Las Vegas, NV, July 12, 2012 --(PR.com
)-- The Ballen Group just closed a Short Sale with Wells Fargo for a property on the street Slipstream in Las Vegas in the zip code 89139 which is in Paseo at Pinnacle Peaks.
The Short Sale had one Lienholder. Therefore this Nevada Short Sale had to be approved with Wells Fargo only. The original list price was $155,000 and it closed at $155,000. This was a conventional loan buyer who did not receive any contributions from the seller or the mortgage companies who held the liens. The Seller did in fact receive $3000 from the Bank through a government program. The deficiency was waived. This short sale took 117 days total from list date to close but only 41 days from the day that short sale approval letter was received.
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 is an award winning real estate team in Nevada with Keller Williams Realty Las Vegas and is owned by Lori Ballen Realtor. The Ballen Group consistently ranks in the top 1% of all producing real estate agents in The greater Las Vegas Board of Realtors and is in the top 10 short sale closers in Nevada for 2012.