Las Vegas Short Sale Success Through Nationstar - and Despite Auction.com
In August 2012, a Las Vegas short sale process was started. Nationstar then demanded that the seller place the home for sale on Auction.com. After being mishandled by Auction.com, the short sale was approved and closed in June 2013.
Online, June 8, 2013 (Newswire.com) - Obtaining a Las Vegas short sale approval from a large bank is quite a daunting process for most homeowners. Nationstar Mortgage, in a deal structured with Auction.com, and in an effort to maximize value, was demanding that numerous mortgage holders already engaged in the short sale process place their homes for sale in an online bid with Auction.com. Rob Flitton "The Closer", a top REALTOR in Las Vegas, was one of the agents forced to experiment with the Auction.com process.
Rob's seller entered into a contract with a buyer at an over-market price in August 2012. By February 2013, the lender was communicating that the value was too low - accordingly, a new contract at a much higher price was established. However, despite the seller and the Las Vegas listing agent acting in strict good faith, Nationstar suddenly demanded that the home be auctioned through an online bid process, "to ensure we're getting maximum possible price", said a senior manager at Nationstar.
"Frankly, despite my objections" said Flitton, "Nationstar gave my seller no choice but to try the auction process - I had to break the news to the existing buyer, but told them I would do everything within my power to honor their existing contract."
Auction.com took over and all communciation was through them - they set up and online auction program and date. "They had assured me they would only take pre-qualified cash buyers" said Flitton, "but then on the day of the auction they accepted a bid from an unqualified buyer. It was a total mess."
After more than a month of wrangling, Flitton finally obtained full short sale approval through Nationstar, and with the original buyer. The deal closed on June 6 2013 - the seller walked away from more than $100,000 in negative equity, and the deserving buyer bought a fantastic home in the Las Vegas real estate market.
"Rob gave me a brilliant effort and result", said the happy seller.
Tax relief for a Las Vegas short sale ends December 31 2013, and no one knows if it will be extended. Many Las Vegas homeowners who remain underwater still aren't sure what to do. Their options include deciding between a loan modification and short sale, or even allowing foreclosure. However, with the type of success Rob Flitton, Las Vegas short sale agent, has achieved - despite the odds and obstacles - selling your home in Las Vegas might be easier than expected.