Sellers turn to a short sale when life events are so overwhelming that the house payments are just not sustainable anymore.
- Job loss or reduction in income
- Injury
- Illness
- Divorce
- Bankruptcy
- Relocation
These are just some of the problems plaguing homeowners. The problems are compounded by declining market values thus rendering the house unsellable for enough to pay off the loan.
Believe it or not, in many cases losing their home to foreclosure is NOT their biggest problem.
Most sellers are extremely cooperative during the long and winding road of a short sale. However, sometimes the seller's life events overwhelm them and the house issue gets bumped off their priority list.
If the seller stops responding it causes a definite problem for all involved. We call their home, work and cell numbers, we email the sellers, snail mail the sellers and often visit their current residence to see if we can help. If they don't respond to any communications we send them a registered letter terminating the listing. The letter is polite and professional, wishing them luck and thanking them for the opportunity. There are simply too many liability issues for the seller and the Realtors to carry a listing with no response from the seller.
Based on our local rules, if the sellers do not respond to the registered letter for sixty days we can then refund the buyer their earnest money deposit.
Sellers should know that we understand when the house issues become too much to bear in their time of distress. However, some response to help with an orderly cancellation only takes a few minutes and would be appreciated.
Dave Halpern
Real Estate Broker
Louisville Short Sale Expert Realtors
Have a short sale listing that needs a solution? Click here for Dave's Website
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