This Las Vegas condo located in Spring Valley has one bedroom and one bathroom. This Las Vegas condo is measured at 814 square feet. This Las Vegas condo was built in 2003 and is a 2 story. This Spring Valley, Las Vegas home has access to a pool.
This condo is a Las Vegas short sale. A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. In addition, the property owner cannot afford or chooses not to repay the liens full amounts.
The lien holders, this Las Vegas resident’s bank, agrees to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.
With foreclosures on the rise in the US, banks are looking for any way they can to minimize their foreclosure losses. Basically, it is much more cost effective for a bank to agree to a short sale rather foreclose on a home.
Banks in Las Veags aren’t in the business of owning Las Vegas real estate and collecting monthly mortgage payments. So a bank will take a minor loss in a Las Vegas short sale to start that payment cycle again. In addition, if the Las Vegas home is in foreclosure, a bank must pay for upkeep, insurance, and other costs. Plus, through the foreclosure process, the bank would incur legal and court fees.
This condo is located in the Spring Valley, Las Vegas zip code region of 89147. The number of homes for sale in this area is 168. This number has increased by 1.3% since the early part of April 2014. The number of days Las Vegas homes are for sale in this area of Spring Valley is 48. The median price for homes in this area is $207,820.
17.3% of homes in Las Vegas 89147 are “Distressed Listings” meaning they are either foreclosures or short sales. According to Lori Ballen, who owns The Ballen Group with her husband Richard, “33% of our listings taken this year  are STILL short sales with an average list price of $201,165.”
The Ballen Group’s Las Vegas real estate agents that work with listings are all Las Vegas short sale certified. Originally The Ballen Group specialized in Las Vegas short sales, but have branched out to include traditional Las Vegas home sales in Summerlin and the surrounding areas of Las Vegas. Even after branching out to specialize in different areas, a third of The Ballen Group’s listings are short sales.
Husband and wife, Richard and Lori Ballen, became Las Vegas real estate agents in 2007. They were the top producing Las Vegas real estate agents in their team after the first year. Eventually Lori and Richard moved to Keller Williams Realty Las Vegas and started a team of Las Vegas real estate agents, which they call The Ballen Group.
The Ballen Group - Keller Williams Realty Las Vegas
3046 S. Durango #100
Las Vegas, NV 89117