Las Vegas, Nevada – There are many misconceptions about the short sale process, however, Real Estate experts are in agreement that a short sale is the best option for homeowners who can no longer afford their mortgage payment. In fact, anyone who advises you to “just walk away” and allow your home to foreclose has no concept of how damaging this can be to your credit and future ability to purchase a home or car.
The difference between a short sale and a foreclosure is night and day. The goal of a short sale is to sell your home for current market value, and to get your bank to agree (in writing) not to come after you for the difference. While your credit may take a temporary hit during the approval process, you can rebuild it relatively quickly after the short sale is finalized.
A foreclosure is the worst possible thing you can do. It destroys your credit in ways most people don’t understand. For example, after a foreclosure, your bank has only six months to decide whether or not to pursue you (sue you) for the deficiency amount. (This is the difference between what you originally paid for the home, and the amount it sold for at auction, plus legal fees, late fees, etc.) If your bank chooses to pursue you legally, this is called a “Deficiency Judgement Lawsuit.” While these types of lawsuits are not very common in Nevada, there is a much bigger problem. While the bank may no longer have the legal right to come after you for the difference (after the six month period has expired) they still retain the ability to post non-payments on your credit. In fact, this can go on for years. In this scenario, your credit report will show missed mortgage payments, month after month, even after your home has been foreclosed upon.
A short sale is very different. After the short sale is complete, banks typically report to the three credit agencies that the account has been settled for less than the full amount. Once the late payments stop, homeowners can begin rebuilding their credit score without delay.
How do you pick the right person to short sell your home? A recent report named The Myers Team as the #1 Short Sale Agents in Nevada.* According to the report, The Myers Team has negotiated more short sale approvals and closed more short sale listing transactions than any non-lawyer affiliated Real Estate Agent or Broker in Las Vegas since 2007. Choosing the wrong Broker to short sale your home could be a big mistake. If the agent is not experienced with the short sale process, you could wind up being foreclosed upon. Additionally, it’s important to use an agent experienced with your particular lender. According to Myers Team owner Bill Myers, “Short sales are like snowflakes, no two are the same.”
The Myers Team is nationally recognized as one of the most influential figures in Real Estate today. They are “Las Vegas Top Agents” as seen in numerous magazines and publications including the cover of Las Vegas Agent Magazine and the Las Vegas Review Journal. Additionally, they have been interviewed and quoted for ABC News, CBS Evening News, and the Channel 8 I-Team. Since 2002, they have sold thousands of Las Vegas homes.
According to Myers Team owner, Bill Myers, “Surrendering a home worth half of what you owe is NOT a failure, it's a business decision. A short sale is an opportunity for you and your family to take control and walk away free and clear. Nobody wants to lose their home; however, loan modification doesn’t work and there is no need to go down with a sinking ship. Homeowners need to know when to say enough is enough.”
The Myers Team are authorized to represent Sellers in short sale transactions with hundreds of local and national banks, including Bank of America, Wells Fargo, Nationstar, Chase, Ocwen, US Bank, Greentree, Ditech and many more. The Myers Team does NOT charge homeowners for their services. Unlike attorneys who charge thousands of dollars to do a short sale, (regardless of the outcome) The Myers Team has negotiated more short sale deficiency waivers than any Broker in Nevada, without charging their clients a dime. Banks do NOT pay attorneys to do short sales; however, they will pay a licensed Realtor.®
Myers Team owners, Bill and Francoise Myers with Simply Vegas Real Estate 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 negotiate the best possible outcome.
Contact The Myers Team at 702-677-4343
Nevada Short Sale Information: http://www.NevadaShortSaleInfo.com
Las Vegas Top Agents: http://www.LasVegasList4Less.com
Para Español: http://www.lasvegaslist4less.com/para-espaol.asp
*Above production is based on results from January 1, 2007 through December 31, 2012 (short sale listing ends only from non-lawyer affiliated Realtors and Brokers.) The information provided is obtained from public records, it is deemed reliable but not guaranteed. None of the above information contained in this article should be construed as legal advice. The Myers Team are licensed Real Estate Agents and are not attorneys.
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