Introduction to the Las Vegas Short Sale (Call 702.482.7739 Anytime)

Befitting its name, a Las Vegas short sale means that a home is expected to be sold for a sum that falls short of the outstanding debt secured using liens placed on said home. In most cases, people short sell their homes because their finances can no longer bear up under the burden of home ownership, which should remind most readers of the process of foreclosure. However, in contrast to foreclosure which sees the lender pushing the sale of the home as a means of recovering as much of the outstanding debt as possible, the homeowner is the one who initiates a short sale.

Of course, a short sale has its share of consequences. For starters, homeowners intent on short selling their homes must secure their lenders' consent, meaning that said individuals will have to provide documentation proving their financial difficulties to the satisfaction of said institutions. Considering the interest of lenders in protecting the balance of their outstanding debts, it should as no surprise that said process can be time-consuming, though exceptions can exist. Furthermore, even though California has passed legislation restricting the usage of such conditions, homeowners in Las Vegas can be held responsible for covering the unpaid balances of their outstanding debts once their homes have been sold on the real estate market.

Benefits to Short Selling in Las Vegas (Call 702.482.7739 Anytime)

Considering the consequences of short selling, homeowners in Las Vegas might be curious about the reasons for choosing such measures. In most cases, a short sale because a homeowner has encountered serious financial difficulties that make home ownership no longer tenable as an option. In consequence, one of the most important benefits to short selling a home is having closure about the matter. Something that is bound to please people who have ever experienced the enormous stress of having to bear up under financial difficulties. Instead of having to continue to plod, their path is set as soon as the short sale is initiated, meaning that said individuals can begin adapting to their new circumstances instead of continuing to hold onto hope.

However, homeowners in Las Vegas also choose short sales because it protects their financial interests in both the present and the future. Even though some lenders will seek for homeowners to cover the unpaid balances of their outstanding debts, other lenders will be willing to negotiate a release, which will leave said individuals in a much better position to rebuild their lives. Furthermore, since initiating short sales is seen as the most responsible option out of a bad lot, the homeowners will reduce the damage to their credit ratings as much as possible, which will be more-or-less essential for securing financial products in the future.

Comparing Short Selling with Foreclosure in Las Vegas
(Call 702.482.7739 Anytime)

In fact, its impact on credit rating is so important that it should be considered one of the main reasons that short sales are preferred to foreclosures. The sequence of events leading up to either a short sale or a foreclosure inflicts the same damage on the credit rating, but the final step favors a short sale because it shows the trustworthiness of the homeowner in seeking a settlement rather than defaulting on the outstanding debts. It still hurts the homeowner's credit rating, but it hurts less than a foreclosure.

Of course, there is also the matter of the homeowner's relationship with the lender. No matter what people believe, no lender likes resorting to foreclosures, not least because the process is both exhausting and expensive. Instead, the option of short sale means that the lender can recover a portion of the outstanding debt via negotiation, which can incline the lender to have a better disposition towards the homeowner.

When you are ready to speak with a Las Vegas Short Sale Specialist, the Las Vegas Real Estate Agent Team at The Ballen Group of Keller Williams Realty Las Vegas Summerlin are here to help. Call 702-482-7739