The Ballen Group has listed Las Vegas home for sale. The Ballen Group's Las Vegas real estate agents are thrilled to be helping in another Las Vegas short sale.
June 2, 2014 (Newswire.com) - This Las Vegas townhouse is a part of the Tropicana Villas subdivision. The listing price for this Las Vegas townhouse is $35,000. This home is measured at 924 square feet with a lot size of 870 square feet. This Las Vegas townhouse is equipped with 2 bedrooms and 1.5 bathrooms. This is a two story Las Vegas townhouse.
This home is located in Las Vegas 89120. In this area there are 116 homes for sale. 25% of those Las Vegas homes are distressed listings. Distressed listings are either foreclosures or Las Vegas Short Sales. The median amount of days that Las Vegas homes are on the market in this area is 79.
The amount of Las Vegas homes for sale in 89120 have dropped by 2.2% since April 2014. The number of Las Vegas home sales in January dropped by 31.8% from December 2013.
The percentage of Las Vegas homes that are owner occupied in 89120 is 52.28%. This is 10.82% below the United States' national average. The percentage of renter occupied homes in Las Vegas 89120 is 38.42%. This is 19.22% above the national average which is normal for urban areas.
This Las Vegas short sale has been on the market since November 2013. With all the extra legal and bank processes that are involved with Las Vegas short sales, these Las Vegas home sales tend to last longer than most traditional Las Vegas home sales.
There is often some confusion between Las Vegas short sales and foreclosures. If a Las Vegas home owner borrows money from a lender and the lender later cancels or forgives the debt, the Las Vegas home owner may have to include the cancelled amount in income for tax purposes.
When the debt obligation is forgiven in a Las Vegas short sales, the amount received as loan profits is normally reportable as income because the original owner no longer has an obligation to repay their lender. The lender is usually required to report the amount of the canceled debt to both the original Las Vegas home owner and the IRS on a Form 1099-C, Cancellation of Debt.
In a Las Vegas foreclosure, a home owner will also get a 1099. In the case of a foreclosure the 1099 is called a "1099-A" and the 'A' stands for "Acquisition or Abandonment of Secured Property". It is important to know that while there are many differences, the tax consequences for the 'C' and the 'A' are the same. Because of The Mortgage Debt Relief Act of 2007 home owners may not even be required to pay taxes on the 'income' as shown on the 1099-C.
After going through a Las Vegas short sale or a foreclosure, most people have multiple 30, 60, and 90+ day late payments reported on their credit report. When the actual Las Vegas short sale is completed, most banks will report to their client's credit report that their account was "paid in full for less than the full amount."
Those client's credit report may also be marked as "settled." Each lender has a different way of reporting that a Las Vegas short sale was done, but this is the most common language used. If a Las Vegas home were to go to foreclosure, the owner would most likely see the bank report "Foreclosure"
The Ballen Group is a team of Las Vegas real estate agents who originally specialized in Las Vegas short sales. Now that the Las Vegas economy is on the rise, The Ballen Group's home sales is only 33% of their business.
The Ballen Group of Keller Williams Realty Las Vegas was started by Richard and Lori Ballen. The Ballens became Las Vegas real estate agents in 2007. After joining Keller Williams Realty Las Vegas they began their own team of real estate agents who originally specialized in Las Vegas short sales but now mostly work with traditional Las Vegas home sales.
The Ballen Group of Keller Williams Realty Las Vegas
3046 S Durango Drive #100
Las Vegas, Nevada 89117