Please Contact A CDPE
A few days ago, I received a call from a person, asking to speak with me about listng their home. During the phone interview, I learned that the owner was five months in arrears. Yikes!
Then, I asked if the owner had received a Notice of Default. The owner had received lots of paperwork from their bank, but had not opened them.
Typically, once a homeowner is unable to make their mortgage payments, they retreat, becoming paralyzed with dread, and simply do nothing, as their home is foreclosed.
This homeowner, preparing to desert the property, received a phone call from the mortgage servicer, a major bank. The bank asked if the owner would like to avoid a devastating foreclosure... or cooperate with the bank in accomplishing a short sale.
When the owner decided to work with the bank on a short sale, the bank gave them my name and my phone number, The owner called me, and I started working... quickly; since the loan was already heading into its sixth missed payment.
I had not previously worked with that bank, but they knew my name and phone number, and they reached out to my seller, seeking to avoid the foreclosure: a win-win situation.
I have now listed the property, and am awaiting the name of the bank negotiator assigned to this case.
I applaud the bank for being proactive. At least one of the unopened letters they had sent asked the owner to list their home, and then begin the process of the short sale. Since they had not received a response, the bank used the telephone, including my contact info. The owner then called me IMMEDIATELY.
Will the short sale work? Probably, but, I don't know the answer. However, this homeowner now has a chance to avoid the trauma and stigma of a foreclosure
Though this property will likely be sold on a short sale, it still humanizes NAR statistics that show 70% of owners who were foreclosed, never listed their property with someone who might have helped them.
More education on short sales is needed, letting the public know that there is light at the end of the tunnel.