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Las Vegas Short Sale Experts See a Rise in "Discounted" Mortgages
Las Vegas Short Sale Experts
trend has many homeowners feeling a little nervous. A foreclosure can have a devastating impact on a homeowner’s credit record, especially when the amount owed is several hundred thousand dollars. Many are looking for ways to avoid foreclosure without taking out further financing and trapping themselves in an ever-spiraling web of debt.
Short sales are becoming an increasingly popular choice for both lenders and borrowers. It allows lenders to recoup some of their losses, while providing homeowners with a more attractive alternative to straight foreclosure. In a short sale, lenders agree to discount the loan balance. The property is sold, and all proceeds from the sale are turned over to the lender; the mortgage is then considered fully satisfied.
New Act Increases Viability of Short Sales
This option has become even more appealing with the introduction of the Mortgage Forgiveness Debt Relief Act of 2007. Prior to the act, the difference between the selling price and the amount owed was considered taxable income to the borrower, often incurring significant tax liability. However, in an effort to curtail the negative financial implications that made short sales less favorable for homeowners, the act was introduced to remove this tax responsibility. Subsequently, short sales are on the rise.
What does this mean for the real estate buyer? Homeowners are often able to sell their homes for a much smaller amount than they would have if they needed to repay their full mortgage balance. This means high quality homes can often be bought at a fraction of their value, representing an excellent opportunity to savvy real estate buyers. However, it’s important that you work with Las Vegas short sale experts to ensure that you are indeed getting a good deal.
Contact Our Las Vegas Short Sales Experts to Find Out More
If you are interested in purchasing top Las Vegas real estate
during this buyer-friendly period, contact LasVegasHomesMLSSearch.com to speak with one of our Las Vegas short sale experts. With in-depth knowledge of the area, and the special concerns involved in short sales and foreclosures, we can help you make an informed decision about buying property in today’s economic conditions.
Las Vegas Realtor, Bill Marek is standing by for your call - (702) 336-6818