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2011-02-01 22:14:21
The One Reason to Show Short Sale Properties (The

I have seen several blogs lately that reference all the reason not to show Short Sale properties. One entitled 'Eight reasons...' one entitled 'Five Reasons...' all of them talk about the down falls of showing Short Sale properties such as the time it takes to complete a Short Sale.

I am here to give you only one reason to show Short Sale properties. Although, I could give several reasons like; it is good for the market and keeps market values higher; it decreases REO's that are often sold at lesser sales prices than Short Sales and hurt market values; you can often get a real good deal on a Short Sale, etc.  However, in my mind, all of those things aside, I want to give you what I believe is the most important reason to show Short Sale Properties:

Have you ever felt like you had the perfect life?  Everything is going perfect.  You and your spouce have good jobs, a great house, good kids…you may not be getting rich or anything…but you are getting by.  You make your bills every month and secretly stash away some money in savings for that dream vacation that you and your family have been talking about.  All in all, life is good and you are happy. 

Then one day at work, you get a phone call.  Your spouce has been injured in a car accident and is in the hospital.  You tell your boss and race out of the office. In an instant, your perfect life has been flipped upside down.  You convince yourself that it is going to be okay. 

Upon arriving to the hospital, you find your spouce is in surgery.  Your spouce's shoulder and some vertebrae in your spouces back have been dislocated and your spouce has a broken arm.  The good news is….after surgery your spouce will be okay.  It will take some time with rehab and your spouce will be out of work for a while, but your spouce is alive and that is all that matters…or so you think. 

Your spouce is out of work for sixth months doing rehabilitation…your spouces work is holding his/her position, but he/she only had 3 weeks of vacation so your family income is down and it just is not covering all the bills. Your stress level is through the roof and your trying not to let your children or spouce see it. 

You held out and paid the mortgage for as long as you could with your savings, a.k.a. dream vacation fund, but that money is gone now.  The paycheck you are still making (while taking time off of work to take your spouce to rehab) is managing to keep the lights on, the water running, the car insurance but you have to make the decision of whether you want food, lights, water and car insurance or to pay your mortgage.  You let the mortgage slip because you know you cannot live in the house, with children, without food, electricity, gas and running water, etc. 

You try to work with the bank but they are so bogged down with loan modifications and they tell you it may be six months to a year before they get to your application. They are telling you until your spouce is back to work; you are not going to qualify.  Then one day, the real blow comes, you get in the mail (from the public trustee) a notice that says the Bank is going to foreclose on the home and you have a foreclosure sale date in about 4 months. 

The bank won’t work with you and you don’t want to have a Foreclosure on your credit as you work in a security job that checks credit and it a foreclosure could actually lead to you being disqualified for you own job. You also know that it will limit your possibilities of rental properties should you lose your home. 

You call a Realtor to discuss selling your home.  Unfortunately, the values in your neighborhood have declined.  Your home is worth $40,000 less than what you owe on it.  The Realtor explains that in order to sell you will either “A” – need to bring the deficiency in cash to the closing table (which you explain is not an option for you as you have already depleted your savings) or “B” sell your home via a negotiated Short Sale with your bank.  The Realtor tells you that your odds of selling by short-sale are pretty good and explains to you the advantages of a short-sale.  It sounds pretty good and you decide that it would be okay to rent for a few years, but are looking forward to when life gets back to normal and when you can be a homeowner again. 

Your home is on the market.  It is looking like everything could get better.  You see hope for the future.  Although, you are starting to get concerned that you do not have an offer and not many people are looking at the home.  The time ticks by and you start to see your hopes of a Short-Sale slipping away as your Foreclosure date gets nearer.  You think your home is cute; it seems to be priced right.... so you call your Realtor to see why others don’t feel the same and aren’t coming to see it.  Your Realtor explains to you that many Realtors will convince their buyers not to look at short-sales and sends to you an article entitled “Eight Reasons Why Buyers Should Avoid Them at All Costs.” 

**** STOP **** THINK 

Thank God, this is not your life. You are not living this nightmare above But others are.

Furthermore, maybe it is not their spouce in a car accident. Maybe it is a death in the family, maybe it is the call that your being laid off from work, maybe it is the call that if you want to keep your job you have to relocate, maybe you have had high medical bills for one reason or another, maybe your adjustable rate loan adjusted and even through you tried to refinance…no one would refinance you because the home values in your neighborhood prices dropped too far. 

I do Short-Sales.  The reasons why my Clients find that they are forced to sell their homes vary; One of my clients sold because of a death in the family; Several of my clients Sold because of loss of a job; Some have had severe medical issues; Another was elderly and single and just could not live alone or keep the house anymore; Two sets of my clients were getting divorced and neither can afford to keep the house alone; Others got relocated out of state (mandatory) to keep theri job; Another was self employed and his business just fell apart with the decline of the economy; Another clients business folded entirely…I could continue on but I think you get the point. 

Now, I know these problems above are no one else’s problems but my Clients and others who are having similar problems.  And most folks look at these situations and say….well, I feel bad for them….but that simply does not change the fact that there are reasons still not to look at their short sale home. 

However, let me give you ONE and only one reason to look at Short Sale properties: 

We are all only one life catastrophe away from possibly landing in the shoes of the exact folks I have described above.  I only hope that if you should ever end up in the unfortunate circumstance… that life does a flip on you…. and you are forced to sell your home via short-sale… that an agent does not come along and give your buyer “Eight reasons” not to look at your home.  I hope they only give you one reason you should look at the home and consider it …..Because if you were ever in this circumstance you would want people looking at your home and writing an offer.

Thank you for taking the time to read this Blog.

(If you are in one of the situation described above, are considering a Short-Sale, and are located in the Denver Metro area or surrounding suburbs-Jefferson, Adams, Arapahoe, Douglas, Boulder, etc. please contact me now, I can help.) 

Thanks,
 
Tammy L. Deitz
REALTOR , CDPE (Certified Distressed Property Expert)
The Deitz Group of RE/MAX 100, Inc.

www.DGSells.com

Office: 303-202-2281

 
Blog Archive
2014-08-28 16:50:58
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2011-02-14 10:38:28
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2011-02-01 22:14:21
The One Reason to Show Short Sale Properties (The

2011-01-30 12:57:07
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2011-01-27 21:56:12
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