Last weekend it was our very great privilege...and at the same time, sad duty, to do an open house for a short sale. We had sold this home four years ago and watched the new owners do some amazing transformations from landscaping to bathroom updates...they loved the home...and nurtured it and helped it to become all that it is today....and then "life happened"....Unemployment and the real estate market not being quite what it was when they bought the house.
One of the people who attended the open house asked us to explain a short sale and we told him that the sale...as with ALL short sales were the result of the hardship of the sellers...the verifiable hardship could be illness, death, divorce, unemployment. He looked very somber..."I could never take advantage of anyone else's misfortune." he said with eyes downcast.
"YES...you could...and if you don't have a house to sell..you can and SHOULD..." He looked puzzled....and then we explained....If this house doesn't sell the sellers will go into foreclosure which ruins their credit...exposes them to garnishment for the deficiency....and plagues them for years to come.
To buy a Short Sale Home HELPS THE SELLER and the economy...and the housing market...and your neigborhood !
I just read a comment on a blog from someone who apparently "doesn't get it" but claims to be a real estate authority saying that "Short Sales HURT...the neighborhood and the community." Try a foreclosure which is the likely alternative....and what exactly do you think THAT does...??? If you claim to be a realtor, a real estate anything...you owe it to yourself to understand the meaning of the terms that are current in the marketplace....and the alternatives....
If you are lucky and can buy a home without a home sale contingency...and are willing to be a little bit patient for a wonderful price...Shop short sales...save yourself some money and save someone from foreclosure...it's a home you can enjoy and a purchase that helps everyone !
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
For a while, short sales seemed to be looked upon as something disgraceful. But most often a short sale does not result from utter carelessness on part of the seller. Most often they result from real hardships and they can be quite hard breaking for all concerned. But, successfully helping someone avoid foreclosure and move on with their lives is also quite an accomplishment and has its own rewards.
You bet Silvia...I cry a lot...but know that we are helping the folks who need it the most...they are embarrassed but unemployment, death and divorce are not planned events...but real hardships that must be dealt with....thank you.
Great Info. I totally agree with Silvia, when I first started doing short sales in my off no one had done one. They treated me like I was scraping the bottom of the barrel. Now many of the same agents that looked down on me for trying to help folks are asking for my help with their own short sales. Funny how things change.
I so glad that he asked the question and that you took the time to explain it. I have three more things to day:
Hey Russell....