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Current Nevada Law: Subject to Verification
A short sale generally involves seeking lender or lienholder approval where available sale proceeds will not satisfy one or more secured obligations in the ordinary manner; documentation and requirements vary. There may be tax, bankruptcy, deficiency or legal consequences that Lisa is not qualified to advise on. Attorneys, tax professionals and other specialists handle those parts; Lisa handles the real estate.
Divorce is difficult enough when a couple has equity.
It can become frightening when they discover the house may be worth less than the debt attached to it.
Maybe the property was purchased recently.
Maybe there are multiple loans.
Maybe there is a HELOC.
Maybe other liens exist.
Whatever created the problem, do not begin with:
“We can't sell.”
Begin with:
“What is the property actually worth, and exactly what do we owe?”
Start with the numbers
Lisa can analyze the current market and estimate a realistic selling range.
Then the owners can identify the mortgage payoff, additional loans and other known property obligations.
If the numbers show a normal sale may not produce enough to satisfy the applicable property debt and transaction obligations, then the conversation changes.
Where Lisa's experience comes from
This is where Lisa has experience that many residential agents simply do not.
Lisa began working in Las Vegas real estate during the boom and then worked through the housing crash.
When short sales became a massive part of the market, she became deeply involved in them.
- She negotiated hundreds of short-sale files.
- She negotiated for her own clients.
- She assisted REALTORS® who did not know how to handle the process.
- She helped develop a short-sale operation inside a bankruptcy-law environment.
- She later worked for a title company negotiating short-sale files in-house.
That does not mean every underwater house qualifies for a short sale or that every lender will approve one.
It means Lisa understands what a genuinely complicated distressed transaction looks like.
What a short sale generally involves
Generally speaking, a short sale involves seeking approval for a transaction where the available sale proceeds will not satisfy one or more secured property obligations in the ordinary manner.
The lender or lienholder's approval may be necessary.
Documentation and requirements can vary.
Divorce can add another layer because there may be multiple borrowers whose finances and legal circumstances have changed.
Where the specialists belong
And there may be tax, bankruptcy, deficiency or legal consequences that Lisa is not qualified to advise on.
That is where attorneys, tax professionals and other specialists belong.
Lisa handles the real estate and brings extensive negotiation experience to that part of the problem.
Important
If you're underwater, the worst thing you can do is ignore the house until the problem becomes an emergency. Find out what it's worth, find out what you owe, then find out what options actually exist. Start with Lisa's Short Sale and Distressed Property Resource Center and the Distressed Property guides.
Call Lisa before assuming there is no solution. Call or text 702-743-4608.
