Current Nevada Law: Subject to Verification
This article discusses Nevada title, deed, foreclosure, property-tax and HOA law under current Nevada law as of the last reviewed date, and it is subject to change. Nevada deed-of-trust foreclosure procedures are governed primarily by NRS Chapter 107; Nevada common-interest-community (HOA) lien and foreclosure law is governed primarily by NRS Chapter 116. Statutes, deadlines, procedures and remedies change. Always verify current Nevada law and the specific facts of your situation with a qualified Nevada attorney and title professional before acting.
Step 1: Determine Whether the Property Is Actually Short
Do the math. Expected sale price minus mortgage, other liens, and selling expenses. Do not assume you are underwater because an online estimate says so.
Step 2: Contact Servicer
Ask about the current loss-mitigation and short-sale process.
Step 3: List Property
The home generally needs real market exposure.
Step 4: Obtain Offer
Buyer understands lender approval is required.
Step 5: Submit Package
The lender may request the purchase contract, seller financial documents, hardship information, market data, a settlement estimate, and other documentation.
Step 6: Lender Reviews
Possible responses: approve, counter, deny, or request more information.
Step 7: Address Other Liens
Junior obligations may require separate resolution.
Step 8: Close
Only after required approvals and conditions are satisfied.
Why Experience Matters
A short sale involves two negotiations: buyer to seller, and seller to creditor.
BUYER ↔ SELLER AND SELLER ↔ CREDITOR
