"Seller says: I tried loan modification, they screwed me, they had their chance and blew it."
From a short sale client of Dave Halpern -- a Louisville Short Sales Agent. You can read his interesting post by clicking the link below:
When you do short sales, this is something we often hear ... especially after all of the programs that were unleashed such as Hope for Homeowners, HAMP, etc, etc..
High expectactions from overhyped programs that have helped some home owners... but have failed for many and caused frustration, despair and Anger. (Ever wonder why some of those Bank Owned Homes you see are Destroyed?)
Would Just Moving on Have Been a Better Choice?
I can't really comment too much on this since everybody's financial situation is different but here are three real life examples of conversations this past week.
1) Despaired Seller Considering a Las Vegas Short Sale -- Payments stopped in March of 2009 after the dual income became a single income.. "We've tried every program out there to have a loan modification and have come to the end".
Tones of Despair & frustration. Homes are currently available for sale in their neighborhood for less then half of what they paid.
2) Conversation 2 -- A client of mine who did a short sale back in 2008... lived the rental life and they are now qualified to buy again.
Tones of Excitement... financial situation has vastly improved. Ready to go looking and buy.... their monthly mortgage payment will be less then their current rent.
3) Conversation 3 -- A new client who did a short sale in 2008. My preferred lender qualified them up to $200K and they are Ready to go... excited to be able to buy after "falling from grace" as they stated. Somebody who made the "McMansion" mistake and has their finances back in order and living well within their means.
Tones of Excitement and optimism in their voice... Ready to Buy and a real joy to talk to.
Question of the Day
Which scenarios above are the best for the Las Vegas Real Estate market... and the Las Vegas Economy?
It seems that the time has come where the real recovery is starting to take place and it has nothing to do with any of the programs created to keep artificially high home values... artificially high.
People who got it over with and straightened out their financial house are starting to get back into the game...buying houses for less then half of what they left behind to move forward. New payments that are more then affordable and less stressful resulting in them being more optimistic.
For many others, Billions of Dollars in Programs and wasted time still have them at square one.
Two years is really not that long... unless you have accomplished nothing.
Prudential Americana Group
Las Vegas Real Estate
8337 W. Sunset Rd, Suite #150
Las Vegas, NV 89113
From Green Valley to Summerlin and everything inbetween. Over 3 Years of Actual Las Vegas Short Sales Experience helping People get back on track!