Las Vegas, NV (PRWEB) August 17, 2012
A luxury homeowner in Club Madiera, located in the Anthem Highlands section of Henderson, a suburb of Las Vegas, Nevada has sold their home as a short sale.
Originally purchased for $904,000 in 2006 with a Bank of America mortgage totalling $600,000 on her home, the homeowner enlisted Mark Karten of The Karten Group at Rothwell Gornt to list and sell the home as a short sale.
The Karten Group was actually the second agent to list the property after the original real estate company was unsuccessful in negotiating a timely approval with the bank. Says Mr. Karten, "I wish I could say we were always chosen first, but luckily this homeowner was referred to us after her initial disappointment. Six months were wasted with the first listing agent but we quickly made up for lost time."
Mark Karten personally negotiated the sale for the purchase price of $424,000, with the bank writing off the remaining balance due and agreeing not to pursue for a deficiency judgment. The homeowner did not have to contribute anything to the sale and as a bonus, Bank of America paid her $5,000 at the close of escrow to help with relocating to another home.
Most importantly, by selling her home in 2012, the homeowner was able to qualify under the Mortgage Forgiveness Debt Relief Act, which is due to expire on December 31, 2012. This IRS provision relieves homeowners from owing income tax on the amount forgiven in a short sale. In this case, $181,000 that could be subject to income tax was exempt.
While other real estate agents use third party companies to negotiate and manage their short sale listings, Mark Karten feels it is of the utmost importance to represent each of his clients personally.
"With the majority of homeowners underwater in Las Vegas, it's easy for an agent to turn into a factory processing short sales," Karten says. "No matter whether the homeowner currently lives in the home, it's tenant-occupied or vacant, the burden is the same when you're experiencing a hardship and can't afford the property any longer. My goal is to give each of our clients peace of mind, knowing they have the best possible representation and communication throughout the process."
"I'm also seeing a lot of attorneys suddenly "specializing in short sales" charging homeowners thousands of dollars plus additional monthly fees. A short sale can't happen without a Realtor and our track record of success and having the banks agree, in writing, to waive any deficiencies, is the key," says Karten.
He continues, "We do not charge our clients anything. How can you demand a homeowner in distress, who can't pay their mortgage, to pay exorbitant and unnecessary fees? We are paid by the bank upon closing and we treat each negotiation with the highest level of urgency."
Bank of America has begun a cooperative short sale program where they pay homeowners anywhere from $3,000 to $30,000 at close of escrow and relieve them of any future liability for the loan balance. This is a limited time program and The Karten Group has many qualified homeowners in the process of selling their homes now.
Mr. Karten continues, "2012 is an important year for distressed homeowners. The clock is ticking and the incentives to short sale may go away in the next five months. Homeowners need to understand the benefits of exploring their options right now."
The Karten Group has put together a resource center on their short sale website at LasVegas-ShortSale-Specialist.com as a starting point for distressed homeowners. They are also available seven days a week, giving free consultations to homeowners by phone.
"Our services are free plus you have the ability to get paid by the bank and get out from under your home," Karten says, "it doesn't get more appealing than that. The list of just some of our short sale successes speaks for itself."
About The Karten Group - Started in 2007, Mark Karten heads a team of Las Vegas Realtors who specialize in representing sellers and buyers throughout Las Vegas and Henderson. Mark Karten is highly trained to achieve the best outcome for homeowners. His designations and certifications include Certified Distressed Property Expert (CDPE), Certified Foreclosure Alternatives Consultant (CFAC), Certified Short Sale Professional (CSP) and Short Sale and Foreclosure Resource (SFR.) Although headquartered in Las Vegas, the group serves the entire Las Vegas Valley, including North Las Vegas, Summerlin, Rhodes Ranch, Mountains Edge, Green Valley, Henderson and Lake Las Vegas.
The Karten Group has negotiated successful short sales for homeowners with loans from Bank of America, Wells Fargo, Citi, Chase, GMAC, Seterus, Nationstar, Suntrust and many others.