If you have been exploring short sale now is the time to look a bit harder at this option. Why you ask? A couple reasons. First, over the past couple of years the lien holders (banks) have developed systems that streamline the short sale process. Some banks are better than others but overall they have improved. Second, with the passage of Nevada AB284 which went into affect in October 2011 many banks are delaying the foreclosure process while they work to get their paperwork in order. This may afford sellers an opportunity to negotiate from a position of power and with the luxury of time. And lastly, the IRS Debt Forgiveness Act is set to expire in December 2012. This act provides sellers who have had debt forgiven through foreclosure or short sale with some exemptions. Many sellers, especially primary residence owners, benefit from this act. Now is the time to call a real estate professional and explore the short sale option.
