What is a short sale & how do I do it?
by Robert Jenson, Founder & CEO of The Jenson Group on March 1, 2009
in Selling
Let’s start with the definition of a short sale. The common scenario is that the homeowner owes more than the house is worth and to sell the home, the seller would have to come out of pocket at closing to make up the difference between the home sales price and the amount owed on the loan. The seller is “short” the money, so hence “short sale”.
Currently there are over 7,000 single family ”Short Sales” on the market in Las Vegas & Henderson. For any number of reasons the home owner must sell and due to current market conditions their home is upside down. These sellers have stopped making their payments because, from my experience, a bank will not work with the short sale until the home owner has stopped making payments. The short sale still gives the home owner the opportunity to not have a foreclosure on their record. A short sale on your credit should hopefully show up as an account settled, and will lead to a quicker credit/FICO score recovery, than a foreclosure.
Rob Jenson & The Jenson Group are very successful at getting short sales approved by the bank and closed. The seller’s closing costs and commissions paid come out of the bank’s “net”, which means there is no out of pocket expense as the seller to hire us to short sale your property.
8 Steps – How to a strucuture a short sale for lender approval
Short Sale Success
The above link will take you to a 2-page overview of the process. If you or a friend are considering a short sale, please feel free to email me, rob@thejensongroup.com or call us at 702-255-8252 and we will be happy to answer your questions.
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short sale,
short sale specialist
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Robert Jenson is a seasoned real estate professional with a breadth of experience in the luxury property sector. As the founder, owner and operator of The Jenson Group and its principal agent, Robert is charged with strategic corporate planning and is responsible for overseeing all daily operations and client relations initiatives.
Through Robert’s leadership, The Jenson Group has established itself as one of Las Vegas’ preeminent luxury real estate agencies that is consistently ranked in the top 1% of sales throughout the Las Vegas Valley.
A recipient of RE/MAX’s coveted "Hall of Fame" award, Robert’s industry expertise and credibility has made him a sought after expert source within the media. He’s served as a guest commentator for numerous national broadcast television outlets, including MSNBC and Bravo, and has provided content and commentary to other of the nation’s leading media outlets including The Wall Street Journal, Forbes.com, BusinessWeek.com, the Las Vegas Review-Journal, Real Estate Executive magazine, Growing Wealth magazine, and the Los Angeles Times, among others. In addition, Robert currently pens a recurring monthly real estate advice column for the Las Vegas Business Press and a bi-monthly column for Reviewboard Magazine.
Robert earned his Bachelor of Arts degree from Whittier College in California, and currently holds active memberships with the National Association of REALTORS® (NAR), Nevada Association of REALTORS® (NVAR) and the Greater Las Vegas Association of REALTORS® (GLVAR).
When he’s not negotiating high-end real estate deals or otherwise accommodating his clients, Robert can be found rock climbing, golfing, dining or traveling around the world.
“The Jenson Group offers distinctive representation to Las Vegas’ most discriminating real estate consumers who demand customer service excellence. This we deliver in spades.”
– Robert Jenson
Robert has written 67 articles on this blog.
