Las Vegas, NV, December 15, 2011 --(PR.com
)-- The Ballen Group, a local team of short sale agents in Nevada, who have been specializing in Nevada Short Sales for several years now, have obtained a very difficult Short Sale Approval Letter from Bank of America. 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 letter actually states that the deficiency is being waived. The next 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."
The Property on Manalang took 164 days to close. There was only one buyer on this property from contract date to close which is rare. In many short sales, the first buyer leaves the transaction before approval can be obtained. The original list price was $85,000 which is where it sold to an FHA buyer. The bank contributed $2,550 in closing costs.
Ballen uses a comprehensive Las Vegas Short sale system for sellers. Homeowners who are facing Las Vegas foreclosure can request that The Ballen Group, A successful Las Vegas Short Sale Agent Team, consults with them about their needs. In addition, Ballen has created a custom 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 Ballen Group can be reached on their Las Vegas Short Sale Hotline at 702-482-7739 or on the web at http://www.ballengrouphomes.com/sell/.