Reno Short Sale Expert

Explains Short Sale Process

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What is a Short Sale?

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• A short sale is when a home is sold for less than the amount owed to the lender or lenders. • The majority of homes in Nevada currently listed or recently sold have been in the form of a short sale.

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Benefits of a Short Sale in Reno

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Selling your home for less than what is owed is not an easy decision. However, if you are in a position where you are extremely upside down in your mortgage or facing a foreclosure, a short sale may be an option to consider.

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The benefits of a short sale often include

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• Less damage to your credit than a foreclosure. A short sale is not reported on your credit history. A foreclosure is reported and stays on your credit for up to 10 years.• A homeowner who successfully negotiates a short sale may be considered for a Fannie Mae backed mortgage after only 2 years. A foreclosure makes the homeowner ineligible for a minimum of 5 years.• Lenders may consider the sale price as “paid in full” forgiving the deficiency.• You can move forward to a brighter financial future in considerably shorter time.

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Why consider me as your Short Sale Expert in Reno

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• By working with me you will benefit from the experience of over 4 years in successful short sales. Longer than any other agent in the Washoe Valley.• We are familiar with the short sale requirements of each lender.• Your calls will be answered! You will be kept up to date every step of the way.

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Why consider me as your Short Sale Expert in Reno

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• Your property is listed in MLS and available to all interested buyers.• You will not have a sign advertising it as a "Short Sale" or "Pre-foreclosure".• You never pay a fee. Lenders pay the commission from the proceeds of the sale.

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Short Sale Vs Foreclose in Reno Nevada

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• This transaction is carried out by a real estate agent – so it is important your agent is a Short Sale Expert . • Your mortgage lender agrees to discount a loan balance because of economic or financial difficulties on the part of the homeowner.

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Short Sale Vs Foreclose in Reno Nevada

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• The homeowner sells the mortgage property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. • Doing a SHORT SALE is simply the most economical solution for a homeowner who cannot afford the mortgage payment anymore. • It is much more beneficial to do a SHORT SALE versus just letting a property go into. • FORECLOSURE (which is likely to have very serious and negative consequences).

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This is a good option if:

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• You are not eligible to refinance• You are at risk of foreclosure• You have tried to work a modification with your mortgage lender and failed• You have fallen behind on your mortgage payments and cannot afford it anymore• You are facing financial hardship and are struggling.

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The Short Sale Package

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The documentation required to process a short sale is commonly referred to as a "Short Sale Package" and is usually submitted by the agent representing the seller or the seller of the property themselves if they are attempting to do the short sale on their own.

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Here’s a sample short sale package:

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*Note that items may vary depending upon the lender. • Cover Letter.• Authorization to Release Information• Sellers Hardship Letter• 2 years W-2's.• 2 months pay stubs.• 2 months bank statements.• Supporting Hardship Info - HOA liens, medical/disability statements etc.• Repair Estimate for the property (when necessary).

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Here’s a sample short sale package:

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*Note that items may vary depending upon the lender. • Comparable area sales• Listing & Purchase Contract(s).• Net Sheet (provided by agent).• First mortgage holder may ask for a payoff amount from the 2nd (obtain pay-off statement from lender).• Second mortgage holder may ask for a payoff amount from the 1st

(obtain pay-off statement from lender).• Lender may ask for an Initial Title Report.• FHA and VA may have their own forms and special requirements as well.

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Short Sale Seller Testimonial - Reno NV 89421

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Listing my primary residence and a rental property with Marshall Realty for a short sale was one of the greatest decisions I ever made Marshall Carrasco and Veronica Cervantes were able to have me released from over $500,000 worth of deficiency. Marshall and his staff got many foreclosure dates postponed that were set and negotiated a reasonable sale price with my lender. Veronica was able to guide me through the process with great patience, answered any questions that I had and removed a lot of stress off my back. If anyone is looking into doing a Short sale Marshall Reality is the place to go!

Name: Chandar Ahuja

Date: 4/5/2012

Property Address1602 Silver thread driveReno NV 89521

Chandar Ahuja

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Short Sale Seller Testimonial 2 - Reno NV 89523

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Marshall Carrasco was great to work with and very supporting, having someone that was able to orient us was an enormous help and sign of relief. Marshall arid his staff where able to guide us through the process without any hassles. Marshall Realty was able to release us of all liability arid we are very grateful for all of their hard work.

Gonzalo RodriguezJovita Rodriguez

We are greatly appreciative and will recommend to anyone!

To: Marshall Realty9740 S McCarran BlvdSuite 103 Reno NV 89523Property:3320 Kings RowRenoNV89523

9740 S. McCarran Blvd #103, Reno, NV 89523

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Contact MARSHALL CARRASCO

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