Introducing: A Simple Guide to Short Sale and Foreclosure- PART 3
NRS - DEFAULT AND SALE
- NRS 107.080 Trustee's power of sale: Power conferred; required notices; effect of sale; effect of failing to substantially comply with requirements of section.
- NRS 107.081 Time and place of sale; agent holding sale not to be purchaser.
- NRS 107.082 Oral postponement of sale.
- NRS 107.083 Proceedings after purchaser refuses to pay amount bid.
- NRS 107.084 Liability for removing or defacing notice of sale.
- NRS 107.085 Restrictions on trustee's power of sale concerning certain trust agreements: Applicability; service of notice upon grantor; scheduling of date of sale; form of notice; judicial foreclosure not prohibited; "unfair lending practices" defined.
- NRS 107.090 Request for notice of default and sale: Recording and contents; mailing of notice; effect of request.
- NRS 107.095 Notice of default: Mailing to guarantor or surety of debt; effect of failure to give.
- NRS 107.100 Receiver: Appointment after filing notice of breach and election to sell.
Short Sale Flow Chart
Listing Taken / Real Estate Authorizations Obtained
↓
Short Sale Package Requested from Lender
↓
Initial Requirements to Lender
↓
Offer Accepted
↓
Final Requirements Sent to Seller's Lender with HUD
↓
Seller's Lender Approval - Settlement Amount Obtained
Short Sale or Release of Lien Disclosed by Lender
↓
Docs Signed by all parties, Money Deposited
↓
Escrow Closed with First Centennial Title
Example:
Purchase price: $450,000
(three years ago)
80% Neg Am loan: $360,000
Loan payoff amount at 110%: $396,000
(maybe a prepayment penalty of $6,500.00)
Contracted Sale amount: $380,000.00
(February1,2008)
Expenses:
- Owner's Title Policy: $1,374.00
- ½ Escrow Fee: $408.00
- Recording Fee: $20.00
- Reconveyance Fee: $90.00
- ½ Transfer Fee: $871.25
- County Taxes: $700.00
- Additional Costs: $150.00
- 6% Commission: $22,800.00
___________________________________
Total Expenses: $26,413.25
Proceeds before Payoff: $353,586.75
Lender is owed $396,000.00 We are asking them to short sale the
difference= $42,413.25
Short Sale they would release in total and accept $353,586.75 send title company a paid in full letter and reconveyance.
Release of lien would accept the $353,586.75 and have the Seller sign a note for $$$$$$(an unknown amount) could be as high as the actual shortage of $42,413.25
* Information provided by First Centennial Company of Nevada
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