Las Vegas, NV, May 19, 2012 --(PR.com
)-- The Ballen Group just closed a Short Sale with Provident Funding and Citibank Mortgage for a property on the street: Crispinio in Las Vegas. There were two Liens.
The property was listed for $119,900 and sold for $108,500 where the purchaser had cash and received zero closing costs from Citibank or Provident Funding in this short sale. The Seller received an approval letter with no deficiency language. An approval was obtained in 106 days after the buyers contract was accepted and closed 25 days after approval.
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.
Therefore, the lien holders agree 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 aren’t in the business of owning real estate and collecting monthly mortgage payments, so a bank will take a minor loss in a short sale to start that payment cycle again.
In addition, if the 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.
The Ballen Group, Lead by Richard and Lori Ballen, Specializes in Distressed Properties. A Nevada Homeowner can Contact The Ballen Group to decide if a short sale is right for them or use the online calculator to determine their next possible plan of action.
702.482.7739 – http://www.NevadaShortSaleServices.com
The Ballen Group of Keller Williams Realty Las Vegas
3100 S. Durango #106, Las Vegas, Nevada 89117