Lengthen Your Life...Shorten Your Stess
Call an Agent Experienced in Short Sales !
We have taken classes, we have worked with buyers, brokers, sellers and agents and there seems to be a good deal of confusion about short sales. The definition of a short sale first of all...OR an upside down home, a deficient mortgage, someone in pre-foreclosure status is when the home owner owes more to one or more lenders than their home is worth...this can also include things like home ower association and condo dues as well as real estate taxes and contractor liens.
"How Irresponsible !" you say,......hmmmm...it would sound that way unless you look a little further for the reason. There are lots of reasons why people may be "upside down"....bad things can happen to good people. For example, there are many realtors that are in this situation....there was a market downturn and to stay in the business. they continue to incur heavy monthly expense...mls and other association dues, errors and omissions insurance...and then there is the matter of living expenses of course. You can always positively believe with the next sale, the next listing, you will get ahead...but if you are already in pre-foreclosure, it is not likely you will catch up anytime soon. IF YOU ARE AN AGENT IN PREFORECLOSURE....DO NOT LIST YOUR OWN HOUSE !!!! If your broker does not forbid it...your lender will ! If you are in pre-foreclosure, lots of agents do what they tell their sellers NOT to do... overprice their home, hoping against hope that someone will buy it...with a good down payment and an appraiser that will overlook that the price is not in line with the market. Sorry people, the real estate fairy probably won't visit you....As a real estate agent you may not benefit from the sale of your own home on a short sale. It's hard....very hard and we all know as self employed professionals that there but for God's grace and a few other things...go any of us. List your home with an agent experienced in short sales and let them do what needs to be done. That agent does not have the emotional involvement...that agent can negotiate the very best possible deal. You don't care...you are out without a foreclosure...let them dio their job and get the best offer in the shortest amount of time...You CAN start over...if not in real estate in another career...if not in the market you are in...in another one...maybe now is the time to check out the weather, the job market, the relatives in another location. Do what my father used to say....Look at every knock as a boost ! I know you think,...that's easy for her to say...she isn't losig her home...no I am not, and I would work nights at Walmart to keep it if that's what it took. My heart goes out to you...but don't waste valuable marketing time...call the agent...do it now....lessen the damage to your credit and the pain in your life...just do it.
Never thought about that, but you are right. I have visited two homes that were foreclosed on in the last six months that were owned by agents and you do have to wonder if the reason they went to foreclosure is because they didn't know what they were doing and the lender didn't allow it at the closing table.