The rules for a short sale in Nevada are as follows:

DEFICIENCY: Nevada, unlike California, is a deficiency state. Meaning even AFTER the bank forecloses the bank can still go after the remaining debt against a seller. Do not confuse this with a 2nd lienholders right to sue when they have been rendered a “sold-out junior lienholder” as described in the FORECLOSURE / ONE ACTION blog.

On July 15, 2011 FTC DECLARED:

• Real estate brokers can conduct short sales and can collect advance fees if they follow their own state guidelines.
• Real estate brokers do not have to make several disclosures required by Mortgage assistance Relief Services (MARS).
• It is especially important that MARS not inadvertently discourage real estate professionals from helping consumers with these types of transactions.

For detailed short sale and foreclosure laws in Nevada state, please see the following.

• Nevada short sale information

http://www.ftc.gov/opa/2011/07/mars.shtm

• Foreclosure Options

http://foreclosurehelp.nv.gov/ForeclosureOptions.htm

• Nevada Foreclosure Information

http://www.hud.gov/local/nv/homeownership/forclosurewkbk.pdf

• Junior (Seconds) Lien Holders Right To Sue After Short Sale & Foreclosure

http://www.leg.state.nv.us/Session/76th2011/Bills/AB/AB273_EN.pdf

More Information About Short Sales
Short Sale Process – Steps in a Short Sale Process – Wachovia Short Sale Package – California Short Sales