Coldwell Banker Wardley Real Estate – Las Vegas and Henderson MLS News and Search Tool

September 14, 2009

Notice of Default – Short Sales in Las Vegas – A Realtor Explains

Filed under: Announcements,Las Vegas Short Sales,News and Press Releases,Questions and Answers — The Ballen Group @ 9:48 pm
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Coldwell Ban…, Broker in Las Vegas, NV

Written by Coldwell Banker Ward…, Broker in Las Vegas
September 14, 2009 2:34 PM Home Selling in Las Vegas
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NOD – THE NOTICE OF DEFAULT – Clark County Nevada Definition: Lenders file in the public records where the property is located a public notice called the Notice of Default. In Nevada, the Notice of Default is not attached to the home physically (like a scarlet letter) as it is in other states. Here it is served to the borrower and posted in the public county records (see link below) Lenders typically do not file a Notice of Default until the borrower is at least 90 days behind in making payments. Lenders must then wait 90 days. During that 90-day period, the borrower has the right to make up the back payments and reinstate the loan. After 90 days, the lender is required to publish a notice in the newspaper for 20 days and then may sell the property to the highest acceptable bidder on the courthouse steps. If no acceptable bid is received, the trustee then conveys the property to the lender. Our local board of Realtors requires that the Notice of Default (NOD) is posted in the MLS. Once you have contract us to place your home on the Multiple Listing Service (MLS), we will check the NOD link weekly to see if your home has been posted on the NOD list. When it does, we will inform you and begin our “foreclosure” timeline. This does not mean we plan for foreclosure, but it does mean that we need to move full steam ahead to beat the foreclosure. Once the NOD has been filed, some banks will set a “sale date”. This is the date that your property would go to the “sheriffs’ sale” or auction. In order to get a short sale approved, we need to have full approval and closing prior to this date. In some cases, it takes months after the NOD to set the date. It depends on the bank, their procedures, timelines, and work load. Until this date is set, we keep moving along according to our original timeline and checklists set. If you receive a notice of default, please be sure to let us know immediately so we can be more aggressive about the sale or negotiations.

You can check the Clark County Nevada NOD list yourself whenever you like at the link below.

http://recorder.co.clark.nv.us/extReal/Navigate.asp?AdvancedSearch.x=37&AdvancedSearch.y=9

Disclaimer: Coldwell Banker Wardley Real Estate, all agents and employees do NOT have legal training and can’t advise you on the legal aspects of a Las Vegas shortsale or Las Vegas foreclosure. In addition, we are not certified public accountants and can’t advise you on credit or tax consequences of a Las Vegas short sale or foreclosure. Any statements made should not be taken as legal advice, but simply the sharing of experiences. Laws are changing everyday and we are not always aware of the changes, therefore we suggest you consult with professionals in each field prior to, in the duration of, and at the completion of the Las Vegas shortsale process.

About the Author

Coldwell Banker Wardley Las Vegas Short Sale Specialists (Lori Wekerle’s Team – Formally with The Ballen Group) specialize in Summerlin Real Estate and Las Vegas Short Sales. Specializing in Marketing Homes to sell, Henderson and North Las Vegas short sales & REO/distressed properties, negotiating for buyers, first time home buyers, and investment properties, Coldwell Banker Wardley gets YOU results. For more Las Vegas Short Sale Information, Contact the Lori Wekerle by sending and email to lori.wekerle@gmail.com or Call 702.604.7739.

Get help with your Nevada Short Sale at http://www.savemefromlasvegasforeclosure.com

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