It’s amazing the crazy things that “professionals” in the Real Estate industry are out telling the public!
At a recent listing appointment I was shocked to hear from the homeowners that they were told by a “Short Sale Expert”, that their lender would rather foreclose on them than accept a short sale??? Seriously, this couple had met with a representative of a very well known agency that does quite a bit of radio marketing out of the Laguna Beach area just a few days prior to our meeting. The homeowners were also told that because they both had jobs, that they really did not have a “hardship“.
Wow, I believe that Short Sale training should be mandatory for anyone with a real estate license. What nonsense, thank goodness these homeowners were given our name from a current client and decided to give us a call to confirm this information…. To sum it up…the home was listed a week ago and we already have an offer to the lender for approval.
Some of you may relate to this couples situation: They bought the home about 4 years ago at the peak of the market, thinking they would sell and move up because this was to be the “starter” home. Then, came baby…joyous occasion, but life changing. Expenses went up, home value went down and they could not refinance to lower the payments. In fact, worse than that, their neighbors were now buying homes just like theirs for less than 50% of what they Paid..ouch!
The fact that they both have income was not an issue. The income that they have to work with is not enough to pay all of their house payment as well as all of their other obligations….so, they chose to sell at Short Sale.
