Need to Sell Your Home in Nevada?

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Selling luxury homes in bustling Nevada cities can sometimes be quick work. The average home in the average city usually won’t fare as well. If you’re familiar with the Nevada housing market, you know that selling is difficult. The unpredictable highs and lows of the market complicate the process, leaving many homeowners frustrated. No matter what factors are out of your control, there’s always a way to sell your home.

NO MATTER YOUR SITUATION WE CAN HELP

Certain reasons for selling your home may require court processes, and other reasons may make your home difficult to sell, but there’s a lid for every pot. Understanding the variables you’re contending with and the legal requirements associated with these variables will make it easier to sell your home.

Death in the Family +

There is no shortage of ways in which a death in the family can lead a homeowner or inheritor to sell a property. Nevada is not one of the states that requires sellers to disclose deaths that may have occurred on the property to potential buyers, unless the death was a direct result of the property itself (such as from asbestos insulation).

Financial Distress +

If your financial distress has not yet lead you to foreclosure, the best way to approach the situation is to sell your home before it does. If you prepare a letter of hardship that the court deems valid, your lender may agree to grant you a short sale before your default on your mortgage loan.

Bad Neighborhood +

Nevada is notorious for bad neighborhoods. Homes in the heart of Las Vegas, as well as areas like Winchester, Paradise, Beatty, Yerington, Laughlin, and Owyhee aren’t selling. This is because the stigma of a bad neighborhood sticks hard, and buyers aren’t keen to search for homes in areas with bad reputations. The right buyer may come a long, but expect to wait a very long time. If you can’t wait, home investors aren’t intimidated by bad neighborhoods.

Behind on Payments +

When you’re behind on payments and you know you can’t catch up, you may want to sell before you find yourself in over your head. Most lenders would prefer to come to a conclusion without having to begin the foreclosure process, and contacting your lender may make alternatives like short sale possible.

Job Transfer +

Unless your transfer is to a location where you can reasonably commute from your current home to your new job, you’ll probably want to sell your home. Unless your transfer involves doubling your pay, it’s probably unwise to leave before you’ve sold your home. If time constraints are an issue, you’ll need to use a fast sale method.

Run Down Home +

With homes in reasonable condition moving slowly in Nevada, run down homes are an even bigger challenge. While it’s difficult, it’s still feasible to sell a home that’s seen better days. Home investors love grabbing up run down properties.

Bad Tenants +

You need to get awful tenants off of your property before you can sell it. Nevada has some unorthodox eviction laws that require careful attention. Make sure tenants are evicted for the right reason, and served the proper notices.

Fire Damage +

Unless you had fire insurance, you were probably in for a surprise when you got a repair estimate. Fire destroys homes, and buyers aren’t looking for homes that are significantly damaged. Using an unconventional route, like selling to an investor, may solve your problem.

Divorce +

If you’re selling your home during a divorce, you’ll need the permission of the courts and the spouse if the home is considered a joint asset. Selling quickly can help settle the divorce faster by adding the sale profits of the home to the distributable assets so a divorce can be finalized sooner.

Military Transfer +

Unless you’re being transferred overseas, you aren’t going to get any help or leniency regarding your current home. You need to sell before you move in order to avoid sending all of your income back to the lender you’re leaving behind.

Relocation +

If you’re relocating voluntarily, chances are that you’ve already determined just how expensive that will be. In order to keep expenses low, it’s the more economical option to sell your current home before you purchase a new one. If you’re willing to wait for an indefinite period, you can sell any way you choose. If you’re already packed, it’s time to investigate quick sales.

Foreclosure +

As soon as you’ve received your 60 day notice, it’s time to get the ball rolling. You aren’t eligible for any mediation, and selling the home is the only course that will avoid foreclosure leaving a sizeable scar on your credit score.

Job Loss +

If you were barely scraping by and your lost your job, you may fear for your financial future. In a time where you need to be careful with spending, your mortgage may seem daunting. Selling as fast as possible can help you prevent the accumulation of debt.

Inherited Property +

If the property is subject to probate, see if you are eligible to request to skip the process. Most properties inherited in Nevada qualify for a probate shortcut. If you’ve outright inherited a home after an estate has been settled, it’s yours to sell however you choose.

Needs Repairs +

If you’re looking to sell your home because of the repairs it requires, you’ve likely already come to the conclusion that you cannot afford to make these repairs yourself. A lot of buyers don’t want to purchase a home that will immediately leave work, but investors specifically gravitate towards these properties.

Code Violations +

Code violations are expensive to repair, and often rack up additional penalties. These violations need to be disclosed to potential buyers, and they don’t want to foot the bill. Investors don’t care whether or not a property has been cited for code violations. They’ll deduct the relevant costs from their offer, and pay to fix it themselves.

Liquidate Assets +

Bankruptcy, divorce, tax audits, and the settling of estates sometimes involve liquidating assets – including properties. In most cases, you will need court approval to sell the home. The faster you sell the home in question, the faster you can settle whatever matter you’re dealing with.

Expired Listing +

In Nevada’s housing market, an expired listing is nothing unusual. If you’ve been through a few expired listings, it’s time to decide on a different sale method. If an experienced realtor can’t sell your home to a typical buyer, you’ll need to find an alternative type of buyer.

CHOOSING THE RIGHT SALES METHOD FOR YOUR HOME

SELLING THROUGH A REALTOR

The median home value in Nevada is at $218,000. This spans from a low of $175,200 in Pahrump to a high of $283,300 in Reno. With most Nevada realtors utilizing the standard 6% commission rate, this means that you can expect to lose anywhere between $10,500 and $17,000 in agent fees. Those fees only apply if a realtor can sell your home, and with the current market in Nevada, that’s a big maybe.

The market has been a constant rollercoaster since 2011. It hit peak performance in mid 2010, and it hasn’t been the same since. It’s had ups and downs, but even the highest ups are remarkably lower than the lowest downs that began to occur in 2011. The market hasn’t come close to fully rebounded, and growth is relatively slow. If this prospect seems intimidating to you, it may be worthwhile to investigate your other options.

FOR SALE BY OWNER

Selling your home by owner may not turn out much better. Since the average listing sits on the market for about 72 days before being sold, 14% of those listings are subject to price cuts before selling, and 21% of homes sell for below the previous sale price, the outlook is bleak. It may seem tempting to dodge realtor fees or expired listings and attempt to sell the home on your own, but doing so may wind up costing you.

Staging, listing, advertising, and showing a home come built into the commission that a real estate agent takes out of the back end of the sale. If you don’t like the outlook of working with an agent, you’re going to have to spend that money up front. In an unpredictable market with a history of large drops, you could be spending for a long time before you find the right buyer.

If you have a highly desirable property in an area with better movement, this may not be the case. People who can afford to make a big move seek out affluent areas, and are actively looking for homes that can fetch top dollar. If your home is in a perfect state of repair, completely modernized, and located in an upscale area, you shouldn’t have many concerns about selling your home through traditional means – or even by owner.

SELLING TO AN INVESTOR

If you don’t find yourself in that category and you’re not seeing the silver lining, you always have the option of selling to an investor. Investors turn undesirable properties into these hot listings, so they’re looking to purchase homes fast that demonstrate potential – even if it will take a lot of cash to get them there.

Because of this, investors often offer less than full market value for a home. In the end, nobody actually sees full market value anyway, and this trade-off can ultimately be what helps you sell your property.

Incredible homes sell a lot faster than unremarkable homes, but the waiting time is still nearly an entire season. In a market like Nevada’s, you may have to relist your home several times before finding a buyer, sending you back to square one on a continual loop. If you don’t have that time to wait and your property isn’t considered highly desirable, finding a cash buyer who doesn’t care about the condition of the home is the best means to an end.

Investors, for example, pay in cash. They don’t care whether or not a home has been repaired, renovated, or staged. They’ll develop their own vision regarding your home, and they’ll purchase it if they can make that vision come to life. You don’t have to worry about spending anything, and you’re not confined to riding out the bumps of the Nevada housing market. Investors buy in cash, and they buy quickly.

FINDING HONEST INVESTORS

Nevada has seem an alarming number of home investment scams, particularly in the Las Vegas area. As disheartening as it may be, scams do happen across a variety of industries. When it comes to the sale of your home, you want to protect yourself. Your home is a valuable asset, and you don’t want to be put through the wringer.

Thankfully, the internet makes it easy to spot scammers. Companies with a shady reputation will also have a string of reviews and testimonials from people who feel as though they’ve been duped. If a company turns out to be reputable, you’ll find reviews that speak the opposite.

Ask as many questions as you need to ask, and never sign anything you don’t understand. A reputable investor knows everything about the process, and will be happy to explain things to you. If at any point, a home investor dodges questions, asks you to sign documents in private, or discourages you from reading any paperwork, that’s a sign that you shouldn’t place your trust in that company.

NEVADA INVESTORS SPECIALIZE IN HELPING HOME OWNERS IN DIFFICULT SITUATIONS

What to Do in Foreclosure

The majority of Nevada foreclosures are nonjudicial, and they begin with a specific notice. If you’ve received your 60 day Danger Notice from your Nevada lender, you’re running a race against a ticking clock to resolve the situation. [read more="Read more" less="Read less"]

This is the point at which foreclosure actually begins, and no mediation can help you. You can’t keep your house, but you can still stop foreclosure from ruining your financial history if you move quickly.

During these 60 days, actively seeking a buyer is in your best interest. Since the average home lists for 72 days in Nevada, turning to a real estate agent would be a dangerous decision. A lot of real estate agents won’t touch homes in foreclosure, and even the quickest agent sale process is still considerably lengthy under these time constraints. You need a cash buyer, and you need one immediately.

Home investors generally work with individuals facing foreclosure. Locate a home investor who would be interested in purchasing your property before the Danger Notice expires, and contact your lender. Under these circumstances, you lender may permit a short sale. It’s less expensive and time consuming for your lender, as they’re able to recover funds quickly and won’t have to spend money to make money back.

The next issue you’ll have to contend with is deficiency judgement. All states have different deficiency judgement laws, and Nevada’s are a little more complicated than most. Technically, lenders can pursue deficiency judgements after a short sale or foreclosure. The amount is limited to the difference between the debt and the sale price, or the debt and market value of the home.

Some homeowners are protected against deficiency judgement. Purchase loans granted after October of 2009 that have never been subject to a refinance that were used to purchase a single family home that was always occupied by the buyer are not subject to deficiency judgement. If you find yourself in this position, you have nothing to worry about.

If you are at risk for deficiency judgement, you can ask your lender to sign a waiver that forfeits their right to pursue you after the sale. This is something worth discussing. If you can’t come to an agreement, a judgement that seeks the difference between market value and sale price is still substantially less than what you would owe on a total debt judgement in most cases.[/read]

What to do as a Landlord

A property without tenants is ready to be sold. If there are people currently living in it, you’ll need to get them out before anyone will purchase the property. If the tenants living in the property always pay rent on time and don’t cause you trouble, you may not be able to formally evict them. If this is the case, tell them what’s going on. [read more="Read more" less="Read less"]

Give them their deposits back and waive any consequences associated with early termination if the tenant decides to leave early, and write them a recommendation letter that they can show to other prospective landlords. Do what you can to help them find a new place, but don’t attempt to force them out. To do so may be illegal, depending on how you do it. It’s not worth playing with fire, especially if your tenants are dependable.

It’s relatively easy to evict a tenant for nonpayment. Monthly tenants can be served with a 5 Day Notice to Pay Rent or Quit. For weekly tenants, you can serve the same notice, but reduce the term to 4 days. This notice needs to touch on several major pieces of information: When the rent was officially late, how much rent is owed, that the tenant can pay the rent within the timeframe, that the tenant has the right to respond to the notice, that you have no intent to use any self eviction methods, that the tenant has the right to object if the notice is perceived as discriminatory or retaliatory, and that they sheriff can legally remove the tenant for nonpayment.

For tenants who are disturbing the neighbors, running a business out of the property, subletting without permission, or violating the rights of people around them, they can be served a 3 Day Notice to Quit for Nuisance. Any other violation of the lease terms is subject to a 5 Day Notice to Perform Lease Condition or Quit.

When the terms of any of these notices fail to be met, the tenant can then be served with a 5 Day Notice of Unlawful Detainer. The tenant can then file an objection with the court as to why they shouldn’t have to leave, or request the court allow them to stay for a maximum of 10 more days. On the 6^th day after personally serving the notice or 9^th day after mailing it, you can file a complaint with the court for Summary Eviction. After the order is granted, the sheriff or constable can remove tenants that refuse to voluntarily leave according to the order.

Formal eviction is an alternative to summary eviction, and it’s the process you’ll need to pursue if the tenants have left you in severe debt. If you’re seeking monetary damages that exceed unpaid rent (such as those that would remedy substantial damage done to the property by the tenant), you’ll need to file for formal eviction. This is essentially the same as summary eviction in every way, except for that landlords can be awarded the monetary value of damage that they can prove is the fault of the tenant. [/read]

What to do if you're in Probate

If you weren’t already aware, not every property is subject to the full probate process. If you’re about to get it started, see if you can’t utilize Nevada’s simplified probate process. This works for any estate that doesn’t exceed $300,000 in value. [read more="Read more" less="Read less"]

If you’re the executor of the estate (and no family members object), you can submit an affidavit to the court requesting simplified probate. If the court grants it, you’re able to skip most of the tedium of the process and go straight to selling the property.

Nevada probate is a little simpler than probate in other states. Many states offer tons of probate options, where Nevada tends to offer just one. This is because many Nevada inheritors are able to skip the process. If you cannot, you’ll need to appoint an executor who will be responsible for dealing with the probate court.

This executor files the official paperwork for the court, called a Petition for Probate. After this petition is filed, a notice must be published in a newspaper that serves the area where the deceased lives. This gives creditors a chance to claim debts against the estate, and they’ll have three months to come forward. The court gives the executor something called Letters Testamentary, which affords the legal right to act on behalf of the deceased.

The executor puts together a list of assets in the estate, including any real estate and debts attached. If you need to sell the property to cover large debts left by the estate, inform the court. They’ll allow you to sell it at this point. If not, the estate will be closed upon settling any relevant taxes and claims by creditors. Once the court closes the estate, the person who inherits the property is free to sell it if it hasn’t already been sold.[/read]

What to do if Home needs repairs

You don’t actually need to repair a property in order to sell it, no matter how damaged it may be. If you have some extra cash to work with and you’d like your property to command a higher value, it may not hurt to invest a little bit getting the place in shape. [read more="Read more" less="Read less"]

Depending on what’s wrong with the property, you may not see return on investment, though there are some repairs that are financially worthwhile.

Roof repairs will always be worthwhile, provided you have the cash to make them. Roofs take a lot of abuse, and they’re a critical facet of a home’s structure. A bad roof can cause a whole house to fall apart, and buyers know that. They’re weary of buying homes with leaky or old roofs. If the roof is bad, how are they to know that leaks haven’t taken a toll on the internal structure of the walls?

The median price of a new roof is $5,043 in the state of Nevada. If you have the money to spend, a new roof definitely adds value to the home. The only issue with repairing a roof is that it’s usually the beginning of a more complicated process. If the roof let water into your walls, you may have water and mold damage. There’s no sense in fixing the roof if the water and mold in the walls are still going to deteriorate the structure, so you may need to spend even more fixing the entire problem.

When a property is riddled with problems that stack up to an exorbitant repair bill, you can still sell the home without making the repairs. In this scenario, you’re best relying on an investor to purchase your home. They buy properties that need work, and hire their own contractors to perform the work. They’ll offer you less the cost of the repairs of the home, meaning you won’t have to spend anything out of pocket to make the property desirable.

In the end, you aren’t really losing much. You would have needed to spend tons out of pocket in order to repair and modernize the home so as to make it appealing to the average buyer. The investor simply deducts these costs from their offer, and does the work themselves. [/read]

Working with a legitimate Investor

Home Buyers USA is proud of our track record for assisting homeowners seeking the services of a home investor. In most cases, homeowners turn to investment companies because their property is a difficult sell, or they find themselves in financial jeopardy.

We’re familiar with these situations, and we know how stressful and emotionally taxing they can be. We’d love to answer any questions you may have, and explain to you how we might be able to help.

After you contact us with relevant information about your property and your situation, we’ll be able to have one of our experienced experts prepare a cash offer for your home. We know you want to sell fast, and we want to buy fast. Every moment you wait is a moment lost, so contact us as soon as you require assistance.

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