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Reno's #1 Short Sale Experts

Our main objective is to help avoid foreclosure entirely because we understand that minimizing the number of foreclosures is a benefit for both the homeowner and our community as a whole.

Our expert team of Short Sale Negotiators work tirelessly to provide homeowners with professional help and useful advice to get their home sold and prevent foreclosure. All of our agents are experienced and are more than willing to help by providing several options and alternatives to avoid foreclosure.

Short Sales

  • Reno's #1 Most Trusted Team
  • Expert Short Sale Negotiators working with you every step of the way
  • Local and National contacts and resources
  • Relationships with, but not limited to, the following organizations:
    • Consumer Credit Affiliates
    • The Bank of America Reno help center
    • Wells Fargo Executive Offices for Loss Mitigation
    • Senator Reid's Foreclosure Prevention Taskforce
  • Direct contacts with:
    • Fannie Mae
    • Freddie Mac
    • HUD
  • Results... Results... Results!
  • Most experienced Short Sale Team
  • Best resources for bank executives at major banking institutions
  • Unbelievable resources at the legislative level
  • Tax advantages and/or forgiveness
  • Deficiency waved in full (documented in writing)
  • Credit will start to recover within one to two years
  • Ability ot have a fresh start
  • No out of pocket expenses for homeowner, paid by the bank
  • Relocation assistance available
  • Marshall Realty mitigates communication with banks, debt collectors, and other entities throuhgout the process
Foreclosure and bankruptcy are two difficult situations. However, there other routes to go and other options to choose from, such as a short sale. Marshall Realty provides short sale agents who are experienced in these situations. If you're in need of help because you're facing bankruptcy or foreclosure, then be sure to give us a call. To learn more about short sale information, please read on.

We here at Marshall Realty are more than ready to help you out by providing you useful advice and alternatives to foreclosure and bankruptcy. Doing a short sale is one of the best alternatives. In fact, there are many advantages when it comes to doing a short sale instead of filing for bankruptcy or allowing your property to go into foreclosure. Here are just a few benefits:

Foreclosure vs. Short Sale

Homeowner Consequences

Issues

Foreclosure

Successful Short Sale

Future Fannie Mae Loan- Primary Residence 1

A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period of 5 years.

A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae- backed mortgage after only 2 years.

Future Fannie Mae Loan- Non-Primary2

An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae-backed investment mortgage for a period of 7 years.

There is no similar declaration or question regarding a short sale.

Credit Score

Score may be lowered anywhere from 250 to more than 300 points. Typically will affect a credit score for over 3 years.

Only late payments on a mortgage will show, and after sale, mortgage is normally reported as 'paid as agreed', 'paid as negotiated', or 'settled'. This can lower the score as little as 50 points if all of the other payments are being made. A shore sale's effect can be as brief as 12 to 18 months.

Credit History

Foreclosure will remain as a public record permanently, and on a person's credit history for 10 years or more.

A short sale is not reported on a credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled'.

Security Clearance

Foreclosure is the most challenging issue against a security clearance outside a serious misdemeanor or felony conviction. If a client has a foreclosure and is a police officer, in the military, in the CIA, security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated.

On its own, a short sale does not challenge most security clearances.

Current Employment

Employers have the right and are actively checking the credit of all employees who are in sensitive positions. In many cases, a foreclosure is reason for immediate reassignment or termination.

A short sale is not reported on a credit report and therefore not a challenge to employment.

Future Employment

Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.

A short sale is not reported on a credit report and is therefore not a challenge to future employment.

Deficiency Judgment
(Not Applicable in California)

In 100% of foreclosures (except in those states where there is no deficiency), the bank has the right to pursue a deficiency judgment.

In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.

Deficiency Judgment (amount)

In a foreclosure, the home will have to go through an REO process it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgment.

In a properly managed short sale, the home is sold at a price that should be close to market value, and in almost all cases will be better than an REO sale resulting in a lower deficiency.

1 Fannie Mae Announcement 08-16: Michael A. Quinn, Senior Vice President, Single- Family Risk Officer
2 Fannie Mae Announcement 08-16: Michael A. Quinn, Senior Vice President, Single- Family Risk Officer.

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