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Short Sale - I'm so EMBARRASSED - HELP ME PLEASE - Susan Goulding - Tracy & Mountain House,CA

By
Real Estate Broker/Owner with Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management 01490605

"I have to short sale my house. I am so embarrassed.  I don't want my neighbors to know. I don't want a sign.  Can you keep it out of the MLS?  embarrased short sale sellerDo you have to TELL people it's a short sale? I just don't know what to do anymore, Please help me.'

WOW _ the above SPILLED out of the mouth of the caller when I answered my phone today.  Not even a breath to ask who was calling, how they reached me, just an over whelmed seller who FINALLY decided to ask for help.

As reported by the National Association of Realtors 40 - 60% of homeowners are upside down.  My guess is in parts of California, specifically Northern California,  and more directly Tracy and Mountain House, CA these numbers are probably higher.  In additon to the numbers of people who are upside down the latest studies show that 70-80% of ALL foreclosures NEVER EVER ask anyone for advise or help.  WOW - that number astounds me.

So First - Congratulations on taking a step to lesson the effects of a terrible situation.  Most homeowners are very skeptical, the bank calls non-stop, they are scared, tired, frustrated and no longer want anything to do with their home.  However, it does not HAVE to be so hard.  Part of my job as a Successful Short Sale Realtor is to lesson your stress.  Sometimes when you start taking back control of the situation it helps to elivate that stress.

Second - there is no need to be embarrassed.  You need help.  Make no mistake, your neighbors probably know what you paid for you property and wonder who you are keeping your head above water and WHY.

Third-- your neighbors probably already know.  They will definately know when the bank starts taping notices to your door.

Forth - a SIGN is not required, it does help us to find a buyer more quickly.  Once we have a buyer and an accepted contract we no longer have to show you property, unless YOU want to.

Fifth - we could keep it off the MLS if you signed a waiver, however the point is to avoid foreclosure by securing a great offer that the bank will accept.  If we don't put it in the MLS, don't hang up a sign, how will anyone know it's for sale?

Sixth - We don't have to put a rider on the sign that says "Short Sale".  We don't have to put "Short Sale" on a flyer, we do have to classify it as such in the MLS.  If someone really wants to find out, all they have to do is ask a REALTOR.

Seventh - that is the special lucky number -- I can help!  I can reduce your stress!  I have options for you!  I don't need you need help unless you CALL ME, EMAIL ME, TEXT ME, TWITTER ME, FACEBOOK ME.... however you are comfortable -- contact me.  All calls are confidential.  You PAY NOTHING to sell your house -- you pay NOTHING to call and talk to me.

What are you waiting for?  There is no need to be embarrassed, mad, frustrated, etc-- I can help

Vanessa Calhoun
PalmerHouse Properties & Associates, LLC - Atlanta, GA
Your Greater Atlanta Marketing Guru!!

Most of the distressed homeowners that I talk to are embarassed about their situation, so I do my very best to let them know that 1) they're certainly not alone and, 2) they've taken the responsible step of actually trying to do something about their situation.

Aug 06, 2010 03:26 AM
Paul Durney GRI
Watson Realty Corp - Lake Mary, FL

A lot of the people who are upside-down in their mortgages are surprised to find out they are surrounded by others who are also in the same situation but were also to embarrassed to seek help quickly

Aug 06, 2010 04:58 AM
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

What a difficult situation we face. I check the new foreclosure filings about once a week, and occasionally I see the name of someone I know. I am not an ambulance chaser, but I know I could do better on a short sale than most of the yahoos out there.

I am struggling over whether to send a personal note to a woman a few streets over....we have mutual friends, but I don't know what they know.

Another local family I know hired an agent from over an hour away and a half away....did they think those of us here wouldn't know about the filings? All they've done is compromise the selling of their unusual and expensive home in a difficult market.

Great post, and I am bookmarking it to refer to when this comes up in the future. I am going to reblog it, too.

Aug 06, 2010 05:17 AM
Edward Cooper
Retired Mortgage Banker - Lender Consultant - Homewood, IL
all the best, all the time.

Susan,

Thank you for your blog.  Dealing with the very human side of a short sale or a foreclosure is the most daunting part of many situations we come across in today's housing market. 

Numbers facts and figures help a lot in guiding the understanding level of the person looking to effect a short-sale or a person running ahead of a pending foreclosure.  A very knowledgeable, compassionate and professional Realtor helps even more!

Thanks for the blog!

Ed

Aug 06, 2010 05:49 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Susan,  I enjoyed reading your very well written post.  I'm always amazed at that number of sellers who never ask for help.  Yes, everyone will know about it at some point.  Get help, move on !

Aug 06, 2010 06:23 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

This is great....you show compassion and yet can direct the client clearly and professionally. I'd hire you if I needed to do a short sale....oh, wait, I do them myself :) Great post.

Aug 06, 2010 06:58 AM
Kymberly Caldwell-Muniz
(909) 973-0410 - Fontana, CA
TCR Group Keller Williams Realty Rancho Cucamonga

Hi Susan, great post. Wow Michael are you serious about the sign~ that is crazy. There are so many people that is in the same situation, you having empathy and giving direction soothes the client. I want to reblog this post. Thanks for sharing.

Aug 06, 2010 11:16 AM
Rita Gibbons
MacDoc Realty LLC - Fredericksburg, VA
The Gibbons Group

Homeowners who are upside down are overwhelmed, embarrassed, humiliated, scared, frustrated ... and any other word you can think of that describes what they are going through.  I try to ease my client's fears and help them get through this ordeal with as little stress as possible. 

Aug 06, 2010 02:00 PM
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

In our neck of the woods, it's now more embarrasing hanging on to a home that has a mortgage twice it's value.

Aug 06, 2010 02:51 PM
Noah Levy
Coldwell Banker - Highland Park, IL
Coldwell Banker Highland Park IL

Susan

So many people  who are in this situation are in denial because they do not want to be exposed in the market place to friends, neighbors and family.  It's once they come to terms that we are able to help them - sometimes they wait too long and it's too late. Your points are fantastic and I am re-blogging.

 

Aug 07, 2010 01:27 AM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

 Christine - Yes Typical and so sad

Lenn- I'm guessing they come in late, because they just don't want to deal with it.

Fernando - the formula for helping is difficult -- understanding, compassion, etc

Stephen - I don't think the end is in sight for either of our communities

Sally and David - I agree - FOR SALE is enough  on the sign - no reason to paint the REASON WHY

Claudette - there are worse things than a sign, the neighbors do USUALLY know and can find out, I do understand the not wanting to broadcast their problems

Judy - How can we reduce their embarrassment or at the least help them through it.

Aug 07, 2010 10:59 AM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

David - I see discreet luxury homes as the next BIG wave of short sales

Margaret- Thanks - what a great idea - bookmarking a post to send to clients.  thanks for the idea.

Kathryn - 70% of people don't even try or talk to a REALTOR, Attorney etc - they just let the home go -- that is sad.

Bernadine - More and more people are going to be affected by this,

Missy -  that is awesome that the sellers wanted to tell the neighbors.  Time is a HUGE factor, we need time to do our job

Richard - Absolutely  - do what is best for your family.  Embarassment fades and is forgotten by the next embarrassing thing that happens.

 

Aug 07, 2010 11:04 AM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Donna - time is key, if I have 3 months I can usually get the banks to stall on the auction.  We do need time to get eveythint in place and for the banks to upload everything to thier systems

Michael - the key is time, at some point people swallow thier pride and make the call, these people need to be treated with compassion and sensitivity.

Aug 07, 2010 11:06 AM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Michael -- oh my goodness that agent should be hung up by thier toes.  How awful.

Jenna -  that is one of the thing I tell my short sale sellers - you have been living in an out of your control situation for a long time, a short sale at least gives you SOME control over the process, the loss, the decision making.

Coweta - there is always safety and assurance in numbers.  I know that no one is untouched by this situation

Paul- Referrals once they do talk to someone are huge, because so many of thier colleagues are in the same situation

Leslie-  yes it's tough when it's someonewe know, and yes we are not abulance chasers, however if we came on a car crash wouldn't we stop and help ESPECIALLY IF we knew the person?

Edward - your welcome - I hope to keep my HUMAN side of compassion

Aug 07, 2010 11:11 AM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Bill - thank you.  I only wish I could help every one out there right now that is hurting due to the loss of their dream

Karen -- thanks, if you ever stop doing short sales and need someone I'll still be here.

Kymberly - your welcome-- I'm glad I don't live near Michael

Rita-- yep all those words and more.

Paul -- so what is the solution.  Yes,sometimes I feel totally STUPID for continuing to pay my mortgage that is double my home value, problem is I can afford it......... guess I'm crazy

Aug 07, 2010 11:14 AM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

So many home owners call so late in the game on this that they simply do not have any time left to get help that they need- sad.

Aug 07, 2010 01:38 PM
Maya Thomas, Broker
Tampa, FL
Please see my client recommendations.

Banks I've worked with want the home to be listed in the mls so that they know it has been exposed to the greatest number of buyers.

Aug 07, 2010 02:26 PM
Kari Battaglia
Veterans Realty Inc - Venice, FL
Who You Work With Matters!

Susan, What a well written post.  I am going to re-blog. I find most of my home owners try to do everything they possible can to get out of their situation before they realize the inevitable and then look for assistance.

Aug 08, 2010 09:18 AM
Speed Equity® Mortgage Acceleration System
Speed Equity® - Olympia, WA
We help your clients Own Their Homes Years Sooner

Susan thanks for a very informative article. I like how you simplified the issues re: short-sales.

Aug 08, 2010 09:46 AM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Kari- thanks.  Yes I wish there was a way to convince home owners to get help sooner

Harj- you are welcome

Maya - MLS is completely necessary

Benjamin - yes you are right, home owners start looking for help too late.

Aug 17, 2010 08:19 PM