My experience and in-depth understanding of the short-sale/foreclosure market allows me to professionally represent you and deliver positive results. My communication with the banks on a daily basis gives me the advantage of getting the banks to respond and approve contracts as fast as 30 days compared to the average 2 – 8 months. My expert team of transaction coordinators, lenders, negotiators, and escrow officers are on standby to quickly provide accurate information to the banks and clients in order to close transactions.
Meet the Team- I have a fantastic team that is always available to serve our clients.
Dana Nakamoto, our negotiator, has been in Real Estate and Lending Industry over 10 years. Her strength is negotiating Foreclosures and short sales. Dana has one of the highest rate of success negotiating short sales for borrowers. Her experience and passion for technology is an irreplaceable asset to our clients and team. Together, Dana and I have negotiated the best terms and conditions for our clients. As a result of our success, we have a very high number of referrals from other agents, law firms, as well as home owners.
Dana email: retammy@ymail.com
Office Assistant email: tammycrg@ymail.com
Nevada Title Company Tammy Hall-Pineyro- Escrow Officer
10000 W. Charleston Blvd. Suite 180 Las Vegas NV 89135
phone. 702-251-5057 fax. 702-938-1846
What is a Short-sale?
A short-sale is when a lender/bank agrees to sell a property at a lower price than the amount owed on a mortgage. As part of this arrangement, if an offer is accepted, the lender/bank typically agrees to forgive the remaining loan balance for the borrower and their debt is settled. However, it is important to note that although the homeowner is getting out of the mortgage debt, they will no longer own the property and will lose any money expended towards the home in the past such as their down payment.
Why the Lender/bank may agree to a Short-sale?
•Foreclosure takes 8 -12 months. Longer time means more loss for lender/bank.
•High costs associated with Liens and Attorney fees.
•Home is most likely to be in better condition so banks don’t have to spend more money to make it sellable.
Who might want to buy a Short-sale?
•Buyers who want Great Deals (often below market value).
•Buyers who want good, move-in condition, properties.
•Buyers who have time to deal with a potentially long process by banks.
Who might not want to buy a Short-sale?
• Buyers who needs to buy now or need to move in ASAP. This is not for you. It may be a long process.
• Buyers who cannot be flexible with their property preferences. Banks may deny an offer on a short-sale, in which case, the buyer must be flexible to make offers on other properties.
How is the Seller's credit affected between a short-sale and a foreclosure?
•Short-sale (best scenario) -In most cases, your Credit report will show “Debt Settled or Paid by offer and compromise.” This means the borrower no longer owes debt to a bank and collection will not be pursued.
•Foreclosure (worse scenario) -Credit report will show “Foreclosure and Deficiency Judgment.” This means that the buyer still owes the bank money their debt is collectable.
What hardships does the lender consider to be legitimate?
Common hardships frequently accepted by the lender are:
- Family illness or injury
- Job relocation when the property lacks the equity for the current market
- Job loss or significant income loss
- Divorce or split of domestic partners
- Mortgage payment adjustments beyond the owners capability
Are there any tax consequences to a short sale?
Get advices from a CPA regarding the tax consequences of doing a short sale. The IRS may view the deficiency on a non-purchase money loan as income and demand you to pay taxes on that amount (1099).
What does the lender need to consider a short sale?
These are items are needed to process your short sale:
- Your past 2 years tax returns
- Letter of hardship (explain why you are facing financial difficulties)
- Borrower’s financial statements (seller)
- 2 months pay check stubs
- Loan approval letter for buyer’s new loan subject only to appraisal
- Copy of the purchase contract
- Estimated net/cost sheet ( HUD from title company)
- A property profile with a complete broker price opinion (CMA). Copy of an appraisal if avail.
9 Ways to Avoid Foreclosure:
REINSTATEMENT: Bring the loan current. Pay all delinquents.
FOREBEARANCE: Temporary repayment plan.
REFINANCE: New loan with reduction in payments if property value is not upside down.
LOAN MODIFICATION: Modify original loan terms.
SELL THE PROPERTY: Use equity to pay off or pay difference, if there is equity.
RENT THE PROPERTY: Must still make loan current.
DEED IN LIEU OF FORECLOSURE: “friendly foreclosure.” Giving your house to the bank.
SHORT-SALE: Negotiate with bank to accept a sale value lower than the original loan amount.
BANKRUPTCY: Will stall foreclosure but not prevent it.
LISTING AGENT SPECIALIZES IN SHORT-SALES AND WILL DO THE BEST SHE/HE CAN TO GET THE SHORT SALE APPROVED. THE LISTING AGENT AND BROKERAGE DOES NOT GUARANTEE ANY SHORT-SALE SERVICES. THE FINAL APPROVAL IS MADE BY THE BANK AND IS BASED ON BORROWER’S FINANCIALS AND HARDSHIP CASE. LISTING THE PROPERTY DOES NOT STOP FORECLOSURE PROCEDINGS.
* Short-Sale and Foreclosure will both result in a negative credit reporting with loss of points.
In many cases, a short-sale will leave you debt free while a foreclosure will still have collectible
debts and looks worse on credit reports.
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