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Short Sale Your Home and Buy It Back | Pros and Cons


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Las Vegas Real Estate - The Myers Team
Las Vegas Real Estate - The Myers Team
PRLog (Press Release) - Dec. 4, 2013 - LAS VEGAS -- Las Vegas, Nevada -- By now, we’ve all seen the television ads and billboards around town claiming you can “Short Sell Your Home and Buy It Back,” however, is this true?  Is buying back your home really an option?  One of the most common questions we're asked is, "Can I stay in my home after the short sale is complete?" There are Realtors and even some Attorneys who 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 allow you to "Buy It Back" after three years.  Who wouldn't want to take advantage of an opportunity like this and buy your own home back for pennies on the dollar?  While this may seem like an intelligent solution, is there a catch?

Many people are attracted to the idea of “staying in their home,” however, it’s important to separate fact from fiction to prevent spending your money on a program that may not work out as promised.  For example, it wasn’t long ago that hundreds of thousands of homeowners spent millions on loan modifications that failed to deliver.  Before handing over $3500 - $10,000 to a Realtor or Attorney, you need the ability to separate truth from possible deceptive marketing tactics.

While prior laws have prohibited homeowners from buying their home back after completing a short sale, an amendment was made to the Making Homes 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 qualify for HAFA short sales; however, 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) Before paying a Realtor or Attorney thousands of dollars, we recommend you call your bank and ask them if they will allow you to short sale your home and “Buy it Back.”  In our experience, many of the major banks do not participate in this program.  We strongly urge homeowners to do their research before spending their hard earned money on any program which may take advantage of desperate homeowners looking for legitimate help.

2) Do you actually know anyone who has been able to short sale their home and “Buy it Back?" Even one success story?  We have asked this question to thousands of people in the Las Vegas community, and have yet to meet anyone who has successfully completed a short sale on their home and been allowed to “Buy it Back.”  Unfortunately, what we have actually discovered is quite disturbing.  There are some homeowners out there who have paid lots of money to participate in programs such as these…only to be told several months later that their bank, “Did not allow them to buy it back…however, the bank has agreed to allow them to do a traditional short sale.”  Could this be a “Bait and Switch” tactic?  According to industry experts, you DO NOT have to pay anyone to do a short sale.  Homeowners certainly have the right to hire an attorney if they choose; however, whomever you hire (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!  The decision to short sell your home is a business decision.  You need to do what is best for your family and protect yourself against those looking to profit from your misfortune.

3) 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.

4) Ever wonder why a "non-profit organization" would be willing to purchase your home and allow you to lease it or buy it back after several years?  If they're a true "non-profit" organization, and cannot "earn a profit," then what is their incentive?

The Myers Team with Simply Vegas Real Estate is nationally recognized as one of the most influential figures in Real Estate today.  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 in Las Vegas by non-lawyer affiliated Realtors or Brokers from January 1, 2007 through December 31, 2012.

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.”

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 negotiate the best possible outcome.  Ultimately, our job is to take away the stress, and make the transaction as smooth and stress-free as possible.”

The Myers Team does NOT charge their clients for short sale services.

Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com

Also visit http://www.LasVegasList4Less.com

Contact
The Myers Team
702-677-4343
***@gmail.com

Photo:
http://www.prlog.org/12251696/1

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Source:Nevada Short Sale Experts
City/Town:Las Vegas - Nevada - United States
Industry:Legal, Real Estate
Tags:nevada short sale
Shortcut:prlog.org/12251696
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