The tax advantages for doing a short sale vanished on December 31 2013 by way of the 2007 Mortgage Forgiveness Debt Relief Act ending - yet one Las Vegas REALTOR was able to get his deal closed before then.
Las Vegas, NV -- (ReleaseWire) -- 01/03/2014 --Rob Flitton, “The Closer”, a top REALTOR in the market for Las Vegas homes, has just successfully closed yet another short sale - this time a short sale approved through OCWEN LOAN SERVICING, LLC. And with the 2007 Mortgage Forgiveness Debt Relief Act expiring on December 31 2013, it was just in time.
“This was a divorce situation and the seller had extensive mortgage and HOA debt - it was almost an impossible hole to crawl out of” said Rob Flitton, “and to make matters worse, OCWEN is very challenging to deal with.”
Home values in the Las Vegas real estate market rose dramatically in the 24 months between January 2012 and December 2013, making price-adjustments for short sales challenging to nail down since short sales were taking ,many months on average.
Added Flitton “I get asked all of the time if the Las Vegas short sale is now dead, but I don’t think so - what it comes down to now is good old fashioned negotiation skills with seller’s lenders, because a lot of Las Vegas homeowners are still underwater.” See Flitton’s recent article titled THE DEATH OF THE LAS VEGAS SHORT SALE here.
About Rob Flitton
Rob Flitton is a highly successful real estate specialist with over 30 years of experience as a REALTOR, real estate developer, and custom home builder responsible for more than $250 million in transactions.