Alexandra Nikolov

  • Alexandra Nikolov

  • Broker Salesperson/Office Manager

  • Tel: 702-528-2222
  • Fax: 702-796-1627
  • Send eMail
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A Short Sale of your Las Vegas home may be a choice for you to sell your home if you owe more on the home than it’s current market value. Here are some options:
 
Short Sale This when you sell the home for less than what is owed on the property. In most cases it is more advantageous for the bank to do a short sale than go through the foreclosure, carry the property, list the home and still have the closing costs and commissions that they would with a short sale.

Another advantage of a short sale is you may be able to buy a new home sooner after a short sale with a Fannie Mae Freddie Mac backed loan compared to a foreclosure.

The homeowners do not pay for the real estate agent’s commissions, they come from of the banks proceeds of the sale. We will work with your lender directly to negotiate the short sale on your behalf.


Nothing.  The lender will set a sale date during the foreclosure process to sell the home at the Clark County steps. This is a little confusing because at auction the lender needs to sell the home for what is owed on it. In our market, most of the homes are upside down. When this happens, the home goes back to the bank and becomes an REO( Real Estate Owned) property. You will then be evicted from the home and given days to move out.

3. Loan Modification. This should be your first thing to do if you want to stay in the home. The lender does not want the property back through a foreclosure. If you have a financial hardship, health reasons, loss of employment or decrease in salary, the lender may try to work out a repayment plan, move past due amounts to the end of the loan or spread out the missed payments over time. Please call your lender and ask for the loan workout or loss mitigation department. They will require your financial worksheet with bills and pay stubs, a hardship letter and past tax returns. This can be a long process for the lender to review your file, but it could keep you in your home. We highly recommend this especially if you want to save your home.

4. Deed in Lieu of Foreclosure. This is an alternative to foreclosure of your Las Vegas home where the home owner signs over the deed to the lender.

There are 4 main conditions for a lender to consider a deed-in-lieu.
1. Foreclosure is imminent and unavoidable
2. The borrower is unable to sell the property.
3. There should be no other liens, or attachments to the property.
4. The property needs to be left in broom clean condition.

5. Bankruptcy. This option can liquidate debt and/or allow more time. Chapter 7 (Liquidation) To completely settle personal debt. –Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years. –Chapter 11 (Business Reorganization) A business debt solution. Please contact a qualified attorney to find out what your options are.

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