PR Log - Jun 29, 2012 - Las Vegas short sale agent, Tania Michaels of Focus Commercial Group, has closed another short sale with Wells Fargo involving rental property.
“The owners lived in one of the units and the others were rented out.” says Michaels. “They owner had been approved for a loan modification but despite the lower interest rate, the principal balance was three times the current market value and they still could not make the payment. That’s when they started looking for a Spanish speaking short sale REALTOR® in Las Vegas.”
In a short sale transaction, the lien holder is willing to accept a current market sales price for the property even if that amount is less than the current mortgage balance. The short sale option is available to property owners who have a verifiable hardship. Most lenders do not consider delinquency alone a hardship.
“Because of the economy, the owner’s income had been drastically reduced. They had an income commensurate with a 2012 economy but a debt load commensurate with a 2005 economy. They went through all his savings to keep up and eventually the savings dried up,” notes Michaels.
When families are tapped out financially and faced with the uncertainty of not knowing how much longer they'll be able to stay in their home, the prospect of planning or having a positive outlook on the future seems out of the question. Many financially strapped homeowners feel frozen in action. Even though millions of homes have been lost to foreclosure, property owners now do not need to add to that statistic. More help is available now than ever before.
Michaels observes that many homeowners lose hope in the future when they don’t see progress. “Nothing was going in their way. My client didn’t see his life turning out this way; they didn’t see themselves losing their property. But as the short sale process went on they saw one success after another. They saw the marketing, the met the buyer, they read the short sale approval letter, they understood we had obtained for them a waiver of the deficiency judgment. Competence gives people hope. A competent short sale REALTOR® in Las Vegas can help homeowners in trouble see that there is someone on their side who wants them to see them succeed. A homeowner who makes a clean break now will reap the benefits much faster than someone who doesn’t.”
Tania Michaels is a REALTOR® and a CDPE® agent in Las Vegas. The CDPE® designation from Charfen Institute arms real estate agents with tools, processes and education to help homeowners who are in default.
ABOUT Tania Michaels is a multilingual, multifaceted, award-winning 16-year real estate professional in Las Vegas. Specializing in seller representation (including short sale negotiations (http://michaelsrealestate.com/what-is-a-short-sale-specialist-las-vegas/)) and land acquisitions, Las Vegas homeowners, apartment owners, and investors may benefit from her experience with in the residential and land sector which allows her to offer insight from the vantage point of an all-around insider.