Las Vegas, NV – January 5, 2012 – (RealEstateRama) — The Property on Aliso had one Lien Holder which was Bank of America. It was originally listed for $165,000 and eventually sold for $133,000 with zero closing costs. It was purchased with a conventional loan and took 105 days to close. The approval letter contained no deficiency language.
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 Ballen Group uses a 3 question factor to consider if a Short Sale is right for the specific homeowner. These are 1. The homeowner is no longer able to make mortgage
payments or have already missed a payment due to financial hardship. The homeowners wants to avoid foreclosure. The value of the home is less than what is owed on the mortgage.
Call 702.482.7739 to speak with a Las Vegas Short Sale Specialist and Request your Las Vegas Short Sale Kit.
A Summary of the Ballen Method
1. Complete the Quick Qualifier with the Short Sale Agent to determine if you would be a good candidate for a Short Sale in Las Vegas and what short sale program may apply.
2. Consult with your attorney and CPA in regards to your specific situation. Remember, Nevada Real Estate Agents are not trained nor licensed to give advice on legal ramification or credit consequences of a short sale. We do have an attorney standing by to consult with you. Ask the agent about it when you call 702-482-7739.
3. Meet in our office with the short sale listing agent to authorize the listing and prepare your short sale hardship package. This is where your help truly starts and the Short Sale Process gets underway.
4. We Market your home aggressively using our Comprehensive Ballen Method to Marketing homes for Sale in Nevada.
5. We find you a Ready and Willing Buyer
6. Your designated Ballen Group Short Sale Manager will work with the negotiators to determine and discuss the Nevada property value and the buyers offer as well as your hardship situation.
7. We receive your approval letter and present to you for decision making.
8. It is suggested that at this time you meet with your attorney and accountant to determine your choices now that the terms are stated in writing from the lien holder(s)
9. CLOSE the short sale transaction and you are able to move on with your future.
The Ballen Group
Lori Ballen and her husband Richard Ballen manage a top producing Las Vegas Real Estate Team at Keller Williams Realty Las Vegas on DI and Durango with Debbie Zois and Dave Jenks. As Las Vegas Short Sale Specialists, Lori and her team focus on distressed properties and residential real estate in Nevada. They can be reached at 702-482-7739 or on the web at http://www.TheBallenGroup.com