This is an update on a recent post entitled:
Lights are on but no one is home - Qualities of a dedicated listing agent
As it turns out the Sellers of the Blossom Valley San Jose CA home have no intention of selling. They are buying "more time" and plan to let the Blossom Valley home go into foreclosure. Apparently only the wife is on the loan and only her credit has been tarnished by the lack of mortgage payments for over one year.
The master plan is that they want to save even more money. The husband is in the process of qualifying for a loan to buy another San Jose CA home! The sellers seem to feel that they only have the bank to deal with and they don't really care about the bank and are prepared to let the bank foreclose. They intend to stay in the San Jose Ca home until the Sherriff kicks them out. That won't be the end of it because they have rented a room. This means there is a tenant in the property too!
Not so fast there Mr. and Mrs. Seller.
- We have a legally binding contract with the buyers
- You have more to be concerned about than just the bank you don't care about.
- Buyers expect full performance of the contact
- If you think the buyers will simply walk away with no consequence - think again.
- Count all the money you have saved over the course of a year or so and watch it disappear as the buyers file a claim against you
- Suggest you think long and hard before you decide not to sell and not to move.
- Suggest you provide a key and allow access
- Suggest you start packing and begin to move because the buyers and agent will not participate in your planned activity.
Sellers were served with a Request for Contract Performance yesterday, including notice of intention to seek damages, urging them to get moving. No pun intended.
Listing agent confessed that this is the fourth time this has happened to him on a short sale listing. The listing agent is now pursuing small claims court actions for commission. No doubt there is a better way - like qualifying sellers before taking the listing.
I imagine this type of activity may grow to epidemic proportions.
What are you experiencing in the areas your serve?
San Jose Real Estate Agent - Certified REO Specialist - Certified Short Sale Specialist
Copyright © 2009, All Rights Reserved by Kathleen Daniels *TRUTH Exposed*
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