Welcome to Melania Sandra's Las Vegas Real Estate Guide

Important Notice to All Las Vegas Homeowners

Are you underwater in your home and facing hardship?  Click here to learn how a HAFA short sale could be your life preserver!

What is difference between a short sale, foreclosure, and bank owned property?

A short sale occurs when a homeowner cannot afford to pay the mortgage due to a financial hardship situation or job relocation and asks the Bank to accept a lower sales price than the current balance owed on the loan for the property. This agreement does not release the borrower from the obligation to pay the remaining balance of the loan (called a deficiency) unless the lender specifically waives the right to pursue any deficiency judgments against the borrower in the short sale agreement.

Foreclosure is the legal process used by a lender to take possession of a home secured by the lender’s mortgage or deed of trust. There are two types of foreclosures: judicial and non-judicial. Nevada is a non-judicial foreclosure state. The lender does not have to go through a formal court proceeding to foreclose on the property.

Real estate owned or REO is commonly known as Bank Owned. When a bank forecloses on a property but is unsuccessful in selling the property at a foreclosure auction, then the bank will keep the property and sell it through Real Estate Brokers as a Bank Owned property.

For more information about buying or selling a home in the Las Vegas area, feel free to contact me and I will be happy to help you with all your real estate needs.