The Pros and Cons of a Short-Sale
Please do not look to unreliable sources such as real estate agents and title companies for
information regarding short sales, foreclosures, and repossession. These are mostly legal issues,
and such professionals are not equipped to fully inform you of your options or the actual results these options may bring about.
Some important issues to consider when deciding whether to short sale your home or allow it to go into foreclosure are:
1. Whether or Not You Qualify for a Short Sale;
2. Federal Tax Liabilities Resulting from a Short-Sale/Foreclosure ;
3. The Impact on Your Credit Rating;
4. The Effect on Your Life and Finances Due to Resulting Deficiency Judgments;
5. Whether or Not Collection Efforts by Your Lender will Cease or Continue for 10+ Years; and,
6. The Estimated Waiting Period Before Being Able to Purchase Another Home.
There are no simple answers as to what is your best option. Whether to do a short-sale,
allow your home to go into foreclosure, or take some other action depends upon your particular set of circumstances.
Claims made by real estate agents, short-sale “specialists”, and the like are often misleading and self-serving.
Due to the many problems with short-sales, many of these same professionals are now recommending that you contact an attorney to
find out the actual resulting consequences of each choice.
We at Salas & McQuigg can tell you that IF you qualify for a short-sale, it may be your best option; however, no matter which path you opt to take,
there will be some challenges.
You would be best served if you contact us by telephone and discuss your particular situation with us.
If you call our office number (702-471-1131) and all lines are busy, or if it is after hours, you may try calling our back line: 702-300-9283.
Neither the State of Nevada nor any agency of the State Bar has certified any Las Vegas lawyer or attorney as a specialist or as an expert in short sales,
repossessions, or foreclosures. Anyone considering a lawyer should independently investigate the Lawyer's credentials and ability.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own
situation. Nothing contained on these pages should be interpreted as establishing an attorney-client relationship.
Copyright ©2008 by Salas & McQuigg. All rights reserved.
You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.
*** Web Design By Tzar Technologies LLC.
