This morning I had appointments to show 6 properties to a couple of buyers, that are shopping for an investment property.
We arrived at the 5th property on the list, where we had an appointment in which the owner had to be home to let us in, as there was no lockbox on the house. When we pulled up in front of the house, there was not a car in the driveway. Not a good sign. I knocked on the door... no answer. I knocked again, this time a bit harder (there was no doorbell)... still no answer. That's what I was afraid of.
I tried to call the listing agent, who I had spoken to yesterday about this short sale property. I left her a voicemail. Then, I called the listing agent's office. I told the receptionist my dilemma. She responded with, ' I know, we have been trying to reach the owner, but never got an answer. We tried to call you, but didn't get you.'
"Did you leave a message for me?" I asked.
"Well, no, we didn't. But the owner on the house never returned our calls." And, the owner wasn't home.
Well, I thought, if this house is a short sale, and this is an indication of how cooperative or not the owner is going to be, then this may not be a good sign.
I apologized profusely to my buyers, and we proceeded to the next property, when I received a call back from the agent on the house that we could not get in to see. She said she would call the owner and call me back.
When she called back she told me that this owner, facing foreclosure, was not interested in being put in a situation where he had to show his house on demand to anyone who wanted to see it. She was upset with his response. Hmmm, I thought, I made the appointment, yesterday, nearly 18 hours prior. She proceeded to tell me that he wasn't interested in dealing with this, he would just take the house off the market, and let the house go into foreclosure. She apologized for wasting our time.
It seems that today so many sellers are in a dilemma, as to what do with their homes, they can no longer afford.
Should they try to do a short sale?
Would they qualify for a loan modification?
Should they give up their deed in lieu of foreclosure?
Or should they just let the property slip into foreclosure?
What is the best solution for their situation?
The best advise is for them to visit an attorney and/or a tax consultant/advisor to find out what their options are, based on their individual set of circumstances.
For so many it can be an incredibly emotional time.
Sandy Shores Realtor, Melbourne FL Real Estate
Brevard County Real Estate and Investing
I specialize in Residential, Investment and Relocations.
We have a team of professionals to facilitate your Short Sale.
I buy, sell, rent, own and manage Investment Property.
that for you
Sandy I guess it's that moment of despair where one doesn't really care any more? I for one think a short sale is better than a foreclosure. One gets to have some control over what the house sells for.
Sandy
Going the short sale route is far better then a foreclosure.
Good luck and success.
Lou Ludwig
Sandy,
It really seems like some owners do not think foreclosure will happen....
Ann Hayden in Wildwood, MO
Sounds like this owner has given up. Doesn't excuse the agent for not letting you know though.
Sandy, unfortunately it is happening more and more! Sellers just walking away and taking their lumps, but do they know that the lumps are going to feel like a ton of bricks soon!
The seller's agent was inconsiderate as was the office. I can see how a short sale seller could be bombarded and frustrated...but they have to be patient.
I wish government officials had first hand experiences with what we go through and see...
Make everyday, a great day, Sandy,
Paul
John, I think sometimes owner just really don't know what to do, and often waiver in their decisions.
Lou, I agree that a short sale would be much better than a foreclosure on your credit.
Ann, It's so hard to know exactly what they're thinking, isn't it?
Gabe, It does sound like this owner has given up. It's a real shame. I know it can be a long road, but foreclosure is certainly not a great alternative.
Caren, I think many owners are walking away. And as you mentioned, no one really knows what is going to be in store for them down the road.
Gary, It does take patience to be a short sale seller, there's no question about it.
Paul, I don't think many know what we really deal with on a daily basis. There's no question, it can be incredibly trying somedays.
Sandy - I never cease to be amazed at the number of homeowners, who appear clueless about marketing their homes - especially when they are distressed homes. Yet, year after year, we have these experiences on showings! I agree with your comment that it takes "patience to be a short-sale seller"; but that patience needs to begin after the showings have ended, and when the offer is being scrutinized by the bank:-(
Sandy - Our job is not easy as it is and this type of thing just exacerbates an already bad situation. Seller's dispair is much too common these days.
Hi Myrl, Points well taken. Sometimes I think that sellers just aren't sure exactly which course of action to take. And I think that some just aren't in it for the long haul. Patience is a virtue in being a short sale buyer or seller- that's for sure.
John, I agree, that there are so many sellers that are in despair - at a loss, in so many ways. And it's makes a tough situation.
Sandy - There are two lessons there. First- make your home available if you want to sell it. Second- make a decision that you want to sell it!
Hi Wendy, You're right - 2 items that should be discussed before the property goes on the market - that's for sure.
Sandy, your story is sad on many points, including the fact that your buyer could have missed out on a home they would have selected. "Seller despair" sounds like an accurate assessment. Sounds like the other agent or their office probably messed up as well. How frustrating.