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>>DALE: Good afternoon. This is Dale Snyder with The Snyder Group at Keller Williams Realty
here in Las Vegas. The Snyder Group specialize in short sales for about 4 years now. We've
closed. I don't know, 60-80 short sales as of year-to-date. And what we've found is that
a lot of people that have chosen to let their home go to foreclosure, which has been coached
to them by certain professionals in other industries. We won't name any names.
But the, what the consumers are trying to do, a lot of them, is that they just want
it to be over with and they don't want to have to deal with it and know that they're
not going to have exposure down the road, which leads to foreclosure and bankruptcy
a lot of time.
One of the things that I'm starting to see. I have 2 clients, customers over the last
couple of months where they went through bankruptcy and they thought it was going to be foreclosure
at the same time 2 or 3 years ago.
And what happened is the did the BK [bankruptcy] and the bank never foreclosed. So it's been
2 or 3 years and their property still has not gone through the foreclosure process.
So what this means to you as a consumer if you're entertaining that option is, whether
or not you say you want to buy a home today. At some point you're going to want to.
And the soonest you're going to buy through a short sale or a foreclosure is 2 years.
Unless you can stay current while you do the short sale, you can buy quicker. But that's
another conversation, reach out to me we can discuss that in detail.
But let's go back to the person that's it's been 3 years. They're BK was initiated 3 years
ago. And the bank still has not foreclosed on the property. So is the bank going to foreclose
tomorrow. Another month, 6 months. Whatever the bank chooses to foreclose is when that
timeline begins. So this specific person now has this mental baggage of a property that
still has not foreclosed and they're not going to be able to buy for 2 years from that date.
Whereas if you would have done a short sale with our team of professionals that would
have been completed about 6 months after roughly. We initiated our communication and you would
now be qualified to buy. And if you didn't want to buy you would at least have that mental
baggage gone.
You'd know that the property is no longer owned by you. So before you just jump into
the foreclosure/bankruptcy option please reach out to a professional, a real estate professional,
and just see what your options are.
There's a lot of misguided information out there. Once again, this is Dale Snyder with
The Snyder Group here at Keller Williams Realty Las Vegas going over some of the pitfalls
of going through bankruptcy and foreclosure rather than a short sale.
Have a great day.