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A Short Sale is a transaction done to avoid a foreclosure.

If an individual wishes to sell their property, but it is not worth what is owed, the short sale is one option that is being used more and more. At the beginning of 2009, short sales were only 7.5% of all closings. They have been very steadily growing part of the market, and right now 25% of all closings are short sales. Things have also changed a lot recently with short sale procedures. The federal government recently released new HAFA guidelines . Most of the major banks have agreed to follow them and this will make short sales easier to close.

For our clients that wish to list a short sale with us, a short sell gives them the following benefits:
No Foreclosure on their credit record. No eviction.
The bank can not come after them for a deficiency
Up to 4 months living in their house while making no mortgage payments.
Up to $3000 cash to the owner in relocation money when the deal closes.
In most cases they are eligible to buy a new home much sooner than if they have a foreclosure.
In some cases, the seller can buy a new home at the same time they short sell their old home.

Some of the drawbacks of a short sale are:
It is a "Sale" - you will lose ownership of your house. You will have to find a new place to live with as little as 45 days notice.
You will take hit to your credit rating, although probably not as much of a hit as a foreclosure or a bankruptcy. If you are already several months late on your mortgage payments, your credit rating will be low already and it will probably not suffer much worse.
You will have to have your house "shown" by real estate agents until a deal is accepted, and then it will be inspected at least 2 times after that. There is also a lot of paperwork that needs to be filled out.
In Clark County, there is a 50% success rate with short sales. Our team has an 80% success rate. None the less, there is the possibility the bank will simply refuse to accept the short sale offer, and they will foreclose anyway. All your work could be for nothing.

If you wish to sale your home, and you owe more than what it is worth, I can help you short sale your home.
 
For our buyers who wish to buy a short sale, please note the following advantages and disadvantages to our buyers:

Advantages:
It is less competitive than an foreclosure, you are more likely to get your offer accepted.
The houses are often in better shape than the average bank-owned foreclosure.
There is a much wider selection of short sale properties than bank owned properties.
You can meet the prior owners.
You can get a good deal. As good or sometimes even better than a bank owned foreclosure.

Disadvantages:
The average length of time from offer being accepted to closing is over 4 months.
From 20% to 50% of the time the deal does not close at all - all your work can be for nothing.
Your Earnest money deposit of a few thousand dollars can be tied up for months.

I can help you buy the home you have always dreamed of.
 

If you are interested in purchasing OR listing a short sale, I recommend you contact me at sales@Top10RealEstateValues.com to find if it's the right option for you. I am a Certified Distressed Property Expert (CDPE) and a Short Sale and Foreclosure Resource Certified (SFR).