Reserved Parking For "The Lovely Wife"...TLW...ROAR!

Blog Boy...

Okay. This situation is unflippin' believable.

Knowing our market the way I do...I will not be surprised that folks will skip payments to create hardship.

This is going to get worse before it gets better.

TLW...ROAR!

They had better rethink selling.  But, of course, their home will get listed shortly, probably for $299,900.

Someone will list it.

Broker Bryant (I think I have finally mastered the name) - I receive similar calls. I can only add that I do believe that generation of owners that have nothing invested in a home, fell no compulsion to try and keep it. I have always believed that a lot of these people did not comprehend the enormity of the purchase and just like marriages, plastic bottles, unwanted pregnancies, plastic bags and every other throw away item, they have no guilt about tossing the house.

Lenn may be correct about it showing up in the MLS for $299,900 but no one in our industry has come up with a sure fire way of getting a price that is 33% out of line.

Someone will list it, but will anyone buy it?

Boker Bryant, I was laughing at the beginning thinking this was a joke. Well in a way it is a joke. People need to learn that when they are buying a home they are making one of the biggest purchases of their lives. It is not like buying a pack of gum that when the flavor is gone you can just toss it out and go for another one!!!!

I've gotten calls like that too.  I think it just shows how ethically void our culture has become that people are willing to become deadbeats.  Buying a home is investing.  Losses can happen, its a fact of life.  It is our job as Realtors to make people aware of this ahead of time!  

But in today's world of modern medicine they can replace joints, fix the heart and bring people back from the jaws of death but they still CAN'T FIX STUPID!

Broker Bryant,

Its really unbelievable how everyone wants a short sale now...they think because they heard so & so did it that they can too! I'm glad they called you, but I think Lenn's right someone else will list it for $299! LOL! :)

I'm pretty picky about the listings I'm accepting right now. Too often, my short response is "you can't afford to sell". Even my magic wand can't fix this kind of mess :)

WOW.  Are people really so willing to wreck their credit?  Just to move when they don't really have to??? 

To quote my brother, SHOCKING. 

I am working with someone right now that will have difficulty affording their home soon, but can for now.  They were counseled to sell for short sale to get out (start missing payments), or to just buy the new house and let the current one go into foreclosure....  my immediate response to that was NO! 

BB- You are so right.  My phone is ringing off the hook with people wanting to know about short sales.  When I ask about their financial situation, most can afford to pay but don't want to.

BB, I have writen so much on this subject, all in the Don't Do Short Sales vein. I'm glad to see you also taking that position. We all need to be responsible. A broker should not contribute to this deceit.

Bill Roberts

These people are DREAMING.  First of all, by the time their late payments are recorded, their credit is SHOT- slow pay can be worse than bankruptcy and foreclosure.  Secondly, the banks are often in LALA land with house valuations- they are WORSE than sellers when it comes to understanding the gravity of the situation, but by the time the sellers figure out that there WILL NOT BE A SHORT SALE, they're already in the throes of foreclosure.  The banks, at this juncture in my limited exposure, are continuing to play ostrich- and until they pull their heads out of their-oops- the sand, sellers considering this avenue may as well learn to write letters explaining why they have a foreclosure in order to obtain that 35% interest Visa with a bank balance required.  How's that for an opinion from a cranky person? :)

Bryant,

I love it.  becareful I got labeled a curmudgeon. Some people think they're entitled, just because they want it.

Bill

I surely hope this doesn't start to be the norm around here. We have been emailing our clients about possibly refinancing if their rates are going to adjust upwards in a few months. Tow calls a week is alot.

Hey everyone, Took me awhile to get back here. Been pretty busy today. I appreciate everyone stopping by.

If you haven't already stop over and read Bill's post. The link is at the bottom of mine and was the inspiration for this post. He's an old "CURMUDGEON" but wrote a very good post:) What the heck is a curmudgeon?

I'll be back.

BB,

I have one right now where she just wants to give up and abandon the property after stopping payments.

I wonder how many scumbags will come out of the woodwork to show these folks how to work the system.  This could also be called conspiracy to commit fraud, but who's counting?

You should also consider the people who can no longer afford the payments with Florida's increasing property taxes and insurance rates. Then if you add someone who's lost their job ...

This is one listing I would not want!

I wonder how many of them really understand what a short sale is going to do to their credit report?

Haven't had this experience myself, Bryant, but I know people who have. Some sellers just want to give the house back to the lender, who does not have to agree to do so. It's hard to reconcile this attitude with those who really ARE in a hardship situation and stuck with payments they cannot make. They clearly have no clue about the implications of what they would like to do.

Jeff

So many people make big decisons without giving it much thought.  If traffic was such a big pet peeve that should have been checked out prior to buying the house go figure.

Oh gosh..... It is just so sad that consumers only get half the information correctly and they try to use it to their advantage.... just because. I wish sometimes people think seriously before they act.

Bryant,

Rich was right.  You did say it a bit nicer, but your point is loud and clear.

BB,

Once again you have satisfied the masses with a blog....Thanks for writing and I look forward to the next one....By the way what happened to TLW she's been missing from active rain for 5 count them 5 days now?
I hope you haven't done anything crazy Byrant....Like sending her on a vacation by herself or something!

Anticipating your next BLOG>>>

Brandon

A listing I just withdrew was a failed short sale, but it was with clients that were in financial hardship, facing foreclosure, and were more than a year late on payments. I never would have thought that people would actually try to mimic this situation to get out of a home.

I starting laughing as soon as I read this but then I realized "Wow, this really is not funny. They were serious."

This little couple just put the the LIE in cLIEnts!

this one made me laugh pretty hard - these are too funny for you to make them up -

Bryant,

I just wrote a post yesterday about a sale I have going on right now where the seller's ARM is adjusting and he's treied everything he can to hang on, including refinancing his residence (this is an investment property) to help pay for it. He's truly in a tough spot, but he's fighting for all it's worth to keep everything above water. It makes me sick to think of this seller you have wanting to do a short sale because they don't like where they live.
Where do you think they learned about short sales?

BB,

I still hear this everyday, people looking to just give away their homes regardless of what they owe!! Just not Realistic at all!!

Tom Weiss

Broker Bryant- You nailed it once again.  Little money out of pocket..looking for the quick fix, and lack of understanding if certain situations apply.  If we do a better job of educating consumers perhaps we can help them.   

BB: Someone will list it and Poinciana's overpriced inventory levels will continue to grow. It is a situation repeated throughout the country.

It is utterly amazing that people do not understand that buying a home is a commitment.  You are married to the house.  It doesn't just disappear with no ramifications.

You want to lose $95,000 because you don't care for traffic?????????  Heh????????????? 

Do they plan on purchasing another home...EVER??????

But I have seen it as well.  I had a client who hadn't paid the mortgage in four months and truly, didn't know why his credit score dropped "THAT QUICKLY."

How could you just not accept some responsibility for a commitment that you made? 

BB, I just don't understand people's attitudes today.. Just don't get it at all

Amazing how many people think they can just walk away from their obligations. I had a similar call last week. I recommended they speak with the lender. Have not heard from them yet and don't really expect to anytime soon, at least for 90-120 days!

BB - Wow that is amazing that you get a few of those calls a week...how depressing! It is a wonder you are able to keep such a positive attitude.

Bill, Yep I get a lot of these. It's so easy for folks to walk away when they have no money in the deal.

Gary, I guess they figure in a couple of years they'll be able to buy another house anyway. And you know....they're probably right.

Lysa, Folks just don't care. No responsibilities. We live in a disposal world. Contracts and obligations don't mean squat.

Virginia, I think the divorce rate is well over 50% so why should they stay married to their house? 

Roberta, You're right about that. Probably won't disclose the short sale either.

Allison, I sold a house last year(my listing) and 5 months later it was back on the market as a preforeclosure. The buyer made 1 payment and then stopped paying!

Tom, Thanks for stopping by. Folks were buying homes and treating them like rentals. Actually with 100% financing and the seller paying closing costs it was cheaper to buy than rent. A rental requires a couple of thousand to get in. They could buy with nothing.

Andrew, I have sellers like that too. A short sale should be the last resort before foreclosure not just a way to move because you don't want to live there anymore. 

Thesa, I spend quite a bit of time in business shaking my head in disbelief.

Hey Joshua, Good to see you. Short sale is the new buzz word.

Hi Brandon, Stay tuned. TLW is posting tonight. It's a good one!!!

Fran, Rich is not one to mince words. He's EVIL you know? :)

Loreena, It's up to us to educate as many consumers as we can.

Jennifer, You think?

Jeff, Calls like this actually piss me off. It's hard to be polite when I tell them no thanks.

Sandi, The ones I talk to certainly don't get it. They truly believe it's no big deal. Hopefully an Attorney can clue them in.

Carole, I agree. Too many folks right now that really need my help for me to waste time on these types of listings. 

Sharon, It is getting expensive to own in Florida. I have a seller on a fixed income and NO mortgage who is paying almost $700 a month for taxes, ins and HOA dues on her little 2 bed townhouse. By the time she adds in her utilities she can barely afford to eat. That's sad when you're 80.

Rich, That's a good point. I wonder of it fraudulent? I wonder how they prove hardship without lying?

Hi Neal, More and more of my sellers are just giving up and walking away. They are too depressed to even try and save their home.

Odd...but the same people making these types of calls are the same ones that will complain about others that scam the system.  Do they not see themselves as doing that?  Maddening.

Carol, I guess they just don't get it. And that's a shame.