Looking for qualified buyers to purchase your property in a particular time frame can be stressful without professional help. You want to sell for the highest price in the least amount of time with minimal stress. Through trust, exceptional service, and dedication to excellence, I am able to build valuable relationships with buyers and other professionals to network with and promote your property.
Pricing: Market-specific pricing is absolutely critical to selling your property. I will present you with facts and figures, and a Comparative Market Analysis to properly prepare my clients for a successful transaction. The key here is to give you, the seller, insight of what buyers are looking for and tailor marketing strategies to make your property more enticing from the buyer’s perspective.
Comprehensive Marketing Plans: My marketing strategies will give your property the maximum exposure it needs to attract ready, willing, and qualified buyers.
- MLS (Multiple Listing Sites) with photos of your home
- Internet Marketing
- Realtor.com
- TammyTruong.com
- amrealtyvegas.com
- InTheHouseUs.com
- Zillow.com
- LasVegasRealtor.com
- Homes.com
- Virtual tour
- Professional brochures
- Direct mail advertising to prospective target markets.
Clients will always be informed of changing market conditions, especially regarding competition from similar properties, so that sellers can adapt quickly and get their properties sold.
I recognize that every property is unique, as their owners are also, and must develop specific marketing plans to show that property to the seller’s best interest.
Please contact me today so that I can devise a marketing plan for you and your property’s unique requirements.
What is a Short-sale?
A short-sale is when a lender/bank agrees to sell a property at a lower price than the amount owed on a mortgage. As part of this arrangement, if an offer is accepted, the lender/bank typically agrees to forgive the remaining loan balance for the borrower and their debt is settled. However, it is important to note that although the homeowner is getting out of the mortgage debt, they will no longer own the property and will lose any money expended towards the home in the past such as their down payment.
Why the Lender/bank may agree to a Short-sale?
- Foreclosure takes 8 -12 months. Longer time means more loss for lender/bank.
- High costs associated with Liens and Attorney fees.
- Home is most likely to be in better condition so banks don’t have to spend more money to make it sellable.
Who might want to buy a Short-sale?
- Buyers who want Great Deals (often below market value).
- Buyers who want good, move-in condition, properties.
- Buyers who have time to deal with a potentially long process by banks.
Who might not want to buy a Short-sale?
- Buyers who needs to buy now or need to move in ASAP. This is not for you. It may be a long process.
- Buyers who cannot be flexible with their property preferences. Banks may deny an offer on a short-sale, in which case, the buyer must be flexible to make offers on other properties.
How is the Seller’s credit affected between a short-sale and a foreclosure?
- Short-sale (best scenario) -In most cases, your Credit report will show “Debt Settled or Paid by offer and compromise.” This means the borrower no longer owes debt to a bank and collection will not be pursued.
- Foreclosure (worse scenario) -Credit report will show “Foreclosure and Deficiency Judgment.” This means that the buyer still owes the bank money their debt is collectable.
What hardships does the lender consider to be legitimate?
Common hardships frequently accepted by the lender are:
1. Family illness or injury
2. Job relocation when the property lacks the equity for the current market
3. Job loss or significant income loss
4. Divorce or split of domestic partners
5. Mortgage payment adjustments beyond the owners capability
Are there any tax consequences to a short sale?
Get advices from a CPA regarding the tax consequences of doing a short sale. The IRS may view the deficiency on a non-purchase money loan as income and demand you to pay taxes on that amount (1099).
What does the lender need to consider a short sale?
These are items are needed to process your short sale:
- Your past 2 years tax returns
- Letter of hardship (explain why you are facing financial difficulties)
- Borrower’s financial statements (seller)
- 2 months pay check stubs
- Loan approval letter for buyer’s new loan subject only to appraisal
- Copy of the purchase contract
- Estimated net/cost sheet ( HUD from title company)
- A property profile with a complete broker price opinion (CMA). Copy of an appraisal if avail.
9 Ways to Avoid Foreclosure:
Reinstatement: Bring the loan current. Pay all delinquents.
Forbearance: Temporary repayment plan.
Refinance: New loan with reduction in payments if property value is not upside down.
Loan Modification: Modify original loan terms.
Sell the Property: Use equity to pay off or pay difference, if there is equity.
Rent the Property: Must still make loan current.
Deed In Lieu Of Foreclosure: “friendly foreclosure.” Giving your house to the bank.
Short-sale: Negotiate with bank to accept a sale value lower than the original loan amount.
Bankruptcy: Will stall foreclosure but not prevent it.
