Short Sales and Foreclosures used to be on the horizon for Mesquite Nevada. No longer - they are here! We have been hearing Las Vegas foreclosure stories - over 50 % of homes sold in Las Vegas lately have been foreclosures and short sales, yet less than 50 % of listings are REO - Bank owned homes. Now we are seeing more foreclosures and short sales in Mesquite NV. The notice of default lists are getting longer, the number of bank owned homes is getting higher and growing quickly.
As of today, the Mesquite NV MLS shows 343 active listings for single family homes, townhomes and condos for sale in Mesquite. Of these 343 homes for sale, 48 are in the short sale or foreclosure category. Approximately 12 % of the homes listed in the MLS are categorized as short sales or REO - bank owned homes. More listed homes are actually short sales, but have not been categorized properly, as yet. This is a problem - buyers need to know, when making an offer, if it is a short sale or about to be another Mesquite NV foreclosure.
To avoid a foreclosure, a homeowner or their real estate agent may be able to arrange a short sale - an agreement between the homeowner and their mortgage holder. The mortgage holder must agree to take less than what is owed on the property. Most banks will not even negotiate until the homeowner has defaulted on their loan payments. And the mortgage holder will usually want to see an offer on the property before they will even talk about agreeing to a short sale. A bankruptcy judge could force a mortgage holder to take less than what is owed on the property - this is called a 'cramdown.'
Mesquite NV short sales and foreclosures - If you would like a MLS list of Mesquite NV short sale and foreclosure properties for sale emailed to you - fill out the short form to Search Mesquite NV MLS and check the foreclosure box. You will receive a list with addresses and MLS numbers. You will also get email updates sent to you as new foreclosures and short sales are listed in the Mesquite MLS - opt out any time and your information is never shared. If you want just Mesquite foreclosure property listings, not short sales, just type 'foreclosures', in the 'additional information' box.
Buyer's Guide to Buying a Foreclosure Property in Mesquite NV
Jonathan Osman, NC Realtor, has compiled a list of some of the lender requirements of a short sale package - what most banks will want before they consider accepting a short sale:
Via
Jonathan Osman - Charlotte / Matthews NC (Keller Williams Realty):
When you request a short sale from the bank, the will request a great deal of personal information to be submitted along with the offer the purchase, cma, authorization letter, and listing agreement. This is because the bank wants to know that you actually qualify for their short sale program. Here is an example of some of the items that you will need to send in the package.
Financial Information
- Last 3 checking account statements for all borrowers
- Last 3 savings account statements for all borrowers
- Last 2 years of W2's for all borrowers
- Income tax returns from the past 2 years for all borrowers
- Last 3 paycheck stubs for all borrowers
- IRS Form 4506
- Self Employed: Profit and Loss statement
- Credit Report - Get one actually for free from www.annualcreditreport.com
Summary of all monthly reoccurring debts for all borrowers. This will be used to compile a financial worksheet. Items to consider:
- Auto loans
- Alimony / Child support
- All credit card bills
- Electric bills
- Gas bills
- Water / Sewer bills
- Heating fuel
- Home telephone bills
- Cell phone bills
- Cable bills
- Auto insurance
- Health insurance
- Life insurance
- Doctor bills
- Dentist bills
- Pharmaceutical drug bills
- Food / Groceries
- Gasoline (auto)
- Student Loans / Tuition
- Other Loans
- Other reoccurring bills
Hardship Information
A hardship letter that describes succinctly yet persuasively why you are now unable to make the mortgage payments. We cannot write this for you.
- Documentation of hardship
- Hospital bills
- Doctor bills
- Documentation of unemployment
- Documentation of incarceration
- Death certificate
- Divorce decree
Sample Hardship Letter:
Re: Hardship Letter/Short Sale for 123 Main Street, City, State 12345
To Whom It May Concern:
I purchased the property at 123 Main Street in March 2006. At that time, I had just started my own antique resale business, which had great promise for generating profits capable of supporting my mortgage. Unfortunately, sales were slow, which I attribute to great declines in tourism after gas prices skyrocketed. I ran out of money, and began working as a waiter to make ends meet. At the same time I was redoubling my efforts in my own business, but to no avail. After struggling for months to make my expensive mortgage payments, I had no choice but to put my house on the market. In August of 2006, I put my home up for sale by owner at an original listing price of $210,000. The only people to look at the house ran when they saw the extensive damage to the pool and the severe water damage from a leaking roof that had long needed a replacement. I lowered the price, but still had no takers. Over the next couple of months I lowered the home price three times, finally settling at $170,000. This price was the lowest I could list the house at and still afford real estate agent commissions to be deducted, although it leaves me with no profit. The home still has no offers. I am working with a real estate agent now, who is listing my house and promises to push it to get it sold quickly. I believe that using an actual agent will ensure that the home sells promptly.
I love my home, but I also understand that, at this point, I cannot afford it. I am a single parent, now working as a waiter to survive. My financial situation cannot sustain a home mortgage of nearly $2,000 per month. I would like nothing more than to sell my home, avoid foreclosure, and salvage my credit. This is my main concern. I know that a foreclosure on my record will affect me for years to come. I would ask that you please assist me in avoiding this.
Please accept this offer as payment in full. My attorney has advised me to file bankruptcy, but I prefer to avoid further destruction of my credit. I just want to move on and start over.
I deeply appreciate your help and understanding in this matter. If you have any questions, or need anything further from me, please contact me personally.
Charlotte Real Estate
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Virginia, great information and update on your area with the foreclosure/REOs that headed your way. No community is immune from this these days.