Real Estate Blog - Dear Homeowner: don't be afraid, don't be too proud to ask....we CAN help!

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Dear Homeowner: don't be afraid, don't be too proud to ask....we CAN help!

Sept. 20, 2009. A new listing came up: a foreclosure that took everyone by surprise.

It was not previously offered for sale as a short sale. It sold less than three years ago...and now it's bank-owned?

What happened to the people who lived there? Did they even know about financial resolutions to their distress? Why didn't they try to sell the house as a short sale to salvage their credit? Why didn't they call their realtor?

WHAT YOU DON'T KNOW CAN HURT YOU

A previous homeowner (who wasn't my client) called me for help. Unfortunately, by the time she did, her house was just days from being foreclosed. And when we called the bank, we were told it was too late. I asked her why she didn't try to get help sooner.

Her answers floored me:

She thought that because she was late on her payments, that it would automatically close.
She didn't think about calling her previous realtor because she didn't know anything could be done.
She "heard of" loan modification, but didn't know how it works
She doesn't know what short sale means
She talked to her friends....all their proposed "solutions" are things that "they heard of"
She was too embarrassed to ask
She didn't want people to know (but they found out anyway after she lost her house!)

ASK THE REAL ESTATE PROFESSIONALS

If you're sick, don't you see a doctor? If you're having legal troubles, don't you consult an attorney?

Well if your problems involve your real estate property, why not ask a real estate professional? We've run into all kinds of real estate dilemma....and we will have knowledge, experience and resources to help guide you towards the right course of action.

BE PROACTIVE

Because of my subscription to ForeclosureRadar.com, I saw one property belonging to one of my clients as having received a Notice of Default. I immediately called them up and talked with them about loan modification. I outlined the steps they needed to take. Also explained that if loan modification won't work, that we can try selling the house as a short sale so that they can at least protect their credit.

I gave them a matrix of the effects of a short sale versus a foreclosure. That alone was enough to convince them to take action. Fortunately, their lender (Wells Fargo) agreed to a loan modification. So they get to stay in their home, with reduced payments (albeit longer loan term period). THIS is a good outcome for a situation that could have gotten bad.

THERE IS HELP

There are people who can help and provide guidance. Start with www.HopeNow.com.

As REALTORs, w can also provide assistance and guidance. We sold you your home --- and we'll do our best to help you keep it.

We can help. Please, just ask.

Posted by Pacita Dimacali - e-PRO, SRES, CDPE, MBA East Bay, North CA real estate on 09/20/2009 03:23 AM

Comments (8)

Foreclosures and Short Sales in the ActiveRain Channel

hopenowcom, helping distressed homeowners, distressed properties, loan modification, short sale, foreclosure, short sale specialist

Originally posted at: Pacita's Quick Bytes of Real Estate: Dear Homeowner: don't be afraid, don't be too proud to ask....we CAN help!

This post has been included in California Information Alameda County, CA Information
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8 Comments on Dear Homeowner: don't be afraid, don't be too proud to ask....we CAN help!

SEP

Pacita, it all gets back to the buyer's education by their agent and lender. If one or the other or both had explained her alternatives before the loan closed she may not be suffering today.

This story is too common. Many do not even contact their lenders. Sad situations.

The worst thing the homeowner can do is bury there head in the sand. Many dont try to do anything but avoid the situation and it costs them big time.

You are right Pacita ...the very best thing we can do is educate everyone as to the alternatives of foreclosur and hope to save distressed sellers...one homeowner at at time.

Pacita,

Very nice post. I'm sure your plea to homeowners in distress in Alameda, CA will reach those in need. "The worst thing any homeowner can do, when they are falling behind on payments is Nothing!" Their worst fears will come true.

I love it when Agents become advisors because, in my opinion, that should be our primary role and the rest will follow.

Pacita: This is one of the many aspects of the service you provide that sets you apart from so many other real estate professionals. You focus on helping people not on selling people. Most agents are after the short sale listing …highly self serving. I recently began seeking out homeowners in distress to see if I can help them save their home. It beats the alternative. If we cannot help them save their home we can help save them from foreclosure with a short sale. It truly is a win/win for an otherwise disastrous situation. Keep up the great work! Thanks for your post.

Bill --- unfortunately, some buyers, in their euphoria upon buying a house, have tuned out any negative repercussions. In this case, all we can do is continue to educate our clients. Send them occasional info to keep them informed on the market place and what to do if their world turns.

Roy --- My first client had a 50% down payment on her house, using the proceeds from the sale of her mother's house. The mother moved in with them. I stayed in touch and sent them info every month. Then one came back. They moved away. And the house foreclosed! It was never on the market. She never once asked me for help. I think she was just too embarrassed to ask. I checked the records, and it looks like she refinanced twice, and took out all the equity.

Laura --- People in denial do not do anything to help themselves. And the next worst thing, is not asking someone to help.

Sally and David -- this is why we blog. The subject matter may have been posted before, but we have new clients, new audiences. Let's keep calling attention to critical matters that they need to know about.

Peggy --- educating our clients, our sphere of influence, about the market is one of the best things we can do for them.

Gloria --- we can provide a shoulder to cry on, too.

Kathleen --- thank you. You are one of the beacons of light that validate that what we're doing to educate and emphatize ("edutize") is the right thing to do.

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