The Ballen Group just closed a Bank of America Short Sale with a property on the street: NEATH. There was one Lien Holder, Bank of America (FHA). The property was listed for $$163,000 and sold for $163,000 where the purchaser had a Conventional loan and received no contributions in closing costs from Bank of America in this short sale. The Seller received an approval letter with no deficiency language in ADDITION to $750.00 at closing. An approval was obtained 76 days after the final buyers agreement was accepted and closed 36 days after approval.
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 hires a Real Estate agent, such as The Ballen Group, Short Sale Agents to sell their home and negotiate the sale with the bank.
The Ballen Group offers a tool called The Short Sale Or Stay Calculator. This tool can be used to help a Homeowner in Nevada receive an instant estimate on what their home is worth in Nevada. They can enter their mortgage payoff and use this math to decide whether to consider a Las Vegas Short Sale or Stay. This tool can be found at http://www.shortsaleorstaymath.com
The Ballen Group is an award winning team specializing in Distressed properties - specifically Las Vegas Short Sales as well as residential real estate in Las Vegas, North Las Vegas, and Henderson. Reach The Ballen Group at 702-482-7739.
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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.