Little or Negative Equity
The expected sale proceeds may not be enough to satisfy the mortgage and other property-related claims.
Southern Nevada Short Sale Help
Considering a Short Sale?
If you owe more than your home is worth, have fallen behind on your mortgage, or are facing foreclosure, a short sale may be one option worth exploring. Brad Wolfe and Mary Baca help Southern Nevada homeowners understand the real-estate side of the process and work through lender or servicer approval when a short sale is pursued.
No obligation. A property review does not require you to list or sell your home.
Start with the basics
What Is a Short Sale?
A short sale is a real-estate sale in which the proceeds may not be enough to pay all amounts owed against the property. Because the lender or servicer may be asked to accept less than the full amount due, the transaction generally requires its review and approval.
A short sale is not automatically the right solution. Depending on your equity, loan, hardship, timeline and goals, a traditional sale, lender workout, loan modification, deed in lieu, VA-related option or another path may deserve consideration first.
Do I need to already be in foreclosure?
No. Homeowners can begin evaluating their situation before a Notice of Default or scheduled trustee sale. Starting earlier can provide more time to understand the available paths.
Is it worth exploring?
Situations Where a Short Sale May Be Considered
Mortgage Hardship
Job loss, income reduction, medical issues, divorce or another hardship has made the payment difficult or unaffordable.
Missed Payments
You are already delinquent or know that continuing the current mortgage payment is not sustainable.
Modification Didn't Work
A loan modification was denied, unavailable or resulted in a payment that still does not solve the underlying problem.
Foreclosure Has Started
You received a Notice of Default or have a scheduled trustee sale and need to understand whether a sale remains possible.
Property Needs Repairs
Deferred maintenance or major repairs may make continuing ownership difficult. A property can sometimes be marketed in its current condition.
The process
How a Nevada Short Sale Typically Works
Review the Property & Loan
We start with the property, estimated value, mortgage balance, liens, hardship, occupancy and foreclosure timeline.
Determine a Marketing Strategy
If a short sale is the chosen path, the property is positioned for the market based on condition, comparable sales and the homeowner's circumstances.
Obtain a Buyer
An executed purchase offer generally becomes part of the package submitted for lender or servicer review.
Submit the Short-Sale Package
The servicer may request financial documents, hardship information, the purchase contract, estimated settlement statement and other supporting materials.
Valuation & Negotiation
The lender or servicer may order a valuation and review the offer, liens, closing costs and other terms before deciding whether to approve the transaction.
Approval & Closing
If the required parties approve the terms, the transaction proceeds toward closing under the written approval requirements.
Every loan and servicer is different. Requirements, timelines and approval terms can change, and approval is never guaranteed.
A common homeowner question
How Much Does Our Short-Sale Service Cost You?
$0OUT OF POCKET*
In an approved short sale, real-estate brokerage compensation is generally paid from transaction proceeds as approved by the mortgage lender or servicer at closing. You do not write Nevada Home Relief a brokerage commission check.
*Other costs, taxes, legal issues, HOA balances, liens, lender requirements or obligations may exist. Approval terms vary by transaction.
Be prepared
Documents a Servicer May Request
The exact package varies by loan and servicer, but these are common items homeowners may be asked to provide.
Mortgage & Property Information
Recent mortgage statements, HOA information and other lien or property details.
Recent mortgage statements, HOA information and other lien or property details.
Financial Information
Bank statements, income documentation and tax returns may be requested by the servicer.
Bank statements, income documentation and tax returns may be requested by the servicer.
Hardship Information
A hardship letter or explanation and supporting documentation may be required.
A hardship letter or explanation and supporting documentation may be required.
Purchase & Closing Documents
Executed offer, listing information, estimated settlement statement and transaction disclosures.
Executed offer, listing information, estimated settlement statement and transaction disclosures.
Do not send sensitive financial documents through the initial Nevada Home Relief website form. Secure document collection can be arranged when appropriate.
Experience with mortgage servicers
We Know How to Navigate the Process.
Brad and Mary have handled distressed-property transactions involving servicers and lenders including PennyMac, M&T Bank, Select Portfolio Servicing (SPS), Mr. Cooper, Chase, Wells Fargo and Bank of America.
That experience does not mean Nevada Home Relief has special influence over a lender or can guarantee approval. It means the team understands the documentation, communication and transaction coordination that distressed sales can require.
Multiple liens or an HOA problem?
Short sales can involve more than the first mortgage. Second mortgages, HOA claims, judgments and other liens may need to be identified and addressed before a transaction can close.
See Real Success StoriesTiming matters
Don't Wait Until You Have a Foreclosure Sale Date.
One of the homeowners Brad and Mary helped contacted the team after the first missed payment. Another contacted them only seven days before a scheduled foreclosure sale. Those were very different situations and required very different timelines.
If you already have a Notice of Default or trustee-sale date, tell us the date when you request a review. The earlier the situation is understood, the more time there may be to evaluate possible paths.
Already have a scheduled sale?
Call now rather than relying only on an online form.
Call (702) 710-0988Short-sale questions
Frequently Asked Questions
Will a lender automatically approve a short sale?
No. The lender or servicer reviews the individual loan, property value, offer, hardship, liens and requested terms. Approval cannot be guaranteed.
Can I short sell if I have a second mortgage or HOA lien?
Possibly. Additional liens and claims can complicate the transaction and may need separate review, negotiation or approval before closing.
Can I sell the home as-is?
Many distressed properties are marketed in their current condition, but the appropriate strategy depends on the property, buyer, lender requirements and transaction.
Will I owe money after a short sale?
That depends on the loan, written approval terms and applicable law. Review the lender's approval carefully and consult an attorney or tax professional for legal or tax questions.
Will I receive a 1099-C?
Cancellation-of-debt reporting can arise in some transactions. Receiving a 1099-C does not by itself determine your final tax liability. A qualified tax professional can advise you about your specific circumstances.
What if I have a VA loan?
VA-backed loans have additional considerations. Nevada Home Relief has a dedicated VA homeowner resource and can help you understand the real-estate side of a potential VA Compromise Sale.
Start with the facts
Find Out Whether a Short Sale Is Even Necessary.
Brad & Mary can review the property, your estimated equity, mortgage situation and timeline so you can better understand the paths that may be available.