If you are currently suffering from a financial crisis that puts some of your properties at risk of foreclosure in Nevada, then you should immediately get the assistance of a Nevada short sale realtor. The process involved in short sales is beneficial to both the creditor and debtor as it can lessen the fees, costs, and even losses for both parties.
Procedures Involved in Short Sales
So how does the system of short sale works? First of all, the debtor or borrower’s inability to pay and settle debts needs to be established. Documents and other evidences are required from the debtor in order to prove that one is undergoing financial turmoil that prevents him or her from settling certain financial obligations. These are then presented to the court for approval before the whole process of short sale can begin.
The Importance of Hiring a Lawyer
As this is a legal matter, it’s important that you hire or consult a lawyer. This will guarantee that you are fully aware of all the pros and cons of undergoing such a procedure. For the borrower or lender, the process can indeed lessen the total cost of the debt owed. But the agreed amount needs to be settled in a short time. For the creditor, on the other hand, the system will enable one to collect money from the debtor quickly. However, the total amount will be lower than the actual money owed.
Advantages of Short Sales
Adapting a method of short sales is beneficial to both the creditor and debtor as the case is settled in a short time. It also ensures a secure payment system as the court has already stepped into the matter. Both parties can indeed avoid a long and expensive litigation procedure as this case is intended to be processed quickly.
In order to guarantee the safety of both parties, they should each have a lawyer. This will ensure that the negotiation procedure is fair to the debtor and creditor and that both parties agree to the terms in the contract. A Nevada short sale realtor can also guarantee a speedy process that will not be troublesome for all the parties involved.
Disclaimer: This is a sponsored post; however, all the points and views are my own.