In order to avoid the costs and consequences of a foreclosure, the banks allow a property to be purchased for less than the loan amount while the property is in a pre-foreclosure state. A pre-foreclosure state means the lender has not yet foreclosed.

These are the typical steps of a short sale:

1. Sign a listing agreement with Keller Williams Realty, Marketplace One to sell your property.
2. Keller Williams Realty, Marketplace One markets your home for sale at the current market value. At the same time, you submit a financial package to Keller Williams Realty, Marketplace One so that we may begin communicating with your lender.
3. Keller Williams Realty, Marketplace One obtains an offer from a qualified buyer and presents it to you, the Seller, for approval or rejection.
4. If you accept the offer, Keller Williams Realty, Marketplace One submits the offer and your financial package to your mortgage company for short sale approval.
5. If your mortgage company approves of the offer and your hardship, they will issue a short sale approval letter. If you have assets, the lender may require that you make a cash contribution or sign an unsecured note to pay a portion of the outstanding balance as a condition of the short sale approval letter.
6. Upon receipt of the approval letter, we strongly advise you present the letter to an attorney for review. if you do not have one, we can recommend you one.
7. If both the Seller and the Buyer accept the short sale approval letter, the Buyer works to obtain final loan approval (if using credit) and the transaction proceeds to closing.
8. The Seller, the Buyer sign their final escrow documents. The short sale lender approves the final documents. The transaction closes when the Buyer delivers the funds into escrow, the short sale lender releases the lien, and the Seller delivers the Grant Bargain Deed.

VIDEO
Tania Michaels is a CDPE Las Vegas short sale specialist.







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Your eligibility will be explained.
If your situation is urgent, or you have further questions, feel
free to contact us at 702-675-8211.

• What is the nature of your hardship?
  Loss of IncomePayment IncreaseOther
• Is this property your principal residence?
  YesNo
• Was your existing mortgage originated before January 1, 2009?
  YesNoNot Sure
• Is your mortgage delinquent, or is default (missed payments) reasonably foreseeable?
  YesNoNot Sure
• Is your current unpaid principal balance equal to or less than $729,750?
  YesNoNot Sure
• Have you purchased a residential property within the last 12 months?
  NoYes
• First Name*
• Last Name*
• Phone*
• Email*
• Address*
• What is the name of your lender?
• Mortgage Balance (Approximately)
• Monthly Payment

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