The Ballen Group, a local team of award winning short sale agents in Nevada, who have been specializing in Nevada Short Sales for several years now, have completed a very difficult Short with Bank of America for the property on Bamboo Forest located in The Vistas at Summerlin. The Bank took a short payoff of around $175,000 as the property sold for $225,000 and was originally purchased for around $400,000.
The Short Sale Approval Letter from Bank of America has always included language stating that Bank of America reserved the right to collect the debt (the difference of what the buyer paid for the home and what the seller owed on the loan) from the seller. This short sale approval letter actually stated that the deficiency was waived. The following paragraph is taken directly from the letter.
Upon receipt of the agreed amount, BAC Home Loans Servicing, LP, and it's investors will waive the remaining balance due on the above referenced loan and release the borrower from further obligation therein, and waive all rights to pursue further judgment or deficiency. BAC Home Loans Servicing, LP will report this debt as "settled for less than the amount owed" and issue a 1099 for the remaining balance. The seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney before proceeding with the short sale.
Ballen uses a comprehensive Las Vegas Short sale system for sellers. Nevada Homeowners who are facing Las Vegas foreclosure can request that The Ballen Group, A successful Las Vegas Real Estate Agent Team, consult with the sellers about their needs. In addition, Ballen has created a custom short sale hardship package allowing the homeowner to complete the documents required by the bank to ease the process. Although The Ballen Group would never encourage Las Vegas Short Sale, many homeowners in Las Vegas and surrounding areas are facing true hardships that force them to attempt a Short Sale rather than face Las Vegas Foreclosure.
Many Las Vegas mortgages now exceed the fair market value of the home. Negative equity has become an increasing problem for the nation, but is excessive in Las Vegas. With the prices of Las Vegas homes decreasing, and the interest rates on previous subprime loans increasing, many Las Vegas home sellers have no choice but to negotiate with the bank to take less (also known as a “short”) on the sale of the property. The seller proves a hardship to the bank which could include divorce, loss of income, health issues and other various situations proving the monthly mortgage payments are impossible for the homeowner to pay. The home owner requests the help of a Real Estate agent, such as a Short Sale Specialist of The Ballen Group to sell their home and negotiate the sale with the bank.
The brokerage The Ballen Group Agents, who do their business under the brokerage Keller Williams Realty Las Vegas, lists the short sale property the same as they would with any other property including virtual tours and a comprehensive internet marketing program. The real estate commissions are negotiated with the bank rather than the seller. The Ballen Group then receives offers and presents them to the seller. Once an offer is chosen, it is submitted to the bank for approval. The entire process takes 60-120 days on average and could save the homeowner from Las Vegas foreclosure (Terms should be discussed with the seller’s attorney, accountants, credit advisors and any other professionals outside of the general real estate field).
"Another Nevada Homeowner Helped", says Lori Ballen, team leader for The Ballen Group. "We are always thrilled to see the banks coming to terms with these sellers. The banks need to continue improving their systems, and making it possible for the sellers to move on with their lives". Richard Ballen, Listing Specialist for the Ballen Group happily stated "Another Problem has been solved. Bring on the next one".
The Ballen Group encourages its licensed agents and Realtors to undergo Short Sale Training and classes and stay up to date on bank requirements and policies. In addition to the licensed agents, The Ballen Group provides full time transaction coordinators to help in the short sale process. The Ballen Group, managed by Richard and Lori Ballen (Wekerle) is very successful in marketing & selling Las Vegas, North Las Vegas, and Henderson Short Sales and helping home sellers valley wide. They hold a high standard for the agents, and practice professionalism, honesty, and ethical practices at all times.
The Ballen Group specializes in Las Vegas Real Estate, Henderson R
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702.482.7739 - When Ready to sell your Las Vegas Home - if you owe more than the mortgage, we can help. Call us to discuss short sale options. Las Vegas Short Sale Specialists with Keller Williams Realty Las Vegas.