Do You Know What Distressed Property Owners Need?
My friend Gary Woltal hit the nail on the head with this blog post last week. As a Northern Virginia Short Sale Listing Agent, my job can be an emotional drain. Day in and day out I deal with folks in very stressful and depressing circumstances. No one wants to do a Short Sale. Finances, an illness, divorce or other unforeseen circumstance bring them to that point. Compassion is an absolute must when dealing with these distressed clients.
So,
Do You Know What Distressed Property Owners Need?
We are talking pre-foreclosure, heading toward a short sale, heading toward a possible REAL foreclosure. Knocking that credit rating down 200 points possibly for 7-10 years.
Well if you said how about a bunch of money, or some other kind of quick fix, you are not looking into the hearts of people as a real estate professional.
We would all like to have magic wands to cure people's ills from however they got into this MESS. And do not deny it is a mess and a stressed filled time of people's lives. Divorces occur because of financial woes. And don't be snooty thinking your time in this arena couldn't take place at the drop of a hat, as there but for the grace of God go I. Look at the reasons people get "distressed" and even YOU Mr. or Ms. Snooty could be there.
- Job loss
- Business Failure
- Payment increase or mortgage adjustment
- Divorce or death of spouse
- Illness
- Relocation
- Reduced income
- Mortgage fraud
- Predatory lending
Assisting a homeowner in these tough times we can look at these options for them:
- Refinance
- Sell and bring cash to closing
- Lender workout
- Short sale (selling for LESS than the loan balance)
- Deed in lieu of foreclosure
- Foreclosure
- Do nothing and walk away
In the most desperate of times a homeowner can file personal bankruptcy and try to move on with life and not jump off buildings. BUT, back to the question. WHAT IS IT THE DISTRESSED PROPERTY OWNER NEEDS FROM US, the professionals in this industry? You may find the answer hard to swallow, looking at the "perceived EVIL banks and lenders."
But from all of us, they need COMPASSION.
If they are truly trying to bail their lives out, drowning in a sea of financial troubles, isn't it the very least we can do is talk to them with compassion and understanding? Yes, this is business. But John and Mary Doe are people. We are talking REAL LIVES here. I encourage you to put a photo of the family taped to the short sale file package. A REMINDER to everyone that touches this situation that REAL LIVES are involved here and are being impacted. COMPASSION goes a long way in life!!!
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