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"No One Needs to Know I Didn't Pay the Mortgage" - Short Sale Seller

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 

   Every realtor who makes short sales a part of their real estate business concentration and is successful...has to be compassionate in our opinion.  There is sleep lost, tears shed, hugs given....meals shared....it is difficult to imagine the range of emotions a seller goes through when they finally face losing their home and all other options have been explored.  It is imperative that the seller be "on board" with the entire process...here is an example of how not to be a short sale seller:

   We recently were referred  to a  Short Sale seller who had a whole list of things we were to do, not do, when and how….whoops ! short sale sign

 

     First of all...she refused to clean up the house so that we could have pictures taken.  She had promised us a number of times…and each time we got close to the date…there was an excuse for why it couldn’t be done….the rain prevented a rummage sale…she had to work late…(for  6 weeks ?) she had to “go away” on weekends….and so it went.

      Next….we were not to tell anyone that the mortgage had gone unpaid.  Pardon ?  We gave you the materials, we explained the process, we told you it had to be listed as a short sale in MLS. We won’t put a short sale sign in the yard, that’s not our style…from the outside it will look just like every other traditional listing.  The showing agent has to know…the buyers have to know…you have known that from the beginning.

     No one can show the house unless she is home…oh not.  No buyer, no agent “doesn’t mind” if you are there for a showing….everyone minds whether they say so or not.

   If you are...or could be a short sale seller...know that the agent is putting time, money and effort toward saving you from foreclosure and it will be months before they are paid for their efforts. Agents do it of course to make money...but they do it because they have a real concern and understanding  of the housing market, a love of the community and a caring spirit.

    If you have a short sale listing…make sure your seller(s) understand the process….and if they aren’t willing to cooperate…they will come up short and your best course of action is not to list a property without a seller who is willing to be a part of your short sale team to win a victory over foreclosure.

 

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Roy Kelley
Retired - Gaithersburg, MD

Time to refer her to another agent and move on to more productive activities. Best wishes for continued success.

Sep 26, 2009 11:59 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

  This seller will not be successful regardless of who the agent is...this is a wrong foot to start with and you are sooo right Roy...refer...but we aren't sure who we don't like enough to refer it to :) !

Sep 27, 2009 12:03 AM
Jen Bowman
Keller Williams on the Water - Holmes Beach, FL
Realtor - Anna Maria Island & Bradenton FL

Sally and David, I listed a short sale last week. My seller requested that she get 24 hours notice before any showings. She had done that last year when her home was on the market with another agent and it didn't sell. I asked her if she really wanted to sell the home. She told me yes and fast. I told her, make it easy for people. They will give you a courtesy call. You let them come see the house and they are required to use the electronic lockbox for security. There are too many options on the market where agents will show the homes that are easy to show and skip the others and their buyers are fine with that. In the first week we had 7 offers, only one was below asking price. Sellers whether they are doing a short sale or not need to make it convenient for their home to be shown. It's just part of the home selling process.

Sep 27, 2009 12:05 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Right you are Jen...not only the harder you make to show it...but the harder you make it to "like it"...if you can't walk thru a room for all the clutter and rummage that didn't make it to the sale...etc.,, etc....you don't want to sell...and we will pass on your listing.

Sep 27, 2009 12:32 AM
Dick and Dixie Sells
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale

Truer words were never spoken. You got to get em in, you got to put your best foot forward, and you need to be out of the house so the prospective buyers can feel comfortable looking. No excuse for not cleaning up either!

Sep 27, 2009 12:58 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

As soon as you get a list of the rooms that can't be photographed....put your listing package away and just say "bye".....six weeks later the excuses get old...we get tired...and most importantly...the lender will grow impatient with people who do not help themselves.

Sep 27, 2009 01:02 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Well said guys!

Sep 27, 2009 01:42 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We're done....and just finished an e-mail to both attorneys....can't help people who don't want it or think they need it and aren't prepared to be on the same team.

Sep 27, 2009 03:55 AM
Arleen Lammons
NewEdge Realty - Edgewater, FL

I agree.  Great Post.

 

 

Sep 27, 2009 05:29 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

No one "needs" a listing sooo much that they don't need the cooperation of the seller first...!

Sep 27, 2009 05:34 AM
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

The process is so emotionally exhausting for everyone involved, I can't even imagine trying to get through it with Sellers who were being counterproductive. 

Sep 27, 2009 08:21 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Neither could we Janna...her e-mail today complaining was it....we told our referral source...sorry we could not help her.

Sep 27, 2009 08:34 AM
William Collins
ERA Queen City Realty - Scotch Plains, NJ
Property and Asset Management

Sally & David,

Thanks for the post. When a seller refuses sage advice, you've got a recipe for how not to sell a home.

Sep 27, 2009 04:05 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

The longer the list of "You must and I won't" ...the faster we run out the door...happy to help anyone who wants it....and those who "know better"....not soooo much !

Sep 28, 2009 12:33 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Excellent post, but I really came by to the farina dumpling recipe :)

 

Sep 28, 2009 06:58 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

You got it Judi....I will send it !  The demonstration is what "made it all possible" !

Sep 28, 2009 07:07 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

That is clearly one of those listings that it maybe just best to walk away from and tell the seller that if they really want to save their home from foreclosure then they need to do what has to be done. If they aren't willing to do what needs to be done, then you can't possibly get it sold and save them from foreclosure!

Todd Clark - www.LivingBeaverton.com

Sep 29, 2009 05:26 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Well Todd...we didn't walk...we ran and told them and the referral source that we cannot work with people who are both uncooperative and less than forth right....and for as big a heart as I believe we have...we have no tolerance for this kind of behavior.

Sep 29, 2009 06:49 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

I think for some people there is still a period of denial about what is happening, and what they need to do to prevent the worst. Until they get through that period of denial, no one's going to be able to help them.

Oct 01, 2009 03:42 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

  Denial is an evil that hangs with some throughout the transaction...it is a combination of denial and depression...a serious obstacle to moving forward.

Oct 02, 2009 12:27 AM