Trish Nash - Las Vegas - EXIT Realty Unlimited, CRS, GRI, PMN,

In Las Vegas the majority of sellers are upside down on their homes. I get at least one call a day from someone that is inquiring about a short sale. If the seller can show a true hardship there is NO reason we shouldn't be able to get a short sale approved for them.

We have attorneys charging sellers thousands of dollars to include their home in a BK when simply n a short sale could have been the answer they needed - and a must less costly one at that!

All my sellers must sign a disclosure stating that they should contact a CPA and attorney to find out the tax/legal implications of a short sale.

I did a short sale for a client a year and a half ago and she has worked really hard on improving her credit and she was just approved for a loan this week. So in less than two years we are able to get her into another home!

My clients are all so very greatful of what a short sale can do for them. You certainly earn a client and referrals for life!

Trish Nash

Broker/Owner - EXIT Realty Unlimited

A short sale will have a lesser impact on your ability to re-establish your credit history than a foreclsure or bankruptcy. See below:

Here is a summary of Fannie Mae loan policies that went into affect on August 1, 2008. This represents the time period that must elapse before borrowers can demonstrate they have reestablished an acceptable credit history after the occurrence of the bankruptcy or foreclosure.

2 yrs - Preforeclosure Sale (aka Short Sale)

2 yrs - Bankruptcy Chpt 13 (reorganization) - case discharged (completed)

4 yrs - Bankruptcy Chpt 13 (reorganization) - case dismissed (not completed)

4 yrs - Bankruptcy - All others, not Chpt 13

4 yrs - Deed-in-Lieu of Foreclosure

ADDITIONAL REQUIREMENTS up to 7 yrs after

- The greater of 10% down payment or minimum down payment required

- Limited cash-out refinances

5 yrs - Multiplbe Bankruptcy filings

5 yrs - Foreclosure

ADDITIONAL REQUIREMENTS up to 7 yrs after

- Min 10% down payment and credit score of 680

- No second homes or investment properties

- Limited cash-out refinances, but only if eligibility requirements