The Ballen Group, Las Vegas Short Sale Specialists, Obtains Bank of America Short Sale Approval Waiving Deficiency

Online, October 17, 2010 (Newswire.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.

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, Henderson Short Sale Agents, and North Las Vegas Short Sale Specialists consult 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 brokerage The Ballen Group Agents, who do their business under the brokerage Keller Williams Realty Las Vegas, lists the short sale property the same as they would with any other property. It is marketed on the internet, television, mail outs, magazines and more. The real estate commissions are negotiated with the bank rather than the seller. The Ballen Group then receives offers and presents them to the seller. Once an offer is chosen, it is submitted to the bank for approval. The entire process takes 60-120 days on average and could save the homeowner from Las Vegas foreclosure (Terms should be discussed with the seller's attorney, accountants, credit advisors and any other professionals outside of the general real estate field).