Remember the American dream? Buy a house in September and by April have enough equity for that new sail boat. At some point the party had to end. Unfortunately, as folks are having to move reality is starting to set in. And of course sellers have very different responses when they discover more is owed than their house is worth. Here are a few of the personalities I have recently come across.
1) The Blaming Bertha--George Bush and Obama conspired to steal value from my home. That Lexus in the driveway?? Of course I used a home equity loan to purchase it. Who wouldn't? That's like free money! Now what's this government going to do to solve my problem??
2) The Honest Abe-- This person realizes the error of their ways. Of course I was stupid to buy that new boat/airplane/four wheeler. Now How am I going to get out of this mess? I actually don't mind working with these people. Helps if they have a rich uncle who can bring some cash to closing.
3) Emo Ernie--These people are devastated by the loss. No human in the history of Earth has EVER faced such a problem. Forget about those who starved during the Great Depression, I have to bring 750 bucks to the settlement table.
4) Ronald the Roll Over--These people don't even want to think about the situation. Just tell me what to do and I will do it. Get a second job? Done. Donate bone marrow three times a week? You bet. JUST GET ME OUT OF THIS!! A close cousin to Honest Abe, just missing a backbone.
5) Nancy Never Learn--She knows more about negative equity loans than you do. Why? She trades in her car every year, and has declared bankruptcy four times since Reagan was President. Keep her on your mailing list. Trust me on this one!
6)Fruity Fred-- How to solve a negative equity situation?? Raise the asking price for the home silly! Sure homes are appraising for 150k in his area. But Fred needs 215k to break even. Don't dare bring him an offer less than 215K. He is plain Bananas. Sadly there are agents that will list Fred's house for this amount. These are agents are called morons. I think there is a designation through NAR.
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