Lisa and Jim's Northern Nevada Real Estate Blog: It's An Emotional Rollercoaster! Lately I'm looking At "Short Sales" In A Whole New Light!

It's An Emotional Rollercoaster! Lately I'm looking At "Short Sales" In A Whole New Light!

It's An Emotional Rollercoaster!  Lately I'm looking At "Short Sales" In A Whole New Light!

It's really heart breaking to speak with some of the homeowners that are facing a foreclosure or ... at best ... a "Short Sale". 

Got a call from a young engaged couple, actually from the future husband ... the wife was too upset to talk!  They had just been to see a lender to see about a refi of their existing mortgage to save their home.  The stumbling block?  Their home is worth about 60% of what they owe on it! 

The future Mrs. Is just crushed, embarrassed, sad at losing her home, and an emotional bowl of noodles!  Future Mr. called me at the suggestion of the lender they visited to ask about the option of selling their home on a "Short Sale". 

What do you say to these young adults who tried to buy their piece of the American Dream at the wrong time?

I do my best to let them know that they did nothing wrong!  They are upstanding credit worthy citizens!  I Avoiding Foreclosurewant to let them know that this will be an uncomfortable and confusing time in their life as a homeowner and ... we can get through it! 

When I meet with them I do my best to make sure they understand that the avalanche of emotion involved in making these choices can be overwhelming. 

Exploring the "Short Sale" option is a viable solution to a problem; it's not a personal reflection on them!  This is not a problem they created or that they are responsible for.   This situation is the result of a "National Economic Tragedy" and, as homeowners, they are victims. 

This all makes me really realize that we need to be available as professionals and ready to help these homeowners!  These homeowners need a shining light at the end of the tunnel - not a train! 

Lately ... I'm looking at "Short Sales" in a whole new light!

Comment balloon 11 commentsLisa Wetzel • May 07 2009 08:21PM

Comments

What is the reason that they cannot make the mortgage payment now?

Posted by Ross Westerman about 10 years ago

Their present mortage payment is more than 60% of their monthly take home.  Lost a job and settled for a lower paying position to stay employed.  They have struggled to keep current but feel they are beating a dead horse. 

Why not stopp the bleeding?  They have had it. 

One would think it would be in the lenders best interest to modify ... wouldn't it?

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

I hope for the best for them and that you will be able to help them.

One of my brother-i n-laws lost his job some months back and took a job just recently with a 55% pay cut but says he feels lucky just to have a job.

Posted by Ross Westerman about 10 years ago

Here in Ohio the main cause over and over is loss of good paying jobs, jobs that were sent overseas. NAFTA, GATT, SEATO, OPIC, ALPHABET, et al. Most folks are like your customers, the replacement jobs, if they are even lucky enough to even land one, are at a fraction of what they use to make. There is still no political movement to reinvent ourselves or bring jobs back, as things continue to slide deeper and deeper.

Posted by Jim Dvorovy, REALTOR - Canton Ohio Real Estate (Cutler Real Estate) about 10 years ago

I hope you can help them though I really do not think it helps their credit and I think it actually opens them up to the bank going after them for the shortage.

Posted by Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com (Real Estate One) about 10 years ago

Jim - Jobs!  You are right!  In northern Nevada we are slaves to the California market.  when they died ... so did we!  Many housing/construction jobs evaporate when we lost the construction industry in Northern Nevada.

Russ - Deficiency Judgment laws vary from state to state.  There is a time limit for filing in Nevada.  Also, a successful negotiation for a short sale can result in a waiver of the right to file for a deficiency.  It definitely varies from state to state!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

Featured @ Club Chaos

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 10 years ago

C - Thanks for the feature!  What an honor!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

Lisa - As you know, we are seeing many that have been quietly suffering trying to make it through with no hope in sight.  Interesting how many significant others are calling for their befriended home owner.  They worked hard to get their credit and downpayment in order to buy a home and then the world economy tanks.  They are victims that need help.  Stay the course!

Posted by Jim Valentine (RE/MAX Realty Affiliates) about 10 years ago

Lisa - I think this is something that might be changing the perception, or misperception, of many of us.

Posted by Mike Saunders (Lanier Partners) about 10 years ago

Mike - I agree ... the industry is definately changing!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 10 years ago

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