Sometimes when people hear we do Short Sales they look at the situation and decide it is a free ride for a homeowner that has just decided not to pay their mortgage.
We see it as our obligation as does every agent with short sales as a part of their practice to educate people....to help them understand that it is likely that someone they know may be in the position of not being able to pay their mortgage and that this is a solution to avoid foreclosure. There is a decision to do a short sale...not one to be taken lightly....not one made because the sellers just don't "want" to pay a mortgage.
Plan Ahead...Maybe Not
- Could the couple who both lost their jobs and he was stricken with cancer have planned ahead for more months to survive with no jobs in sight ?
- Could the couple who built the dream house know that before it was fully finished, a divorce would be part of their future and the home needed two incomes to support the payment ?
- Could the successfully self employed _______(name the profession) have a crystal ball to realize his company could not survive the downturn in the economy ?
- Did the newly widowed Mom realize how long the family savings would not last ?
- Did the heirs for the estate know that the deceased had two mortgages and now there was no income to support them ?
- Who could forecast health situations that disable the breadwinner who now has to rely on a lesser paying job or no job at all with a family to support ?
Short sales are not anyone's first and favorite...they are a viable alternative when the situation of the homeowner warrants that decision....it is not an easy choice...it is a painful decision and sometimes the one that makes the most sense. Talk with a realtor with successful short sale experience, discuss the situation with allied professionals in accounting and law. Gather the information you need to build the strength to make a sound decision for your financial future. Make sure that the decision explores alternatives where alternatives are available. The longer you wait, the fewer the choices....make today the day you decide to find the solution for "happily ever after."
Compassion is key for a successful short sale -- regardless of what side of the table you're on!
I think it makes people feel better, somehow, to point fingers and say "See, that won't happen to ME because I live within my means, I planned for rainy days..." blah blah blah - it's some sort of "comfort" or possibly even a magic talisman to hopefully prevent it from happening to them.
Sure some of these problems are due to living beyond their means, some are due to unforseeable and uncontrollable circumstances, and some are due to the predatory lenders who told people they could afford this when they could not.
There are many fingers to point in every direction. Just hope it's not point at "you" when it's YOUR turn.. :( Sad, isn't it?
I have to put my two cents in here as I do put a lot of the blame on how lax the lending became where no one really had to put any skin in the game. People were enticed to buy more than they should. I think this has been a tough lesson but necessary to get everyone back to reality. Our job now is to walk along side these peole as gently as we can. It is a tough time. Thanks for you points in your post.
Sally & David:
Some people are quick to be judgemental about those who are losing their homes to foreclosure. As you said, unforeseen things happen all of the time. I have seen some Realtors in foreclosure. It just makes me sad for them. And, many times illness has played a part.
Sally and David:
Thanks for reminding us that none of us can know what waits for us around the bend.
This has been a very unsettling thing for me to come to grips with.
I have no problem wishing for, and helping those folks that have truly been blindsided by circumstances.
I have had problems with the concept that agreements are only honored if they are convenient.
And then I witness Banks taking strategic foreclosures on their obligations and realize I know very little about whats going on.
I am still confused, but know that my heart breaks for those examples in your post
I have seen this happen time and again. Circumstances piling up against good people. It breaks my heart, but one must take action. Life is difficult sometimes and everyone will see trouble in their lives. Be careful casting those stones.
I am so glad you posted this one....I have said for the past several years that it is not a solution that is good when you do a short sale but it is a solution to make a bad situation better....
I get really annoyed at Realtors and others who don't understand the concepts....realistically I believe that there are a lot of Realtors who have found themselves in the same situation as their clients.even if they would have had a savings account who would have thought that the market would be challenging for so long!
Thanks again for a great post!
Thanks everyone....sometimes it is true...the same people who point the fingers sometimes end up in the same position...who would choose to have to sell a house they have lovingly called home...only the people that find it to be the best choice in a difficult time.
She's got a ticket to ride, and she don't care!
Sally what a well written perspective on a really big and bad problem. Sometimes short sales are a way to make the best of a bad situation, but they are never a cause for celebration.
I was in a similar situation yesterday. Going from riches to rags can be a humbling experience...
Knowing that there is a way out is a comfort, it is just not the most comfortable, but can be the greatest relief...a mixed blessing to distressed homeowners.
I just had a listing appointment today that may very well be a short sale.....so many people have gotten into bad situations because they have used their homes like an atm machine.
Well Noah....the people we have helped were not living beyond their means...they could no longer survive on half or no income.
The longer you live, the more you realize that you can not preplan your life even though you try your best. The best laid plans can go astray. It is a new reality that our homes are not appreciating. The down turn in property values, here at least, have people down 40-50% in value. When a life event or job event makes selling a necessity, then what other way is there but a short sale? Most do not have 100 to 150k in their back pocket to bring to closing.
Applause, applause....all anyone can do is try.....and a short sale may be the best try in times that are trying.
There are no strangers, only friends you haven't met yet.
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And...you can choose your friends...not your relatives !
Sometimes the best-laid plans can go awry, and when you start pointing fingers, just remember that there are a few fingers pointing back at you.
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u bet....u just don't know !