7 Items You Need for a Las Vegas Short Sale | Haines & Krieger

Short sales are all over the news these days as they are a potentially effective exit strategy for homeowners whose mortgages are underwater.

What is a short sale?  In case you’re not familiar, a short sale is where the sale price of a home is less than the underlying mortgage.  And the bank is willing to eat the difference (known as the “deficiency”).

While short sales are a useful tool for homeowners, they can also be complicated as there are a number of moving parts in the transaction.  One thing you can do to help your cause, however, is to be prepared.  Therefore, we’ve provided a list below of…

7 Items You Need for a Las Vegas Short Sale

1.  Hardship letter:  This is a letter that summarizes the financial trouble you’re facing and explains the reasons why you need and are seeking a short sale.

2.  Statement of your finances:  This should list all of your income and your expenses.

3.  Paycheck stubs:  These should be from the previous 2 months (or most recent 2-month period)

4.  Bank statements:  Get your bank statements from the past 2 months.  If you can’t find them, ask your bank.  If you use online banking, you can also usually download them and print them out.

5.  Income tax returns:  You will need your tax returns form the previous 2 years.

6.  Statement of Profit & Loss:  You will need this only if you are self-employed.

3 Additional Items You May Need for a Las Vegas Short Sale:

1.  Your mortgage statements along with any documents or notices received you’re your mortgage lender.

2.  A statement of any Homeowners Association (HOA) fees owed (if you are part of a Homeowners Association).  This should show whether you’re current on payments and whether any payments are due.

3.  To sign a form that authorizes the listing agent to proceed with any discussions or negotiations with the mortgage lender on your behalf.

Timing can be extremely important to the success of a short sale.  As a result, it’s important to emphasize that any preparation you can do to help the process go smoothly will go a great way towards helping your cause.

If you need help with a short sale or with foreclosure issues, please contact a Haines & Krieger attorney for a free initial consultation.  We have extensive experience with short sales in Las Vegas and can help you move forward with your financial life.