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Every person when they purchase something, whether large or small, wants to feel like they got a good deal or a bargain. One way to get a better deal for a future home is to ask a real estate agent about the possibility of a short sale. A short sale in Las Vegas is becoming better known to home buyers because of the increased amount of distressed homes for sale on the market. Distressed homes are homes that have issues relating to the sale that can complicate matters. These complications can take the form of something like a divorce, where an asset must be sold by court order and the proceeds split between the two parties; death, where a home goes into probate and needs to be sold for the heirs to divide the estate; bankruptcies, where assets are sold to repay creditors; foreclosure, where a property has become delinquent on a mortgage or trust deed. All of these situations make for an interesting challenge in negotiation and acquisition strategies. Short sales happen when a mortgage or trust deed holder agrees to take less than what is owed on the note secured against the real estate. This can provide some discounts when purchasing a distressed piece of real estate that make for great values in the property. Why would a bank willing to take less than is owed on the note? If the value of the property does not currently support the value of the note, sometimes they are willing to take a loss on the property sale to remove it from the possibility of foreclosure. Part of the reason they might also be willing to take this discount is because of the cost of foreclosure, possession and resale of the property can be a large percentage of the money the note holder might be able to recapture from their investment. Banks are not in the business of owing real estate, but servicing the loans on homes. Short sales might require them to lose a smaller percentage of money on the property than they would through the foreclosure process, but it is still a loss. They lose the income they would have gained from the loan servicing but are able to use the funds freed up from the disposal of the property to reacquire a note that will be a stream of income. Making real estate a win-win for both the sellers and the buyers requires a careful balance. Getting all the business of the transaction taken care of is the job of the real estate agents or real estate lawyers involved in making sure the sale is finalized and recorded properly. Normally the close of the short sale will take place at a title company where the funds are moved from the buyer's escrow account to the sellers escrow account. Offering too much money with the first offer on a home that a family highly desires is one of the biggest mistakes to make in a real estate purchase. Most homes will need some repairs and may have issues that will require funds to repair before a home is ready to live in. Many distressed homes require repairs because of the financial conditions that mandated the sale of the home in the first place. Sellers in distressed conditions can be emotionally unstable when it comes time to negotiate. Remembering the happy times in a home can make selling the home harder under conditions where a significant person is emotionally involved with the home and the other person is trying to get rid of it. Honoring the emotions and letting the sellers have some concessions with the home sale can ease the pain of the sale. Making real estate a win-win for both the sellers and the buyers requires a careful balance. Getting all the business of the transaction taken care of is the job of the real estate agents or real estate lawyers involved in making sure the sale is finalized and recorded properly. Normally the close of the sale will take place at a title company where the funds are moved from the buyer's escrow account to the sellers escrow account. Often this will take place in the form of a check, handed to the sellers at the finalization of the sale, when all the papers are signed, notarized and recorded. With this final signing of papers there is a new proud owner of a piece of real estate. Take care of the new home and it will become an asset that will be the home for the family and many fond memories. The Schwartz Law Firm are your short sale Las Vegas attorneys. They provide excellent service to all their clients. Learn about the many ways they can assist you. Request a free evaluation from their website. (http://schwartzlawyers)
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