Billboards have been popping up all over Las Vegas from local attorneys advertising their short sale services; however, are homeowners really better off using an attorney versus using a Realtor to handle the short sale of their home? You should NOT short sale your home until you have all the facts and understand your options.
You do NOT have to pay anyone to do a short sale. A Realtor experienced with the short sale process can obtain a full waiver of deficiency from your lender.
Some attorneys are using scare tactics in their advertising campaigns implying that Realtors may not know the laws and repercussions of short sales, however, this is not an accurate representation of the truth. In order for Realtors to practice short sales, they must be licensed by the state of Nevada. Every Realtor’s license has been approved by the Nevada Real Estate Division and the testing to obtain a license is quite extensive. So why would you pay a Nevada attorney thousands of dollars to handle your short sale when you can get your deficiency waived for free?
Before you hand over your hard earned dollars to a Nevada Short Sale Attorney, consider the following; will the attorney guarantee their services and pay you a full refund if they fail to get your short sale approved or your deficiency waived? If you meet with an attorney who won’t agree to refund your money, GET UP AND LEAVE!
While there are many respectable and ethical attorneys out there, you must educate yourself and not place your unconditional faith in someone who stands to make a handsome profit from your bad situation.
When you hire an experienced Realtor to do your short sale, there should be NO upfront fees. An experienced Realtor can obtain a full waiver of deficiency without charging you a dime, however, if the bank does not agree to waive the full deficiency amount; you have the option to obtain legal advice at that point in the transaction. Nobody can guarantee the bank will waive the full deficiency amount, since each borrower’s financial situation is different; however, there has never been a better time to do a short sale. Many banks are now waiving their right to pursue deficiency, and some banks are even offering “cash back” to homeowners as an incentive to short sell.
In the event you choose a lawyer to handle your short sale, they will still need to work with a licensed Realtor to list the property, market the home and find a buyer. If you hire an attorney to do your short sale, YOU HAVE THE RIGHT to choose your own Realtor. Sometimes, attorneys recommend Realtors to list your home; however, are they recommending the Realtor because they’re receiving a kickback from the Realtors commission? Some Realtors with little business of their own eagerly work with attorneys and offer them part of their commission in exchange for the lead. While this is a great way for a less-experienced Realtor to get business, (and a great way for an attorney to make extra income) the fact remains that you deserve to be represented by an experienced Realtor of your choosing.
In these tough economic times, many attorneys are experiencing a decrease in clients, and are looking for ways to generate additional income. Attorneys, who have never offered short sales as one of their services, are now jumping on the bandwagon and offering to do short sales for their clients. Times have gotten so tough for lawyers that even accident attorneys are now advertising Bankruptcy and Short Sale Services. Using an attorney instead of a Realtor to facilitate a short sale is a concern for several reasons: First of all, do you really think the attorney you hire is going to personally answer your calls throughout the transaction or make your short sale their top priority? Are they going to do the work themselves, or will they hand it off to their office assistants and paralegals? Some attorney’s will even charge you for each phone call or email you send. Many attorneys will not even make the time to meet with you personally. Are you prepared to spend $2000 - $5000 to hire a junior paralegal assistant to protect your family with no guarantee that your deficiency will be waived?
Additionally, if you speak with a bankruptcy attorney, they are undisputed experts at helping you go bankrupt; however, they also make their living by convincing you to file bankruptcy. Going bankrupt instead of trying a short sale is like cutting your hand off because of a hangnail. Bankruptcy is always an option, however, NOT always necessary.
How do you choose the right person to short sell your home? Should you hire the company with the most billboards around town, or the Realtor with the most commercials on radio or TV? Wouldn’t it make more sense to choose the team who has successfully closed the most short sale transactions in Las Vegas?
A recent report named The Myers Team the #1 Short Sale Realtors in Nevada. Number one status was determined by actual short sale listings closed from January 1, 2007 through December 31, 2011. While The Myers Team with The Caliber Realty Group are NOT attorneys nor qualified to offer legal advice, they are nationally recognized as one of the most influential figures in real estate today. The Myers Team with The Caliber Realty Group has sold more short sale listings than any Realtor or Broker in Las Vegas. Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to take away the stress and negotiate the best possible outcome. Ultimately, our job is to help our clients get a fresh start.”
Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com
Additionally, please visit http://www.VegasShortSaleInfo.com
*Above production is based on results from January 1, 2007 through December 31, 2011 (short sale listing ends only.) The information provided is obtained from public records, it is deemed reliable but not guaranteed.