Here's the scenario. A consumer calls you based upon a blog post that you have recently made. He is in dire NEED of the services of a competent and professional real estate agent.
He must sell his house quickly. He is in foreclosure and he does not want his credit damaged. He already has had a short sale denied by his bank because he has too many other assets. His only alternative is to sell the home.
Here are the vital signs:
1. The home is worth approximately $300,000.00 as determined by comparable analysis
2. He owes $208,000.00 on his first and second mortgage combined
3. He has a Federal Tax Lien in the amount of $22,500.00
4. He has a municipal lien for not maintaining his pool (it's a green slimy mess) and it has been running since October 2007 at the rate of $1,000.00 per day
5. He has not paid the County Property taxes in 2 years and he owes the County $12,500.00
6. He has not listed the property because he thinks he can not afford to pay commission and he's not willing to sign a listing agreement that he can not terminate at will
7. His wife is on title with him but she's now in Chicago living with her parents and wants $5,000 from the sale of the house
8. He needs at least $5,000.00 himself to be able to move on with his life
9. He will also need to stay in the house for 30 days AFTER the closing because it will take him that long to move because he can't move until he gets the money from the closing
10. The house has pretty good bones but will need:
a. basic cosmetic work
b. new landscaping
c. the pool drained, cleaned and refilled as well as a new pump
d. the roof needs to be replaced (estimate from local roofer is $8,500.00)
e. the garage door needs to be replaced
Other than what has been stated above, the home is located in an upper middle class neighborhood with good schools and is in close proximity to great amenities like a major mall, fine restaurants and exciting nightlife activities. It is also located within an area of stable employment.
This house goes to auction on May 31, 2008. What would you do? Seriously, often times we are accused of "realtor bashing"...not true it's the sub-par ones that irk us. However we know there are some consummate professionals, many of whom have taken offense to some of my posts.
Well, I have decided to make a concerted effort to engage much more civilly with real estate agents and to network with fellow real estate professionals so that we may all further our endeavors through the camaraderie of being brothers and sisters at arms...if you will.
So in that regard, I want to be more of a resource facilitator so that we can all benefit from our mutual experiences. That being said, I wanted to poll members of Active Rain and the readers of Bloodhound Blog to get their valued input as to how they would handle this transaction. Even Russell Shaw is allowed to proffer some advice.
I am sure with the tens of thousands of readers of these collective sites, as well as our own, that we can come up with a plan to successfully help Mr. "Smith" sell this home and move on with his life.
So please, let's work together not only to help Mr. Smith but to help each other should any agent anywhere be faced with this kind of challenge in the future.
What would you do?
Other Posts you may find Interesting...
REAL ESTATE RADIO USA : Your source for real estate news and free real estate training, strategies, tips and real estate market analysis.
REAL ESTATE RADIO USA is a multi-faceted real estate media company. We have the #1 real estate talk radio show, a power packed and highly visited real estate blog. We want to educate you, inform you and entertain you about how to use your blog successfully and profit in the real estate market.So we invite you to listen to our provocative and opinionated real estate radio show and read our real estate blog. It is free to listen to
Real Estate Radio USA and our real estate blog is free as well.
LISTEN LIVE WEEKDAYS 4:00PM-6:00PM If you have a question or comment call us at 1-877-741-3863 and we'll talk to you live on the air! Can't make it at 4PM,
listen to our archives of past
Real Estate Radio USA shows.
;)
;)
Brett,
The reality is that the reality is the reality. As Real Estate Sales people we do not create value. We can not solve every problem out there. What we can do is analyze, evaluate and Inform. Ultimately it is the Owners decision on how they act on the information. Some times as harsh as it sounds there are just no answers to the problems.
So, give them your best realistic analysis and allow them to make the decision.