Todd: Hello! Welcome to Todd Miller TV. Joined here today with Donna Brass. She’s one of the excellent agents here. Donna, among other things is a short sale specialist. She does a lot of short sales and she’s very good at them. So Donna, I get all asked all the time 2 big questions; One is, what are the advantages like why should I do a short sale? And then the other is, that they always have this misconceptions about short sale so there’s a general lack of education. So I wanna start with, Why should somebody do a short sale versus just letting it be foreclosed?

Donna: Okay, there’s quite a few benefits that can get tax benefits from that. They can also protect their credit with that. The short sale doesn’t do quite the damage to the credit that the foreclosure does. You loose about 200 to 400 points on a foreclosure, maybe 50 points on a short sale. Also the credit reporting. The foreclosures gonna be under credit for 7 years and the short sale may never get recorded to the credit agency.

Todd: Okay so, the 2-to-400 points?

Donna: Yes!

Todd: Okay! Wow! And you said that it’s possible that it won’t get recorded at all with the credit agency?

Donna! Right! That’s correct! ‘Cause it’s actually paid off. When we do the short sale we paid that Loan off. So it’s paid off in full.

Todd: Okay! I got it. Alright. Okay good. What about like, is it/one of the things that I/questions I get as far as “Is there always a concern about how long they’re gonna be in the house?” Like they’re always afraid; “Well, what if I do a short sale and you know, it takes us only 3 or 4 months and then I have to move out. But if I get foreclosed, I can stay here for 6 more months or a year maybe.” “Cause they have a/whatever, file a notice of default.Like how do you talk to somebody when they’re more concern about a few months free rent versus just doing a short sale?

Donna: Well the long term effects, it’s also gonna affect future employment too when they put a foreclosure on your record and then potential employer checks that. The short sale’s not gonna show up in there but the foreclosure is. So that’s also gonna take a hit possibly when you get insurance later for your car, they’re gonna see that so, other things in your life may cost you more money by letting this home foreclosed. You may pay in other areas of your life in the future. They may also garnish your wages. This is a deficiency stage in the state of Nevada and they can’t garnish your wages after a foreclosure. So that comes a year to after you walked away form the home and you think that it’s over; then they take money out of your paycheck and it sticks.

Todd: Right!

Donna: So, that’s something that you wanna know up-front.

Todd: And that actually happened. We actually had somebody here who like 1 years ago had had something happened and then it finally caught up with ’em. And then they sent us a letter saying “Anytime you pay this person, you have to send 25% to like/us. As in you have to like/pay us. They like garnish their wages. So, I mean you’re right. That definitely could happen. Okay, what are some of the Myths like some things that people believe that either stops them from doing a short sale but they don’t really know the difference? Like what are some myths about short sales?

Donna: What of the huge myths is that they think they have to get bad credit if they do a short sale that’s gonna give them bad credit. A short sale does not give you a bad credit. Not making payments is what gives you a negative credit rating.

Todd: Right.

Donna: So as long as you make your payments on your home and you do a short sale, you can actually purchase another home. So that’s really the big key factor of damaging your credits and not making those payments.

Todd: So how do you engineer that with a person who says, “you know I’ve been making my payments but it’s way too much and the house is upside down” and I don’t wanna make ’em like how do you/how do/what do you/like how do they typically do that?

Donna: Well they can continue to make their payments and then we put a buyer in there and close ’em in 60 days and they’re out of there and they haven’t damaged their credit and they’re on with their life.

Todd: Okay so, it can be just a seamless transaction where/I mean it sounds to good to be true in a way where this debt is forgiven and they just get a move on with their credit intact potentially.

Donna: It is a very good opportunity today if you’d like to move on and get rid of this. You now have and opportunity to do that. One of the other big myths is that if you’re an investor you can’t do a short sale and that’s just not true. We do short sales for investors.

Todd: Right. Okay. Anything else, like anything you can think of, on any other myths.

Donna: They think that they need to miss payments to do short sale. You don’t have to miss any payments and it’s best if you don’t. We can actually do the short sale and you make the payments. We get rid of the debt and you don’t damage your credits. So there’s actually a resolution to all of those myths right in the short sale transactions.

Todd: Okay. Cool! If somebody wants to have a conversation with you one on one, like confidential full conversation just to ask you some general questions, how do they get in touch with you?

Donna: You can reach me at 702-612-7652, Nevada Realty Solutions, Donna Brass.

Todd: Awesome! Thank you! That was fun!

Donna: Thank you!

Todd: Alright so, I just thought I would share Donna and her expertise with short sales. That is my update for today and hope to see you on another video. Thanks!