I discovered a situation in the last couple of weeks that is really bugging me. A local Realtor has a home listed that is surely going into foreclosure. The agent KNEW when he/she listed the home that the owners were in trouble and the "Notice of Election/Demand" was filed with the county treasurer. The house is overpriced. What is bugging me is this. Shouldn't this agent have educated the homeowner on what was about to happen and immediately pursued a short sale if that was possible? I know in this case, that was now what happened. If that agent is not educated enough to negotiate the short sale avenue, then find someone who is. I understand that there are rules to follow as to who qualifies for a short sale, but as professionals, we should be doing everything we can to educate. Listing homes at an unrealistic price and hoping for a miracle is not professional conduct.
We haven't seen a huge increase in the number of foreclosures in Delta County, but there are more than in previous years. Frequently, by the time we (the Realtors) are called by the homeowners, they are several months behind on their payments and in a panic. We, as a profession, have to be the leading force in educating these homeowners with their options and then pointing them in the direction of those that can keep them from loosing all their equity and their homes.
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