information on how to make the credit bureaus comply with the Fair Credit Debt Act. We have no control over what they choose to remove or not remove.

Short Sale Information

When you are late on the mortgage the banks would rather you do a short sale and sell the property so they at least make some money instead of receiving the property back. Banks-DO NOT WANT YOUR PROPERTY. They actually NET more if you short sale and it costs them less than to foreclose; which is why banks are willing to complete a short sale for anyone who is late.

Short sales are much more difficult when there are loans with different lenders against the property requiring different lenders to agree on the amounts they will reduce their loans. Jennifer Martin Realty specializes in difficult loans with multiple lenders.

A short sale is a viable alternative to a Las Vegas Foreclosure when foreclosure is imminent and unavoidable; a short sale is the best alternative. Short sales are also greatly preferred by lenders over foreclosure.  

Jennifer Martin Realty is located at 626 Las Vegas Blvd, Las Vegas NV 89101. We are 3 streets North of Charleston, turn left on Garces and park in the lot on the right. You will see our foreclosure tour bus, "House Hunting Safari”.  Park and walk around to the front of the building.  

Getting started

Call or email Jennifer Martin at 702-982-8888 Jennifer@JenniferMartinRealty.com for more information. We can fax or email the documents to you to get started. If you have a sale date we can post-pone the date to allow the short sale to close.  

HUD-1 Settlement Statement

Traci Marquez- Noble Title

Traci is an essential part of our team. Traci will coordinate signing of all contracts and closing docs. She can have them sent to you by overnight courier or you can come in if you are local.  A lender will generally require a written contract between you and the homeowner.

A preliminary HUD-1 settlement statement will reassure the lender that the homeowner isn’t receiving any cash from the deal,- Unless the homeowner is qualified for HAFA. See HAFA information.  The HUD-1 form requires escrow to itemize all charges imposed upon the homeowner for the real estate transaction, which is passed along to the seller's lender(s) to approve.

Essentially, it is a complete list of the incoming and outgoing funds. The contract should be written so that the buyer pays all costs associated with the deal. And, that the “net cash” to the homeowner is 0 - Unless HAFA approved.    

WE CAN HELP .... Call us today!! 702-982-8888 

If you are behind on your payments and would like to get additional information on a short sale and how to proceed, call us or fill out the contact form and we will do a FREE quick evaluation and give you some options.

You may still qualify to buy a new home right now. Do not let your house go into foreclosure without trying to do a short sale first!! We will SELL your house with a "Las Vegas SHORT SALE" at NO COST TO YOU!!!

Martin International Realty Forms

Martin International Realty Short Sale Authorization 

Martin International Realty Short Sale Contract Addendum

Martin International Realty Short Sale Information Packet

Martin International Realty Short Sale Seller Information Sheet

Martin International Realty Short Sale Financial Statement

Martin International Realty Short Sale Hardship Letter

Martin International Realty Short Sale Hold Harmless and Indemnification Agreement

Martin International Realty Short Sale Listing Addendum

Martin International Realty Arms Length Affidavit

Martin International Realty - Approved Short Sale Letters

The above link has letter we have received approving short sales for properties. This is an example of what you can expect from your bank. If you have any questions please call or email us. There is an option to foreclosure and we will help you get your finances back on track starting with your delinquent mortgages.

Jennifer Martin