Yesterday, the rain pounded down on my windshield, the sky, gray and gloomy matched 
my mood. On the seat next to me sat a file with a listing contract freshly signed and ready to be uploaded into the RMLS. So why was I feeling so darn lousy? My buyers from five years ago are now sellers, not just any sellers but, "Short Sale" sellers.
The clients, a young couple with two children, once optimistic with home ownership and it's rewards, feel beaten down and hopeless. They are not alone. Nor, I suspect am I in my sadness and empathy for these desperate people. Could they have better managed their money over the last five years? They would tell you yes. But, they hadn't planned on a once solid investment turning into an albatross. They tried loan modification, it worked as a band aid and slowed the bleeding, but lately, the walls are closing in again.
Since they purchased their home in 2006, they have lost at least 130 thousand dollars in equity. They still love their home, they are still emotionally attached, but according to them; there is no other way out of this mess. It breaks their hearts to even consider a short sale , or walking away, but they've thought deeply about both options.
I sent them loads of information in the preceding month, doing my best to give them them the knowledge and resources to make a good decision. Naturally, I suggested they discuss the matter with a lawyer and/or tax expert to fully understand the risks and consequences of a short sale. There are numerous government sponsored websites and numbers for "free advice," I sent them a list of those too. But, shortly thereafter they called me to confirm their decision to move ahead with a short sale.
They tell me that they are glad I am here for them. They trust me. It's an embarrassing situation for them, they remind me that they were both raised to be responsible people. A short sale, it's something they never imagined happening to them. I try to offer reassurance; tell them not to feel ashamed, remind them that they are not alone, give the wife a hug and dodge fat raindrops on the way back to my car. On the cover of their file are a couple of big wet drops, I know the source is not the rain.
Comments(10)