Jillian & James Batchelor Las Vegas Real Estate
SHORT SALE & FORECLOSURE SPECIALIST!

Short Sales


JILLIAN BATCHELOR IS 1 OF THE TOP RECONGIZED SHORT SALE AGENTS IN NEVADA! HAVING CLOSED 100'S OF SUCCESSFUL SHORT SALES, HELPING HUNDREDS OF HOME OWNERS OUT OF THEIR SITUATIONS. LET ME HELP YOU TODAY!!



THE SHORT SALE PROCESS EXPLAINED



 

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SHORT SALES & PRE-FORECLOSURES

                                                                           

      Short Sale VS. Foreclosure    

                  

 

 

 Do you want to sell your home, but owe more than it's worth? You are not alone. Many people are stuck in unaffordable loans, or simply need to move. I can help you short sell your home. I handle all bank negotiations so you can move on with your life. Don't wait until it's too late. CALL ME TODAY!!  JILLIAN AT 702-595-8036 OR EMAIL DIRECTLY AT  JILLIANSELLSLV@COX.NET

                                                     HOUSE UNDER WATER??

 

 

 
Short Sale  occurs anytime the value of the property is less than the amount owed to the lender and the lender agrees to write off the difference. In other words, the homeowner is "upside down" on his loan. Short sales may be forced by a variety of situations: job loss, loss of income, divorce, medical bills, or changing payments on adjustable rate mortgages (ARMs).
 

Why would a lender agree to a Las Vegas Short Sale? Lenders make their own business judgments when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not taking properties back through foreclosure and reselling them. They want to avoid spending time and money to foreclose, evict borrowers, and resell properties. They want to avoid paying property taxes, insurance, maintenance and repairs. They want to avoid risking theft and vandalism to the property. Before the mortgage lenders will consider a short sale, they need to know financial information about the seller and why the seller cannot pay the loan. The seller will need to submit information to the lender to assist the lender in deciding whether to accept a short sale.

Frequently Asked Short Sale Questions

1.) Do I Qualify for a short sale? If you owe more than your home would sell for - you qualify.

2.) I have enough money to pay the difference - Should I do a short sale? I suggest you contact your attorney or legal professional, but you may want to consider paying off the difference to save your credit or look into a loan modification.  

3.) I have been hearing a lot about loan modifications. Should I try one? Sure. If you think you might qualify - why not? Word to the wise - USE YOUR LENDER. It's free. If your lender can't do it - it can't be done by some guy who claims to be a "specialist in loan modifications" and charges you $500 or more. The law actually states that NOBODY can charge up front for Loan Modification services. If they try to charge you up front - they are breaking the law. Is that who you would want trying to save your home? If you feel you qualify for a loan modification or refinance, I can point you to a licensed mortgage company. If you can't qualify, I can help you with the short sale.

4.) Who pays the Realtor for their services? Good News! The bank pays us all commissions plus items the buyer may ask for such as closing costs.

5.) What is a
hardship package and why do I need it? The Short Sale hardship letter is to state your situation. The bank wants to understand why you can't make your payments and keep your home. A hardship could be medical (physical or mental illness). It could be divorce, death, relocation, loss or change of employment, addictions causing money loss, taking care of sick parents, large amounts of child support and so on. I can't tell you what your hardship is, but these are some we have seen approved. The rest of the package is simply a combination of pay stubs, bank account statements, profit & loss sheet, and tax returns. Some of these items are never requested from the bank. It all depends on the bank.

6.) Can I short sale my home and buy something more affordable? Maybe. There is talk that this may be some day be called mortgage fraud.

7.) How will the short sale affect my credit. To find out an exact score hit and how your credit will be affected, you will need to get professional advice from an accountant and/or credit professional. It will affect your credit, you want to speak with someone licensed or trained in the credit department to tell you specifics.

8.) How is a short sale better than a
Las Vegas Foreclosure? - Again, a credit professional, accountant or legal professional can better advise you, but we are told that with a short sale, you can buy a home years before you could if you had a foreclosure on your record.

9.)Can the lender come after me? They can if they choose, but this depends on many items. Also it depends on how their final approval letter is written. You still have the choice to accept or deny their terms and opt for the foreclosure or deed in leiu of foreclosure should you decide. We have not seen collections personally, but we understand that the debt can be sold to a collector if it is not written as settled. This can be negotiated in the final stages of the short sale once a negotiator has been assigned to your case.

 CAN I GET CASH BACK AFTER I SELL MY HOME SHORT SALE??

 

Reasons To Avoid Foreclosure:

 

Issue

Foreclosure

Successful Short Sale

Future Fannie Mae Loan – Primary Residence (Effective May 21, 2008)

A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.

A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Future Fannie Mae Loan – Non Primary Residence (Effective May 21, 2008)

An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.

An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

Future Loan with any Mortgage Company

On any future 1003 Application (Standard Loan Application), a prospective borrower will have to answer YES to question C, in Section VIII, that asks, “Have you had property foreclosed upon, or given title or deed in lieu thereof?” This will affect all future rates.

There is no similar declaration, or question regarding a short sale.

Credit Score

Score may be lowered anywhere from 250 to over 300 points. Typically, this will affect score for over 3 years.

Only late payments on mortgage will show, and after sale, mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points, if all other payments are being made. A short sale’s effect can be as brief as 12 to 18 months.

Credit History

Foreclosure will remain as a public record on a person’s credit history for 10 years or more.

A short sale is not reported on a credit history. There is no specific reporting item for “short sale.” The loan is typically reported as “Paid in full, settled.”

Security Clearances

Foreclosure is the most challenging issue against a security clearance, outside of a conviction for a serious misdemeanor or felony. If a client has a foreclosure, and is a police officer, in the military, a government employee, a security officer, or any position that requires a security clearance, in almost all cases, clearance will be revoked and position will be terminated.

A short sale, on its own, does not challenge most security clearances.

Current Employment

Employers have the right, and are actively and regularly checking the credit of all employees who are in sensitive positions. A foreclosure, in many cases, is grounds for immediate reassignment or termination.

A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.

Future Employment

Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have, and, in most cases, will challenge employment.

A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.

Deficiency Judgment

In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.

In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.

Deficiency Judgment Amount

In a foreclosure, the home will have to go through an REO process if it does not sell at auction. In most cases, this will result in a lower sales price, and a longer time to sell in, a declining market. This will result in a higher possible deficiency judgment.

In a properly managed short sale, the home is sold at a price that should be close to market value, and, in almost all cases, will be better than an REO sale, resulting in a lower deficiency amount.

 

 

 

 

FOR FURTHER DETAILS CONTACT      JILLIAN DIRECTLY AT 702-595-8036     FOR A PERSONAL PRIVATE CONSULTANTION TO GO OVER YOUR SPECIFIC SITUATION. I LOOK FORWARD TO HEARING FROM YOU AND HELPING YOU IN THIS TIME OF NEED! 

 

 

In today's economy and Las Vegas real estate market,  many Las Vegas homeowners are in need of help from a  Las Vegas Short Sale Specialist & a Las Vegas Short Sale Expert. Unfortunately many home owner's in Las Vegas are upside-down or under water  in their homes and are at a loss of what to do. Don't let this be a negative situation. There are solutions, WE CAN HELP!  Don't wait until it is too late!
By you taking the first and most important step and hiring a
LAS VEGAS SHORT SALE SPECIALIST & A LAS VEGAS SHORT SALE EXPERT, you are allowing the "weight" of your financial worries to be lifted off your shoulders! Many home owner's may be hopelessly waiting for the loan modification to financially  "save" them, but research shows that less the 2% of ALL loan modifications help" under water" or "up-side down" home owners. And even out of the 2% of Loan that do get modified 75% of those loans end up in a short sale or foreclosure within the next 12-24 months. Don't let you and your credit become a statistic.  There is help out there.
 Don't be intimidated by the Las Vegas Short Sale Process, this is a process Jillian Batchelor and The Batchelor Group handle every single day and after hundred's and hundred's of successfully short sale homes closed, they are the experts in the market on short sales. When a home owner owe's more On heir property than it is worth, that is when you become "upside down" or "under-water" and it is beneficial to your mortgage lender to accept the loss on the home,  as you help to short sale the home than allow it to go into the Las Vegas Foreclosure process.
 
 
WE CAN HELP! LET OUR 99% CLOSING RATIO HELP YOU SELL YOUR HOME. LET OUR ATTORNEY'S ANSWER YOUR QUESTIONS FOR FREE! CONTACT US TODAY !!
 
 

Contacts


Contact Jillian today to have ALL of your short sale questions answered! 702-595-8036 cell

Jillian Batchelor
702-595-8036(Office)
702-823-3801(Business)
702-595-8036(Cell)

Las Vegas
United States

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