We often have a 2 step listing approach…that with short sales, can easily become three. The first visit…or pre-listing is a get to know you and the property visit. The second visit is to present the market analysis and often the listing contract….not this time because we knew that the Sellers needed time to digest the price…and the news that the profit they had hoped to divide in their divorce was non existent. During our first visit, the Sellers gave us a tour, they showed us things that they had done, other things that they planned to do to get the house ready to sell and how they knew that the reason that other homes in the neighborhood had not sold was because…..their reasons varied from “too much wallpaper” to smaller lot, discount broker who did not advertise, availability of the home for showing., untidy housekeeping , fewer upgrades, less elaborate landscaping, inexpensive interior finishes, not enough exterior brick….etc. The other homes had been listed and re-listed for well over a year.
The second visit looked at these homes lingering on the market in the neighborhood and the homes that had sold….inside and out and the prices that buyers were willing to pay. Their eyes were downcast as we set across the table explaining what that evil “market” had done to home prices in the area. The concrete stamped patio, finished lower level, double crown molding and fresh paint were not going to save them from being upside down. The soon to be “Mrs. X” spoke up after we gave her the suggested price: “Is that the best you can do ?” Her Soon to Be Ex-Husband interrupted:” That is the best the market can do.” And so it is….in neighborhoods across the country…Divorcing sellers learn that their neighborhood is not immune from the decline in housing prices. If you or someone you know, anywhere in the country is unable to pay their mortgage or find that during /after the divorce, the home is not affordable…give us a call….we will find a professional that is experienced and successful and will explain the options available to help begin a new life as a single person.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Good morning Sally and David. terrific information and focus. "Is this the best that you can do?" I just love the title. Very well done. Suggested.
I love your wording that "no house (or sellers)is immune from the affects of the housing downturn " !!!
Good morning....if we could only give shots of immunity.....wish that were true !
I guesstimating that it was a rhetorical question because it didn't matter what the list price was going to be. They were not going to get to profit from it, anyway.
Well deserved Feature my friends....................good stuff.
As if the pricing is up to us. LOL. It is always based on market. I've got it to you guys, you do a lot more than I do -- I make one visit to the house. The next time I go over is to remove the lockbox. But then my competition is almost non-existent, so I am very fortunate in that regard.
Thank you all,...Well Elizabeth...we have some "fringe" could be upside down and could be right side up.....our decline is not as not as prevalent or as steep as yours....gaining trust and respect is important....and doing our home work is a huge step in that direction.
The care and planning that went into breaking the bad news in stages is both smart and considerate. Way to go!
I know that some things remain the same in these types of transactions, no matter your locale ... west coast, east coast, south, or north. But I also think that your approach is well-suited to the midwest people. I believe we have a unique and special personality versus other areas of the country. The more hands-on, personal approach you offer is a perfect fit for us. And that the clients smart enough .. and lucky enough to find you, are perfectly served through your efforts. The fact that you offer a referral service for those needing such services elsewhere, is just icing on the cake ...
Your admirer,
Gene
Aw shucks....Vanessa and Gene....you make me blush....People want to know you care....trust is a huge factor in a short sale....or ANY sale....this is one of the ways we go about building it.
It makes good sense and I couldn'thelp but think what difference on hiring a pro makes as I read this post
Blushing purple...thank you Richie....sometimes telling people what they need to hear vs what they want to hear is not pleasant....in the end, it is the very best thing you can do.
The multi step approach I think builds better rapport with the seller and let's some of the ideas you establish on the first visit sink in a little bit more so on the latter appointments the seller's are more comfortable with your plan to sell their home and what to expect in the process.
It is a harsh reality we have to explain to our potential clients now more so then I have ever experienced.
Welcome to reality
Your home value drops
You lose your job
suddenly marriage problems are enhanced. .
is someone's fault. .
Family breaks apart
Kids are sad and confused
the bank will swallow your clients, your listing ,your time. .and hopefully
you will have a third party approval and a buyer
Then the buyer may walk. .one of the spouses may change their mind and refuse to sign..
Like I say. .
Welcome to the reality of short sales as they happen. .
done that. .experienced that.. .and I;m pretty sure many more to come . .
Have done dozens of divorces....not one with a spouse refusing to sign.....denial of price....oh yes....it's a part of the process !
Hi Sally, I suspect most all of us have sat across the table from these sellers and delivered the same sad news. On top of everything else they now learn that their home is now an anchor.
Sally & David, I have had 2 divorcing couples in the last 2 weeks face this reality and short sale is the only option...one couple understands, the other is just fighting it...it is the reality and it is the market...great share!
Unless I'm really missing something here, all the short sales I worked on this past year, the sellers could not show a profit on the HUD, (leave closing with zero) So if it really is a short sale, it does not matter what they sell for, they are out of it. So far I have yet to see a seller make a profit from a short sale.
Dick Beals
No one said anything about profit.....the profit was what the Sellers initially imagined to be the case before we met with them for the second time.
I find it funny that a short sale seller would be questioning your pricing when it is just that, a short sale. Interesting how folks view their home! Good luck on the sale!
It is a strange question, but there is a lot that keeps home owners from thinking clearly when they are in distress. Short sale + Divorce = major stress.
I have unfortunatly seen my share of this and broke a heart or two. As if people don't have enough to deal with when they are in the process of divorce. The best you can do is the best you can do and it needs done before you can truely move on!
Sally, at least it seems like the husband understand the market.
It is stressful on divorcing couples now and also stressful on divorce attorneys who used to view homes as a piggy bank.
Sally and David - Divorce does not help the distress situation in the least when people are upside down.
I do a one step listing presntation. Never 2 or 3.
For me it works.
Knowing the condition of a home first hand, building trust and rapport is the reason for the 2 step listing....first eyes are the best for insight.
You have more patience then I. 3 times back. If that is what it took to get the short sale listing what happens when you have an offer. Somehow I think sellers watch the market a lot more than you think. They know the value. Its the dreamer part that makes them think it is worth more.
Sally and David
Short sale sometimes mean temporarity irrationality...also tends to rear its ugly head as a short temper. Just ran into this problem this morning. After waiting nearly 4 months (Chase) for approval, we finally get to the pest inspection. Wife voices displeasure at the number of questions asked by the buyer and his agent, rolls her eyes, and smirks that I should be happy because I'm getting paid soon. >SIGH<
Everyone wants to believe that the decline in the market has not touched them as deeply as it has "the other people"....in this case, I truly believe that this couple was unprepared for no equity...Ah yes..Pacita...the famous...at least you're getting paid ....mmm....and we should be....
Hey, Sally and David - You might be interested in my SNIPPETS #9. Hope all is well.