Home : Blogs : "The Maple Valley Specialist!" Colleen Fischesser Broker/Owner 425-432-5400 : Maple Valley Real Estate

A Sale NOT Celebrated

I closed a sale yesterday.

There were no celebrations, no high fives. The sellers said good bye to a dream, which for them had started about three years past; before everything went crazy and when anything seemed possible.

I worked hard on this short sale, harder than I have since the early 90’s when appraisals were coming in low and you didn’t have to look far to find a difficult transaction.

Little did I know….

I think the buyer is happy with the purchase, although that process wasn’t an easy one either. It had all of us wondering “if?” and “when?” .

These owners didn’t have to do “the right thing”.

They were put in a very crappy loan under ridiculous terms. They were doomed the day they closed escrow. After months of trying to get a loan mod, they chose to navigate the hurdles of the short sale path in order to avoid the stigma and consequences of foreclosure.

After approximately 8 months (a year since first trying to get a loan mod) they have a clean slate and can now begin to rebuild. They are young and awesome people. I have no doubt they will be fine.

And hopefully, after they are able to recover and regroup, I’ll be able to help them with something we can celebrate.

I look forward to that day!

_______________________________________________________________________________________________

Behind on Payments? We May Be Able to Help!

Find out what your Maple Valley home is worth.

Find My Maple Valley Dream Home!

Colleen Fischesser is the Broker/Owner of RE/MAX Select Real Estate. She has been successfully helping clients buy and sell real estate in South King & North Pierce Counties since 1990 and specializes in the Maple Valley area. Voted by clients and industry professionals as one of Seattle Magazine's 5 Star, Best in Client Satisfaction for 4 years running, she and her team are committed to remaining on the cutting edge of real estate marketing and technology while providing value-added, personalized service.

Posted by "The Maple Valley Specialist!" Colleen Fischesser Broker/Owner 425-432-5400 on 10/24/2009 09:21 PM

Comments (81)

Short Sales in the ActiveRain Channel

the emotional effect of short sales, selling short vs foreclosure

Originally posted at: The Fish Pond: A Sale NOT Celebrated

This post has been included in Washington Information King County, WA Information
Post is included in group: Short Sales Specialists
Post is included in group: Short Sale REALTORS®
Post is included in group: RE/MAX Active Rain Bloggers
Post is included in group: Realtors®
Post is included in group: Diary of a Realtor

81 Comments on A Sale NOT Celebrated

OCT

I've had a few of these. As much as I love repeat business, I hate that phone call to sell a house that closed a year before because they can't keep it.

Colleen,

I'm sure after the bitterness is gone, they will look back on this as a learning experience and celebrate all they have achieved. Congrats for sticking with it for so long!

Tina in Virginia

Hi Colleen...That's a tough pill for them to swallow but fortunately they are young and have time to start over. Next time they will be much smarter and hopefully you will be their to guide them again.

Kate

Colleen,

I've recently been blessed. My first Short Sale listing was back in March, 2007. The down side is they lost the home in August and the bank ended up selling it 3 months later for $50K less than the offer I had on the table.

My young couple was persistent, trying to rebuild credit every chance they got, Last summer they bought a car and took out a couple of small loans at different local jewelry stores...just to build credit.

They were smart. Once the foreclosure showed up on the credit reports they determined that the date was almost 6 months after the actual foreclosure. They got certified copies from the County Recorder and had the credit reports cleaned up.

Guess what, they are now in escrow for a new home - bigger than the one they had for less than half what they owed on the first home and at a great interest rate of only 5.5% fixed. Do yes, there is hope after foreclosure - you just got to want it.

John

Perhaps it was not a joyous occasion, but I'm sure they are grateful for your help during a difficult time.

OCT

Colleen, thank goodness they are young and can rebuild.

We are not getting any loan modificaitons in Michigan or at least only for a couple of months relief.

So sad..."they were doomed from the first".

I don't see any high fives at short sale closings....just a big sigh of relief from the buyers and sellers.

Colleen - Well said. I can relate to this experience as we have been through it many times with some of our clients on some recent short sales. The settlements are just a relief after a long drawn-out process... with lots of stress and anxiety along the way. At least the short sale is done for your client and like you said, the rebuilding can begin... That is the silver lining for sure !

Coleen,

They're blessed to have you in their corner.

Mike in Tucson

In our jobless economic recovery, this trend is going to continue ! I too have had a couple of phone calls from past buyers who due to personal reasons are selling at the wrong time. We must tell all Buyers before signing their purchase agreement that real estate historically is a LONG TERM investment !

At least they had you on their side. :)

Colleen, it's just immoral how our government and lenders have totally failed to make the short sale process fair and efficient.

We all have these stories. They are sad, but people do bounce back. We can use our experience to assure our clients that if they clean up their credit, there is be a fresh start for them down the road. They will have another home and a new perspective on life.

I am sure they feel great relief now and well remember you forever. A job well done in difficult times always garners greater respect than an easy sale.

All experiences in life make us stronger for the journey ahead. I am certain there is something better in store for them down the road. There are so many things in government not in the best interest of the consumer, but we just work around it and move on.

Colleen,

It sounds like they will be fine.

And I'm sure you'll be there when they're ready to purchase again and this time keep them from getting into a crappy loan.

I would celebrate it because you gave them a new lease on life and they can rebuild as a stronger and wiser couple. "The past is prologue".

i don't want to sound cruel, but they didn't have to accept the crappy loan.

also, they're not starting with a clean slate after a short sale,

but,

they are getting a fresh start and can begin to dream again about owning a new home.

they also should be able to realize that dream, in due time.

personally, i wish them well.

Colleen -

Among many important lessons here, you treated your clients as if you were going to get a big fat check at the end. You treated them with respect and compassion. Good for you.

Michael

Colleen.. This is sad, but hopefully they can move past this and rebuild. From what I read, you did a great job too.. and hopefully they will come back to you when they are ready again.

valerie osterhoudt

Colleen, I read this last night, congratulations on the feature!

Congratulations on helping another family do the right thing. I simply don't understand why there are still people out there in that situation that don't know they have options. So many think just mailing the keys back to the bank is the only option. It's really sad.

Colleen: Thanks for the post! I hear you. I've been increasingly spending time learning about the auction market and it's the same thing. It's unfortunate that someone has to lose their home. I wish your clients well; there are always second chances! Take care.

Such a sad story, one I think is told too often. They must be grateful to have had you stick with them through the process. They will remember that. Good job. They must feel relief to not have the burden of a payment they can not afford. One good thing! They will rebuild and within the next few years will able to buy another home. I am sure they will use you to help them find something they CAN afford. Keep up the good work!

I feel your pain. I am in this business to help people. Even though I know intellectually that a short sale is better than a foreclosure it is still difficult walking with people through what is often the death of a dream.

Colleen - Sorry to hear about the tough road your sellers have been through. Unfortunately there are too many stories like theirs....But not as many stories of sellers getting through to the other side of a crappy situation, thanks to a caring Realtor who knows what she is doing. Blessings to you!

So sad, but I am glad you were able to help them.

"They were put in a very crappy loan under ridiculous terms." Well, actually there was nobody putting a gun to their heads. They knew what kind of a loan they were getting into and they must share the majority of the blame for themselves.

"They are young and awesome people. I have no doubt they will be fine." That means they've got good heads on their shoulders and they'll learn from this and never make the same mistake again. They will be stronger for it.

We have all made mistakes and have learned from those mistakes. I take the full blame for my mistakes. Let them take full blame for theirs. They'll be even stronger for it.

Not trying to downplay your post at, on the contrary, take it even further and your guidance on what mistakes they made and why will help them that much further.

I closed one like that a few weeks ago, and I didn't feel like celebrating either. The only thing that I could do for my sellers was to wish them luck in the future. Very sad, but it is rewarding to know that you helped to lift that pressure off of their shoulders. You're awesome!

You can celebrate the fact that your hard work and compassion helped save their future ability to be a homeowner again.

I hate to hear these types of stories. I hope everything works out well. I did a similar sale last year (I had the buyer) and it actually worked out better for the seller in the end (even though they didn't think it would). Nice post.

Closing a short sale for a seller is rarely a time of celebration. They are relieved, of course, that the ordeal is over and that they can get on with their lives, but it sounds superficial to congratulate them. It's a icky, sticky process that takes forever and is often filled with complications. I wouldn't say my sellers don't feel gratitude as they are often grateful, they just aren't thrilled like regular sellers.

The short sale closings are rarely a celebration either, more like a sigh. A sigh of relief. At least it is a step forward to a new beginning. When a door closes, a window is opened.

Not to worry, Colleen...just the first step on the way to getting them into a situation they CAN celebrate! Your acknowledgment of the hardship of their situation combined with the expertise you provided to get them going in the right direction is something they may be secretly celebrating already. Sleeping at night and having hope in the morning are definitely reasons for celebration!

wow...I have not had this problem yet, but rather the feeling of joy when we help the homeowner out of this position, good post!

Having someone who is as compassionate and professional like you will take some of the sting away for themmmmthese are unchartered economic times for many and it is sad when this happens but you have created a client for life and more importantly, you did the right thing by them.

this makes me sad...hopefully, they have learned alot from their situation and can spread a little knowledge to their peers. it is so important that consumers do their homework and ask questions to avoid these situations.

Maybe they will learn to read their loan docs next time, and ask questions instead of blindly signing something they obviously didn't understand or think through.

At least the banks let them out of their mistake.

Hi Colleen ~ At least they have you in their court this time to try and oversee and help them make the right choice next time! Hopefully you will be celebrating with them soon!

Colleen,

We are all seeing this sort of thing. It is never easy as a Realtor or as a fellow human being. Good for you for sticking it out with them to help them out of a bad situation.

With that said, I do find your choice of words humerous - "They were put in a very crappy loan under ridiculous terms." Every buyer has the responsiblity to understand the loan and its terms, no matter how crappy it is. I think it is our responsibility to help them in this manner. They were not put into the loan. Like many others, they choose to accept a loan and its terms under the false impression that things never get worse and that they only get better.

Im gald it all worked out at least. I am wondering though, how were they "Put" into a bad loan? I hear this often when it was there decision.

Colleen: We all work so hard to create as good of an experience as we can for our clients. Sometimes the only thing we can do is make it as painless as possible. I'm glad you were there for your customer.

Wow.....just have to step in for a minute to speak to the judgmental bunch here.

Michael, you think my words "put into a crappy loan" are humerous?

Last time you bought a house, did you actually read your Deed of Trust and Note? or did you look at the highlights and trust in the lender you were using? I tried to read their loan terms and couldn't make sense of any of it.

They had a plan. The rug was pulled out from under them, as it has for many who find themselves in this situation. Of course people need to take responsibility, which is why they opted for the short sale. They also tried to do a few other things to help the bank out and do the right thing but the bank would hear none of it. Instead, the bank got 50% on their dollar because they were the stupid ones who made the loan in the first place and then wouldn't apply common sense to make a bad situation better.

Colleen, what a cute new pic! :)

Sometimes the freedom from the stress alone is cause celebre. But I know what you mean. It is great that you were able to help.

I am glad your clients did the right thing! :) I had a client that did not do the right thing. I'll spare you the details. Your clients are going to be just fine, and they are blessed to have you helping them through this difficult time. :)

They'll be fine. time to regroup as you say and make better choices the next time around.

It is very sad, but at least you were able to help them avoid foreclosure and do the right thing. They will remember you for that!

That's really too bad. And they'll be fine again one day... But buying another house with a short sale on their credit will take some time.

Colleen...Nice post! Your Clients were fortunate to have a Realtor with the tenacity you showed. The Banks just have not measured up to the expectations of our Society in these difficuly times. I hope your Clients can get the credit implications of the Short Sale off their records and move on to better times. You have done well and represent the profession in your closing this transaction. Here is my high five!

Joe Pascal, 5 Star Real Estate, Wilmington, NC

I have had very similiar sales, although they weren't cheerful and joyous they did bring a sense of closure to a very troubling time. Be greatful that they will look at you as the one who helped them when no one else would!

Colleen - Most closings are bittersweet for a lot people these days.

What a thoughtful blog post! Thank you very much; I appreciate it.

Colleen, Such caring comes through in this blog. I'm sure it was painful for you to see this young couple go through. I'm glad you were there for them. Let's hope we soon get out of these challenging times and can have more celebrations.

Colleen, though sad, I am glad they had YOU to help them navigate through this difficult and heartbreaking process...

Colleen, in these short sales all you can do is hope the seller has enough courage left to try again. Hope they are resilient enough to want to try again, and hope the next time they are buying low, and getting good financing advice.

Hey Colleen

I don't know your clients situation so I am not here to judge them or upset you. My comment was simply to imply that your clients (or anyone else) were not put into a loan. They agreed, by signing the paper, to the terms of the loan. If they did not understand the terms fully they should have consulted an attorney. If anything sounded fishy or risky they should have opted out.

To answer your question, yes I understood everything about my loan when I bought my house (before I was a Realtor). Why? I consulted my Realtor and my closing attorney. The banks are complicit by offering these shady types of loans but the buyers and sellers we represent have to take responsibility as well, as you said that your clients did.

I do hear and understand your argument though. There are a lot of arrogant and stubborn bank department heads/managers making decisions that are probably in the managers best interest and not that of the bank. The banking bureaucracy is what is hurting the short sale process.

Colleen, if you have the details, please share the terms and detail of what made the Sellers loan "crappy". It must have been a fit for them as Buyers at the time of their original purchase.

All the best to them -- you are right-- not all sells are celebrated by the sellers.

Colleen, if you have the details, please share the terms and detail of what made the Sellers loan "crappy". It must have been a fit for them as Buyers at the time of their original purchase.

I remind my (short) sellers all he time . . You are not losing your home. . you are selling it !

Yes you are being forced . .but still you are selling it and don't ever say you are losing your home.

Colleen, I guess a mini celebration on this one is that it is behind everyone now. I hadn't seen your new picture before, very nice!! Are you getting younger? Is that possible? What is your secret??

Hi Colleen, So many sad stories out there. I relish any deal where no one is under duress and in the end it is looked upon as a " win-win" !

It is a sad situation and a too frequent one. But when they are ready to take the plunge again, they will be all the wiser and will come back to you for a better experience.

This is a story that makes you think. The comments are interesting, too.

It's true, those are the calls you don't like to get but at least you were these to help them.

Jean Richer
Ottawa, ON

Colleen, As so many others here have stated, at least they had you. Heart breaking, to say the least. I'm sure when they rebuild their lives, they will call you. You are awesome.

Colleen, beautiful well written article about the dilemma many folks are facing, I hope you can stick with them and get them back on track. good work!

What a sad story. I hope that they appreciate you and all of the work that you did for them.

I understand your sense of not feeling like celebrating. But you have done a good thing - helping get those homeowners out of a difficult situation. Let's hope this economy and housing market turns around soon!

It is really staggering to know how many people out there could have used a loan modification and couldn't get one. Many homeowners wanted to restructure and saves their dreams. Bureaucracy had other plans.

In a sense you can celebrate the fact that you were there to help them to do the right thing and get on the path to rebuilding.

Coleen, you're right... there is no cause for a celebration when we close on a short sale when we've represented a Seller. Yet you have now provided the Sellers with a new sense of peace and for them to now be able to move forward with their lives and to be able to look forward to and hope for better days ahead; true, nothing to necessarily celebrate but a lot to be thankful for.

This is the unfortunate reality of what is happening in many places right now with the sellers losing their homes.

OCT

I think most sales are not celebrated these days, at least entirely. I would have a hard time coming up with one recently where one of the parties or the other weren't distressed and trying to make the best of a bad situation.

I doubt that you'll get to response 74 but if you do I want you to know that I heard your heart in this blog...sounds strong and right and empathetic. When I need to refer to Maple Valley again I will remember you.

This whole market is depressing now....not for the loss of income we are experiencing but for the pain and suffering many homeowners or former homeowners are facing.

I agree to some extent with the posts above about "they knew what they are getting" but only to a small degree. I do not think that anyone was pushed into any of these loans with a gun pointed to their heads but I certainly do think that the banks, lenders and some REALTORS did in fact push their clients into these decisions. The unfortunate thing is that congress is no seeing fit to help the banks and lenders recover.

The American way would be for these banks and lenders that made these ridiculous loans to fail.

You did a great job for them even though it was not a happy event. Another beginning that you helped them with.

The sale of their home may not be the celebration but what they can begin celebrating is to ability to rebuild their lives. We can always look at the glass half empty or half full. But as professionals, we need to lead the way. To choose to see good instead of bad.

Your Sellers should certainly consider themselves lucky that they were able to find a buyer to offset their losses. At least they will be able to start over and hopefully learn from their mistakes. You did them a great service by getting it done and not giving up. You can pat yourself on the back.

Colleen,

Great job helping your people and seeing the bittersweet short sale process to its conclusion!

Colleen-

You cleaned up a mess, and that's never fun. But without people like you--the cleaners, the go-to professionals, the crisis handlers--our world would cease to function. It may not feel exciting in the same way that getting that killer offer is, but it sounds like you at least know that you really helped those folks. That's a different kind of satisfaction, but that much more important.

NOV

I appreciate the emotion and energy that you put into this. Thanks for helping our industry regain it's good name.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?