THE MYERS TEAM
Nevada's #1 Short Sale Team
Do you want to short sale your Las Vegas home without worrying about your lender coming after you for a deficiency judgment?
Are you sick and tired of making payments on a home that may never be worth what you paid for it? Have you been turned down for one of those ridiculous loan modification programs?
If you're considering the possibility of doing a short sale, then this web site will provide you with valuable information to help explain your options and answer your short sale questions and concerns. You DO NOT need to be poor or broke to qualify for a short sale. Banks approve short sales when they believe a hardship situation exists, however, hardship is not solely determined by how much money a person earns...it also factors in a person's expenses, especially if expenses have increased and income has decreased.
Additionally, you DO NOT have to pay anyone to do a short sale. A Realtor experienced with the short sale process is able to obtain a full waiver of deficiency from your lender. 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 person with the most commercials on the radio or TV? Wouldn't it make more sense to choose the Real Estate 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, 2012. The Myers Team has successfully closed more short sale transactions and negotiated more short sale approvals than any non-lawyer affiliated Realtor or Broker in our state.
Our resources include a team of experienced short sale processors in addition to direct access to a Nevada licensed attorney. This allows us to stay up to date on the laws affecting short sales, and the rapidly changing guidelines and procedures of banks and their investors. Additionally, our preferred closing company, Lawyers Title of Nevada, has extensive expertise in processing and closing short sale transactions not only in Nevada, but nationwide. The size, strength, and stability of Lawyers Title allows us to leverage their relationships with the major banks to get our files processed in the fastest possible time frame and escalated when necessary.
Mortgage Forgiveness Act of 2015?
In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act to help people who were down on their luck financially because of the loss of their homes. The tax break was supposed to end in 2009, however, it was extended through Dec. 31, 2013 because many people still needed help. As of today, Congress has allowed the Mortgage Forgiveness Act to expire, even though some states hardest hit by the housing crisis (such as Nevada) are still seeing high foreclosure rates
Many people have argued that the Mortgage Relief Act should be extended once again, however, it is unclear if this will be happening anytime soon. The big question we are being asked is, "Will I have to pay taxes on the forgiven amount?"
While we are not CPA's nor qualified to provide tax advice, the fact remains that we have worked with hundreds and hundreds of homeowners who have successfully completed short sale transactions. Many past clients have informed us that they were able to get around owing taxes on their forgiven debt by qualifying for what’s called the "insolvency exclusion." You may not have to include forgiven debts as income if you can show that your total liabilities exceed your total assets.
Most banks will only approve a short sale once they have determined that a "hardship situation" exists. Many of these hardship scenarios may also qualify for insolvency. Once again, the above is not intended as tax advice, however, there are provisions in the IRS tax code which may provide the same protections as were allowed under the Mortgage Forgiveness Debt Relief Act. There is still hope!!!
Las Vegas Top Short Sale Realtors
*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.
Should I Short Sale My Home?
Surrendering a home worth half of what you owe is NOT a failure, it's a business decision. Facing the truth is sometimes the most difficult thing a person can do. A short sale is NOT the end. It's an opportunity for you and your family to TAKE CONTROL and WALK AWAY FREE AND CLEAR. When you do nothing, you feel overwhelmed and powerless, however, when you do a short sale, you feel the sense of hope and accomplishment that comes from knowing you are working to GET YOUR LIFE BACK ON TRACK.
Nobody wants to lose their home, however, there is no need for you and your family to go down with a sinking ship. Know when to say enough is enough. Sometimes you have to take a few steps backwards to move forward correctly. Your mortgage obligation doesn't need to be a prison sentence. Additionally, a short sale will MINIMIZE DAMAGE TO YOUR CREDIT. If you are not sure what a short sale is, then click the following link to watch a brief CBS News short sale video which explains the benefits of a short sale.
Many have attempted to save their home through loan modification, however, homeowners have come to realize that LOAN MODIFICATION PROGRAMS JUST DON'T WORK. In 2011, the Federal Trade Commission banned loan modification companies from charging up-front fees for negotiating modifications of residential loans. The loan modification industry has been extremely misleading for homeowners. Government assistance programs such as HAFA, HARP, HAMP, HOPE NOW, and the Making Homes Affordable Program have been complete failures due to the fact that bank participation is voluntary. According to the Las Vegas Review Journal, "Most homeowners in Las Vegas are so far upside down on their homes, (owing significantly more than their home is worth) that they don't qualify for the government's $75 billion Home Affordable Mortgage Plan." Nevada is currently ranked #1 in foreclosures and has the highest unemployment in the nation. Most experts predict that it will take a very long time for the Las Vegas economy to rebound.
THERE IS NO GOVERNMENT PROGRAM THAT FORCES LENDERS TO MODIFY YOUR LOAN. According to the Attorney Generals office, money spent by homeowners on mortgage modification is "worse than some of the odds at the casino tables." Simply put: Banks are not motivated to modify your loan. It's a sad fact that it remains more profitable for Banks to foreclose, and throw a family out on the street than approve a loan modification. Banks do NOT care about your financial dilemma...they only care about bottom line profits and their stock value. Since Banks are looking out for their own financial best interest, shouldn't you do the same?
In this challenging Real Estate market, you don't need a salesman...you need an advocate. Let the experience of The Myers Team with Simply Vegas Real Estate go to work for you. Whatever your reasons are for selling, our experience with short sales, and our track record for getting them approved will ensure that your home gets sold. LET US TAKE AWAY YOUR STRESS and GET BETWEEN YOU AND YOUR BANK. Please be advised that Banks are NOT your friends. Bank are debt collectors and do not represent you. Anything you say to a Bank is being tape recorded and any document you send a Bank may be used against you to collect the debt. If your home is currently in default, or if you are about to fall behind on your mortgage payment, contact us right away. YOU HAVE OPTIONS. If your home has become the single greatest source of stress in your life, then a short sale may be the best option for you and your family.
Nevada's #1 Short Sale Team
Do I Need A Lawyer For My Short Sale?
Should I Consult a Nevada Real Estate Attorney?
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. There is no attorney or Realtor who 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 to use 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 eagerly work with attorneys and offer them part of their commission in exchange for the listing. 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.
We at The Myers Team are NOT Attorneys nor qualified to offer legal advice, however, we are the most experienced short sale Realtors in the city. Our service is 100% guaranteed, meaning if the bank rejects the short sale for any reason, you do not pay us a dime. Our loyalty is to our clients. Why pay for an expensive Attorney when you can be backed by the experience, knowledge and negotiating power of the Myers Team with no out of pocket expense.
Can I Stay In My Home After The Short Sale?
Can I Short Sale and Buy It Back?
One of the most common questions we're asked is, "Can I stay in my home after the short sale is complete?" Many Realtors and even some Attorneys claim they can sell your home to an investor (i.e. Cash Buyer, Non-Profit Buyer etc.) who will allow you to "lease back" your home as "tenants" after the short sale is finalized...or even provide the opportunity to Buy It Back after three years. Who wouldn't want to take advantage of a program like this? Staying in your home could avoid the inconvenience of moving, moving expenses, etc. While this may seem like an intelligent solution, IS THERE A CATCH?
While some people are attracted to the idea of "staying in their home," it's important to avoid spending thousands of dollars on programs you may not even qualify for. Additionally, don't get taken advantage of by someone who knows you may be emotionally attached to your home and wants to profit from your misfortune. For example, it wasn't long ago that hundreds of thousands of Nevada homeowners spent millions of dollars on loan modification programs that failed to deliver. In fact, nearly everyone in Las Vegas has a friend who spent thousands to modify their mortgage, yet winded up losing their home to foreclosure instead. Don't be fooled by advertising gimmicks. Before paying an Attorney or Realtor for something you may not qualify for, know the facts and do your research. Most importantly, whomever you hire to do your short sale (Realtor or Attorney), will they agree IN WRITING to refund your money if you don't qualify for the "HAFA Buy It Back Program?" IF NOT, GET UP AND LEAVE!
While laws have prohibited such occurrences from happening, an amendment was made to the Making Home Affordable Program that allows a Non-Profit Organization to buy a home, and then resell or lease the home back to the seller. Section 7.3 of Chapter 4 of the Home Affordable Foreclosure Alternatives Program (HAFA) provides the clause which allows a non-profit organization to buy and rent back as long as all other HAFA requirements are met. As with most things sounding, "too good to be true," the devil is in the details. Here are a few things to research before considering a program like this:
1) The ability to participate in this program applies ONLY if you qualify for a HAFA short sale. Many people in Nevada DO NOT qualify for HAFA short sales. For example, if you purchased your home by obtaining an FHA or VA loan, you may not qualify for HAFA. Additionally, this program is SUBJECT TO APPROVAL BY THE SERVICER AND INVESTOR. This means that "IF" you qualify for HAFA, your bank must still approve the sale to a non-profit organization. It is NOT a guarantee and is at the Servicer's sole discretion. (Please refer to section 7.3 of Chapter Four of the Making Home Affordable Supplemental Directive 11-02: otherwise known as directive 1102)
2) Non-Owner Occupied Properties may not qualify for HAFA. Therefore, if you purchased your home as an investment, you may not be eligible for this program.
In most short sale transactions, banks will require the Seller to sign a notarized affidavit stating that the homeowner is "not allowed to rent back the home from the new owner(s)." The short sale approval letter is issued after the homeowner agrees to these terms in writing. Violating these terms may be construed as "fraud" by the Sellers lender and could result in litigation or even the reversal of the short sale.
While there may be some exceptions to this rule, most major banks, (i.e. Bank of America, Chase/JP Morgan, Wells Fargo, Citi, Seterus, GMAC/Ocwen, Greentree, PNC, etc.) will require this affidavit signed by the homeowner before granting short sale approval. There are some Buyers, Realtors and even Attorneys out there who may offer you the opportunity to rent back the home from the new owner(s) however, please be advised that this decision could result in serious consequences. Unfortunately, if something sounds too good to be true, it may be an advertising gimmick designed to get your money and take advantage of your bad situation. If you have any doubts, you should talk directly to your Bank and ask them if they will allow you to remain in your home as a tenant after your home is sold and the short sale is complete. If it is allowed, be sure to get something in writing, for your own protection.
Here is the actual verbiage contained in the short sale affidavit's and/or short sale approval letters from several major banks:
BANK OF AMERICA
"The Parties acknowledge and agree that neither the Buyers nor the Sellers nor their respective Brokers/Agents have any agreements written or oral that will permit the Seller or the Seller’s family member to remain in the property as renters or regain ownership of said property at any time after the execution of the Short Sale transaction. This includes if the seller is retaining a direct or indirect ownership or possessory interest in the property and/or has a formal or informal option to obtain such as interest in the future."
"Neither the Buyers, or Sellers, nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at anytime after the execution of this Short Sale transaction."
"There is no agreement, whether oral, written, or implied, between the Seller and the Buyer and/or their respective agents that allows the Seller to remain in the property as a tenant or to regain ownership of the Property at any time after the consummation of this sale transaction."
"There are no agreements, understandings or contracts between the Seller(s) and the Buyer(s) that the Seller(s) will remain in the Property as tenants or later obtain title or ownership of the Property, except that the Seller(s) are permitted to remain as tenants in the Property for a short term, as is common and customary in the market but no longer than ninety (90) days, in order to facilitate relocation."
SETERUS, OCWEN & GMAC (*all contain identical verbiage)
"There are no agreements, understandings or contracts between the Seller(s) and Buyer(s) that the Seller(s) will remain in the Property as tenants or later obtain title or ownership of the Property, except that the Sellers(s) are permitted to remain as tenants in the Property for a short term, as is common and customary in the market but no longer than ninety (90) days, in order to facilitate relocation."
Myers Team Short Sale Services Are Free
You Should NOT Have To Pay Broker Transaction Fees in a Short Sale
You DO NOT have to pay anyone to do a short sale. In a short sale transaction, the Sellers lender pays the Broker fee (Real Estate Commission) since the Seller is experiencing financial hardship, however, there are many well-known Brokers out there charging EXTRA fees to homeowners to maximize their profits despite your bad situation. These extra fees are typically called "transaction fees" (sometimes referred to as a document fees, storage fees, compliance fees, etc.) and usually range between $300 to $700 and more. While these fees are legal, the fact remains that this type of fee is NOT normally paid for by your lender and comes out of YOUR pocket. Most homeowners needing to short sale their home are experiencing hardship and the LAST thing they need to do is pay extra fees.
Why do Brokers charge transaction fees? According to NRS, Real Estate Brokers are required by law to save the paperwork from each transaction for several years (the length of time required for each state is different.) Brokers charge these fees to offset the expense for storing these documents, however, most Brokerages are now “paperless” which means they have the ability to scan paperwork and store it electronically. Additionally, Buyers and Sellers are charged equal fees for the same transaction, which means that Brokers are actually earning an additional $600.00 to $1400.00 per deal on top of the real estate commission. Does it really cost this much money to store a file consisting of 100-200 pages? Even the most expensive external hard drive costs less than this, and can store thousands of files.
Some Brokers claim that the fee is charged to offset the cost of providing their agents with the necessary forms for each transaction and printing expenses, however, this is not an accurate representation of the truth. Most real estate forms are available online and most Brokerages require their agents to download the forms and print them for each respective deal. Since a typical real estate transaction consists of less than 200 pages, the transaction fees being charged by Brokers seems excessive considering a ream of standard white printer paper costs less than $5.00 and black and white copies average less than ten cents per page.
The Myers Team will NOT charge you junk fees to short sale your home. The only thing you pay for is the moving truck. When interviewing Realtors to short sale your home, ask them how much their Broker charges for transaction fees and have them explain what the fees are for. Homeowners facing foreclosure need serious help and professional representation, not extra fees. Beware of the fine print!
It’s 6 A.M. Do You Know Where Your Realtor Is?
The workday for The Myers Team begins at 5a.m. The reason for this is simple. The loss mitigation departments for most major banks and their investors (i.e. Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, Bank of America, JP Morgan, etc.) are located on the East Coast, which is three hours ahead of Nevada. At 6a.m. in Las Vegas, it’s already 9a.m. in New York, Virginia, North Carolina and Washington DC.
While most Las Vegas Realtors and Attorneys are still sleeping, The Myers Team is at the office, and on the phone negotiating your short sale approval. Additionally, The Myers Team work Saturdays too. This is because the majority of bank loss mitigation departments also work on Saturday.
Las Vegas is known as a city that never sleeps, however, Nevada homeowners facing foreclosure may find it hard to sleep due to the stress of their financial situation. This is why you need representation from a short sale agent who works full time and has the experience and knowledge to protect you. Additionally, not all Realtors are the same. If you hire a Realtor who spends all day in their car driving buyers around, how will they be able to devote their time to your short sale by making the follow up phone calls required to obtain an approval? In order to negotiate the best possible approval terms, including getting the Seller's lender to agree to waive the deficiency amount, this takes a tremendous amount of time, perseverance, follow up and experience. The Myers Team specializes in Seller representation. In a city with all-night hotels, casinos, restaurants, pharmacies, markets, etc., you need a Real Estate company who is available to answer your questions around the clock including weekends. Las Vegas is NOT a 9 to 5 city. Why would you hire a 9 to 5 Broker?
Nevada Short Sale Laws
Most short sale information available on the Internet is worthless. Each state has different laws regarding foreclosure and the short sale process. Many people do not understand Nevada Short Sale Laws and most people do not understand the difference between a Short Sale vs. a Foreclosure in Nevada. Doing a short sale will minimize damage to your credit, and enable your family to get a FRESH START. Allowing your home to foreclose WILL result in maximum devastation to your credit. Additionally, you may get sued by your bank or face a judicial foreclosure. When a home is foreclosed upon in Nevada, the bank has deficiency rights. After a foreclosure, the bank will issue a 1099-A to both you and to the IRS. A 1099-A (abandonment) legally enables the bank to come after you for an expensive deficiency judgment lawsuit. A short sale, however, is MUCH different. After a successful short sale, most banks will issue a 1099-C (cancellation) which is a legal cancellation of debt. Banks cannot legally come after you to collect any deficiency once they have issued a 1099-C. Banks will do everything in their power to threaten and intimidate, however, once a 1099-C is issued, you are on solid ground.* The above information is not intended as "legal advice" however, this information is available on the Internal Revenue Service web site and is available for all to research.* Many homeowners are unsure what to do, and are confused by endless television ads from bankruptcy attorneys trying to convince you that bankruptcy is your only option. Bankruptcy is the worst case scenario. Why go bankrupt if you don't need to? YOU HAVE MANY OPTIONS.
Is a Short Sale Right for You?
IT'S NOT YOUR FAULT THAT THE LAS VEGAS HOUSING MARKET CRASHED. You are NOT alone. When the mortgage bubble exploded, Nevada was ground zero. There is no reason to pay off $300,000 in debt when the home you bought is now worth $150,000. It makes rational sense to walk away and get a fresh start. Too many people refuse to recognize a mistake, and then they compound the mistake over and over by spending their entire life savings, 401(k)'s, retirement savings, and even borrow money from family to avoid accepting the reality of the situation.
Remember that until you have equity in your house, all you are doing is renting. That's correct! You are renting from the bank! Even with a loan modification, homeowners may have no equity in their homes for a decade or more. According to industry experts, it could take 10-20 years (or more) for the Las Vegas Real Estate Market to rebound. Unless you have equity in your home, you are better off selling your home through a short sale and buying another home down the road (that will likely cost HALF of what you paid!) The only difference between renting vs. making mortgage payments on a home with no equity is that if the roof leaks or the air conditioner goes out in the rental, your landlord pays for it. If anything goes wrong in the home you are paying the mortgage on, YOU PAY FOR IT. You also pay the homeowner's insurance and the property taxes. Why would you incur these expenses on behalf of the bank?
Nevada Short Sale Experts
JUST BECAUSE A REALTOR IS EXPERIENCED, DOES NOT MEAN THEY ARE EXPERIENCED WITH SHORT SALES. If you or a loved one were sick and in need of open heart surgery, would you go to a general doctor or would you seek the services of an experienced heart specialist? The same principle applies with real estate agents. Hiring a Realtor or Broker inexperienced with the short sale process could be disastrous. Banks are quick to take advantage of Realtors who are unfamiliar with short sale negotiation.
We recognize that the consequences of foreclosure can be devistating, and the decision in selecting a Real Estate firm to handle the short sale of your home is an important one. When interviewing a Realtor to do a short sale on your home, ask to see written proof of closings in their name. (Not closings in their office, company, or with other team members.) You may have friends or family who are Realtors, and you may feel a sense of loyalty to use them, however, do they have the experience to represent you properly? There are many real estate agents who have been licensed for a very long time, however, this does not mean they are experienced with short sales. You need a Realtor who can navigate through the challenges of TODAY's market. You need a Nevada Short Sale Expert.
The Myers Team charge NO FEES for a short sale transaction. Our services are 100% FREE. We NEVER charge document fees, transaction fees, storage fees, compliance fees or JUNK FEES like many other Brokers do. There are plenty of other Realtors out there who falsely claim to be the #1 Short Sale Realtor in Nevada or the #1 Short Sale Real Estate Team in Las Vegas. Who can you trust? The Myers Team has closed HUNDREDS of short sale transactions, and we will gladly provide verification of our extensive closings which document our track record of success. This is NOT a gimmick. The Myers Team is licensed by the State of Nevada to do what we do.
Additionally, BEWARE of other Realtors who claim to be "Certified Short Sale Specialists, or Certified Distressed Property Experts." In Nevada, you can become a "Certified Short Sale Expert or a Certified Distressed Property Expert" by attending a one day seminar. This would be like calling yourself a "HOME RUN EXPERT" after attending a one day class on "How To Hit a Baseball." There are many "Certified Short Sale Experts" running around town who have NEVER closed a short sale transaction. Letters and designations after your name do NOT make you successful in Real Estate. EXPERIENCE DOES. Who do you want representing your family?
The Myers Team is Nevada's #1 Short Sale Team