The Spangler Group
Realtors®
"Selling Las Vegas since 1995"
Contact Info - Tel: 702-604-2106 \ Fax: 702 933-9007 \ Dir: 702 604-2106 / Send eMail
Short Sale is the buzz word!
The word short sale has been over used so much it has branded itself. Houses are categorized as either Repos or Short Sales. That's the Southern Nevada Real Estate market in a nutshell. There are 5800 short sales for sale in July-August 2010. What's important about this statistic is the fact that there are only 10,500 properties for sale in all of Southern Nevada. So half of all the homes for sale are short sales. That's huge. There are only 2800 Repos for sale in July-August 2010.
In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirementand sunsets on December 31, 2012.
HAFA Provisions
Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
Uses standard processes, documents, and timeframes/deadlines
Provides the following financial incentives:
The word short sale has been over used so much it has branded itself. Houses are categorized as either Repos or Short Sales. That's the Southern Nevada Real Estate market in a nutshell. There are 5800 short sales for sale in July-August 2010. What's important about this statistic is the fact that there are only 10,500 properties for sale in all of Southern Nevada. So half of all the homes for sale are short sales. That's huge. There are only 2800 Repos for sale in July-August 2010.
In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirementand sunsets on December 31, 2012.
HAFA Provisions
Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
Uses standard processes, documents, and timeframes/deadlines
Provides the following financial incentives:
- $3,000 for borrower relocation assistance;
- $1,500 for servicers to cover administrative and processing costs;
- Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
In order to qualify for this program, you must list your home with a licensed Real Estate agent.
Contact us and we'll review the terms to qualify and send you information links that can help you better understand the Short Sale process..
- Realty One Group
- 10750 W. Charleston Blvd #180
- Las Vegas, NV 89135
- Tel: 702-604-2106
- Fax: 702 933-9007
- Dir: 702 604-2106
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