Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

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What about foreclosure while I have my house listed as a Las Vegas Short Sale?

What about foreclosure while I have my house listed as a Las Vegas Short Sale?

If you are behind on your mortgage payments, a lender may proceed to foreclose upon the house,

either in court or through a "power of sale" clause in your loan agreement.  The lender will record a Notice

of Default and Election to Sell. Once that happens, Nevada law requires a three month waiting period

which includes a right of redemption during which you may bring the loan payments current.

 

If the lender moves forward with selling the home, Nevada law requires that a Notice of Trustee Sale be

recorded at least 20 days before the sale. If the foreclosure sale occurs before a short sale is approved

and closed, your will lose your rights, title and interest in the home.

If you receive a Notice of Default while the property is listed, you should notify your agent and seek legal counsel, credit counseling or other assistance in understanding your rights and obligations.

Typically agents are able to put of the Trustee sale during the short sale process, but they cannot guarantee this as every situation is different.

Some of this information can be found in the brochure from the Greater Las Vegas Association of REALTORS® brochure....What Sellers Need to Know about Short Sales

This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.

 

Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley 

 Give me a call Dawn Barrier (702) 812-4550 we have a team ready to help you.

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SHORT SALE Information for Sellers

 

Dawn Barrier  Century 21 Aadvantage Gold
2 offices to serve your needs
Las Vegas, Nv
(702) 812-4550

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home.

Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada   

 

(702) 812-4550 

 

Las Vegas, Nevada   

January 2020

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Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

All photography on this site are the property of Dawn Barrer unless otherwise noted and are

protected by U.S. Copyright laws and are not allowed to be downloaded or reproduced in any

way without written permission of Dawn Barrier.If you would like permission to use a photo

please email Dawn     Important Notice -This is a personal blog.

 

HOMESMART ENCORE Las Vegas Dawn Barrier

(702) 812-4550

s.0065708

Comments

Pretty much the same here in So Cal.  I guess you can do both. A Short Sale AND a Foreclosure. At the same time on the same house!  I had one recently where I was conducting a Cash-For-Keys on a new repo for the bank with the renter while the previous owner had a Realtor negotiating a Short Sale with the bank.  The short sale got approved the day I delivered the Cash-For-Keys check. So they reversed the Foreclosure and sold at the Short Sale.  The left had didn't know what the right hand was doing.

Posted by Ray Wright, SoCal Realtor - A.L.C. (Keller Williams Realty) over 10 years ago

Yes, I'm hearing about the same thing happening.  Some have even offered to sell the house back to the original owner "after" foreclosure,  but very rare that it happens.

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) over 10 years ago

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