We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us.

After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able to buy a home 3 years after the short sale sold.

Now she will have greater credit damage and will have to wait 5-7 years to buy another home. Ouch! All of this could have been avoided if she had known the truth about short sales.

Yes, short sales are approved by banks. Bank CEOs and the people who invest in mortgages prefer them over a foreclosure. Why?

Because the average short sale reduces the lender’s loss by 20-40% compared to a foreclosure. They want to reduce their losses as much as possible.

The banks are just having a hard time handling the huge increase of short sales caused by the housing crisis. But, don’t kid yourself. They wouldn’t be approving any short sales unless there was a big benefit to them financially.

They have analyzed the market and see short sales as a viable way to reduce their losses as much as possible.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at harryr@pmalasvegas.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 702-335-2335

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Harry Roberts.

Harry is a Real Estate Agent at Performance Marketing America. Las Vegas Short Sales Realtor:

Phone: 702-335-2335. harryr@pmalasvegas.com.

Bad things happen to good people

View My homes for sale at www.pmalasvegas.com.

Harry Roberts specializes in loan modification assistance and short sales in Las Vegas Nevada. Las Vegas Loan Modification Help, Las Vegas Short Sales. Las Vegas Short Sale Realtor. Las Vegas NV Short Sales. Las Vegas Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Harry Roberts, Performance Marketing America, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Roberts’s personal views and do not reflect the views of Performance Marketing America.

This information on Common Las Vegas Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them is provided as a courtesy to our viewers to help them make informed decisions.

Las Vegas NV – Here at Performance Marketing America we receive emails all the time that go something like this “The Bank’s Short Sale Problems are not that simple.

A bank can’t afford to write off too much loss at once. Also, their investors may not approve the short sale, because they can’t afford to write off too much loss at once either. And the circle goes on. Thank you, Amy

Here is why this flawed assumption is incorrect. Most of the large, national banks do not own the mortgages they handle.

As an example, large banks do not own 80% of the mortgages they service. The biggest holders are the GSEs: Fannie Mae, Freddie Mac, and Ginnie Mae.

These entities are accustomed to losses. The other entity that’s set up well and accustomed to losses is FHA.

Most of the remaining loans are owned by Wall Street Firms, Pension Funds, and other professional investors. Most of the loans owned by them have already been written down in value dramatically.

In a few, isolated instances, the “We don’t want to write off losses to fast because it will hurt this quarter’s earnings” thing applies. First, off any bank CEO that plays this game should be fired.

It’s illegal because of accounting rules. Not writing off losses that you know about could be considered insider trading by many.

Besides, when you push the loss on non-performing loans to the future, the losses are bigger in most cases. Any prudent person would agree that making losses bigger by pushing them to the future is bad business.

The bigger problem is that the lenders don’t have enough staff to process the files. They need short sale negotiators to submit files to the owners of the loans.

As an example, on a recent FHA short sale, the negotiator told us it would take her 2-3 weeks to review the offer and then submit it to FHA.

However, she did tell me that FHA only has a 72 hour turnaround from when she submits the file to them. That is pathetic.

Here is why the lender doesn’t have any incentive to hire on more staff. On that file, the lender isn’t losing the money, FHA is losing it.

Therefore why should the lender spend money to hire on more staff? There is no incentive to do so.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at harryr@pmalasvegas.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 702-335-2335

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Harry Roberts.

Harry is a Real Estate Agent at Performance Marketing America. Las Vegas Short Sales Realtor:

Phone: 702-335-2335. harryr@pmalasvegas.com.

Bad things happen to good people

View My homes for sale at www.pmalasvegas.com.

Harry Roberts specializes in loan modification assistance and short sales in Las Vegas Nevada. Las Vegas Loan Modification Help, Las Vegas Short Sales. Las Vegas Short Sale Realtor. Las Vegas NV Short Sales. Las Vegas Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Harry Roberts, Performance Marketing America, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Roberts’s personal views and do not reflect the views of Performance Marketing America.

This information on A Common Las Vegas Short Sale Myth: Banks Can’t Write Off Too Much Loss At Once is provided as a courtesy to our viewers to help them make informed decisions.

Because of this, we decided to break down the reasons to short sale your home. In addition I added in a few reasons you should NOT consider A Short Sale:

Do NOT Short Sale if the value of your home is appreciating more then 5% a year. I have found that once you are upside down on your home more than 10%, then in most cases the housing market has dug a hole that no amount of financial superman work can get you out of.

Short Sale if you are a financial superman. If you are a CPA or Harvard Grad Number Cruncher, then you understand that numbers are more important than warm and fuzzy thinking.
Take a look at GM and all the businesses that go “Short Sale.” You can call it that. They know the numbers the numbers are what matter to them. If you are too far upside down, then is better to walk away from the debt and start over.

Do NOT Short Sale if you are going to make TONS of money in the future! You can probably convince your lender to grant you a loan modification and get back on your feet.

Short Sale if you can find a rental home comparable to your home. You have to live somewhere. We have seen lots of homeowners find a nicer home to rent for a lower monthly payment than their “upside down” home.

They Short Sold their house and were able to live a happier, more stress free life afterwards.

Do NOT Short Sale if you think that you are different from large Wall Street Firms that willingly walk away from their obligations.

You believe that your finances should not be run like a business, you should never retire, and that people in debt deserve to work 80 hours a week for the rest of their life until they pay off their debt.

This one drives me nuts. It is ok for Morgan Stanley to strategically walk away from their obligations on 5 San Francisco Towers they bought, but it’s not ok for “Average Joe Homeowner” to walk away from his upside down house?

What is wrong with the moral compass here? It is ok for a business to re-negotiate their debts with banks, but it is wrong for a homeowner to do it!

Are you crazy? Why do banks write off millions in debt for businesses while the homeowners should pay forever and never get a real loan mod? I guess they figure that homeowners not good business people and will allow the bank to push them around.

As you can see, when you run the numbers Short Sales almost ALWAYS make financial sense. Staying in a home that is upside down makes lousy financial sense, unless you get an awesome loan mod.

Now those are my opinions, and those points do not apply to every situation. What I am saying is that you really should look at your home as a financial investment, NOT a stone around your neck.

Thinking about a short sale?  I can help you short sale your property so you can move on with your life. Send me an e-mail at harryr@pmalasvegas.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 702-335-2335

Thanks for reading this, Harry Roberts.

Harry is a Real Estate Agent at Performance Marketing America. Las Vegas Short Sales Realtor:

Phone: 702-335-2335. Or send me an email at HarryR@pmalasvegas.com .

Bad things happen to good people.

View our homes for sale at http://www.pmalasvegas.com .

Harry Roberts, Performance Marketing America is not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally  make a real estate sales commission for helping you on a short sale.

The views expressed here are Roberts’s personal views and do not reflect the views of Performance Marketing America.

This information on Las Vegas Short Sales: Should I Short Sale or Keep trying to Save the House? is provided as a courtesy to our viewers to help them make informed decisions.