Reserved Parking For "The Lovely Wife"...TLW...ROAR!

Blog Boy...

You forgot an option...Option #4 = Debate with them and tell them what idiots they are :)

Chill out folks...It's a joke between the marrieds :)

TLW...ROAR!

They atctual ha an off tht tey rfused ad nw thy ae goin to loose thewhoe thing?   thnk yo need another client.

hhhmm, I would either tell them to leave it priced where it is or take it off the market. If their credit has been shot having a forclosure then a bankruptcy won't affect it much more.

Also .... If it hasn't sold by now, why do they think a miracle could happen at the 11th hour?

Sean Allen

What you should do depends on many factors, but the one that matters the most is what you know to be true...no amount of marketing can make a Buyer pay more for a home than its worth...so, you're going to have to really believe in a miracle too, or your setting yourself and them up for failure if you don't walk away from the listing now.

One of the hardest things to do is to walk away from someone that you know you can help...but, it's also sometimes the best thing you can do at the same time!

Good luck with your decision!

BB, because I liked them, I'd be tempted to raise the $ for them and "pray", but prolonging the agony for them (and setting them up for a non-miracle) doesn't seem productive, either. Would it appraise at the higher amount? If not, better (imo) for them to move on and just kiss it goodbye- they'll feel better letting go of the albatross, don't you think?

Bryant,

With the money they're saving by renting, they can buy some lottery tickets too!!! Thanks,   Fran

I think they would be better served to lower the price and pray that (a) the bank allows the sort sale and (b) that a buyer comes through in time. 

Miracles DO happen and obviously they have faith. Good for them. If you leave it at the higher price and it doesn't sell ... what is the worst that will happen? Their credit is already shot ... does it really matter all that much? I feel that their health is the most important thing. Give it a shot!

I would have them go buy a lottery ticket...seriously I would have to lay it on the line and let them make the call.

Bryant,

Billie suggest a forth option, so let me suggest a fifth: get out of this! Have your attorney draft a great cancellation letter, ASAP!

Twenty days and they're rasing the price, this is the same insanity that will have them blaming you for their default.

Suggesting a short sale with only twenty days left isn't practical.

I'm an Old Testament type, I believe God helps them that help themselves. This couple reminds me of the story of the man that prayed to win the lottery and after his ruin he ask the Lord: "why have you forsaken me?" To which the Lord replied: "You've got to give me a chance...you never bought a ticket!"

Fran's advice is as good as any other at this point.

I'm with Sharon on this one.  Faith is a strange and wonderful thing.  Your clients who pray and believe also know that sometimes prayers are not answered the way we would like.  They asked for it so they seem to be prepared for the additional time and struggle. 

I would tell them to raise the price and sell the home FSBO. 

I agree with Sharon that if raising the price reduces their stress, they absolutely need to do that.  They are going to lose the house most likely anyway, so at least get something positive out of the deal (ie no more trips to the ER).

So while I understand what they want to do.  I am a business.  As much as I like people, I can't spend my time doing something I know won't work. 

Me I would tell them my thoughts are with them as they pray for a miracle, then walk away.  Who knows...maybe that is the real blessing.

Okay...

I have to say it :)

Be very careful what you pray for. Sometimes you get exactly what you ask for but it may go down in a way that is most unpleasant.

Learned that one the hard way. My prayers were answered but oh how painfully the answer came :)

TLW...ROAR!

Don't set them up for a disappointment in the miracle. Let them blame it all on you. Take the heat so that they don't think God has disappointed them.

Bryant, at this time I would suggest to withdraw the contract, due to the fact they have already made the move to a rental and gave up on you selling the house and are willing to just walk away. I also understand that they are elderly folks and don't want the stress of foreclosure and/or short sale.  Look at this from a business standpoint of view.

Do I believe in miracles, yes - but they also have to be realistic. What about help from Katerina Gasset along with the help from Brian Korte with the National Defense Corporation? Perhaps their assistance is the miracle. I'm interested to see the other comments, I'm sure there will be plenty. Good Luck!

Bryant, they must know the old saying that God helps those who help themselves!  If they want a mirical, which in this case sounds like a buyer at their current price, they have to help to create it by not doing something stoopid!

BB,  My original gut impulse was to follow their wishes and take the third option.  I'm sure you've been over everything with them and have thoroughly explained their situation until the cows came home.  We are only talking 20 or so days, I gather.  But I do have to question if you are accepting any more liability by following that path or even by saying no and walking away from the listing.  The hard part is that it's not just a deal, these are people who you obviously feel for.  Good Luck!

That's a tough call. I totally believe in miracles. But in my experience, in these situations, they rarely happen. But I might have suggested we all pray together, right then and there. And I might possibly have agreed to what they wanted for a short term. But in the past, I've just passed on these listings. I guess I would go with my gut instincts, which are usually dead-on. (It's a God thing.) However, I've discovered that in business, I have more trouble hearing from God. I need to work on that.  =/

It would seem to me that they have been given a miracle:  A good offer within 30 days on the market!!  Apparently that wasn't the miracle they were looking for, they wanted a better miracle.  I can't imagine that increasing the price would help deliver another miracle.  It's difficult to see people struggle but I personally wouldn't go along with increasing the price.  That's easy for me to say because I'm not emotionally invested.

Knowing you...you have already given them the best option for their dilema. One thing is for certain...they are in another place already and you are left wondering. All the praying in the world is not going to bring a higher price and a buyer willing to pay the higher price. 

Bryant I don't know about the price, but PRAYER is always number one with me, I have seen to much in my 56 years of life to question it.  The power of prayer is very real, and if it is his will it will happen reguardless of the price.  Believe Bryant, believe.

Bryant, I would never step between a persons faith and anything. Only you know them and you have to determine if it is pie in the sky or a heart felt faith. God can move mountains and I would not hesitate to stand in their way. However, you advised them wisely, to move and get an apartment.

As I have been following your posts on Poinciana, it will take a miracle for this to occur.

BB, lay it on the line to them.  They know they have very little time and few options.  As long as you have CYA, why not let them shake the dice. AJ

Deed in lieu of foreclosure and ask the lender for cash for keys to get them out and onto the next part of their lives. This part is over.

I am not sure I understand why they would raise the price - but - I would think that to relieve them of the stress raising the price should not be an option and leaving the on their own should not be an option - it sounds to me like - explaing the miracle would be a lower price and getting the bank to settle... what just ticks me off about this is - this home was most likely their whole life - how sad

I believe in miracles and I believe God gives us common sense for a reason, that said I remember telling an agent a few years ago there was no way a house was going to sell for what she had listed it for and even if she got lucky and got an offer it wouldn't appraise! 

She insisted on taking what I, as the broker and an appraiser advised her against, then the angels weighed in on her side and brought her a cash buyer who didn't care that he was buying an over built house in a subdivision where the highest sale ever was $40,000 below this house.  He was so happy to find exactly what he wanted to retire to at a price he could afford that he just didn't care.  He's been blessed that several new custom homes have went into that area now that are more similar to his and to this day he feels like he got a good deal.  The agent with an angel on her shoulder has also gotten several great referrals from him. 

Ultimately the seller decides to list their home at whatever price they want, after you do your best to educate them.  Then it is a business decision on your part to choose whether to invest in their faith or remove yourself from the situation.

BB,

At this point what else do they have to loose but there house? They do have a place to live, they can't handle any further stress...I'd let the do what they want to. Although I'd just let them know you can't do any more for them personally/professionally.

Well... that's a new one.  Can you merge all three options?  I firmly believe in miracles, so I would tell them to fervently pray for one but at the same time remove as many hurdles as possible to make it possible.  I don't think I could in good conscience agree to the price increase... to me that would instill false hope when reality is what's knocking at the door.

I'm a softie.  At this point if they want to belive in a miracle and it will make them feel better I would tell them the truth but still do what they wanted.  (As long as they absolutely positively knew your stance.  Heck, I'd put that in writing!)

BB - WOW that is going to be a tough pill to swallow when the miracle does not happen. At least in this case God will be taking the fall and not you.

I am all for miracles, but common sense has to come in at some point.  I would be having a long talk with them.

Have they not been praying since January?

Bryant -This is an interesting scenario.  I certainly believe in miracles, and in the power of prayer.  I would join them in praying, but I don't think I would pour money and resources into the marketing - give God a chance to show Himself, right?

Broker Bryant, I do believe in the power of prayer, however we have to be realistic here. Your seller does not have that much time and this is a time to take drastic action. Considering their health history I would suggest talking to them in a sensitive yet sensible manner and if that does not work cancel the listing agreement.

I highly believe in the power of prayer; however, I am also a realist and a professional.  My job is to make sure that my clients are well informed and can use that information to make informed decisions.  If they choose to make decisions that are not well-informed (i.e. hoping for miracles), I do have to remember that I am accountable to God, my family and my colleagues in the cooperative field of real estate to not take actions which are not good for my business or the market.  I would probably opt to walk away in this market.  My $0.02, Steve

This is the toughest scenario I've ever heard of. I would combine some of the suggestions given above. Let them list at a higher price, keep praying, and, by the way, introduce them to that desperate agent that will take any listing at any price, and then maybe say a prayer for all of them.

all personal thoughts and beliefs aside....    I would talk away.    Your fuduciary responsiblity is to the seller and how is it in the seller's best interest to raise the price given their current situation?

If you can justify that ... and be prepared to justify it in court if necessary that  go for it.

Otherwise....   I am wishing them well and moving on .....   the power of prayer can be powerful but it is not a real estate statistic to be relying on.

I don't always pray for my clients, but recently buried TWO St. Joseph Statues at a house.  One under the sign and one under the children's playset.  I can tell you it worked and how and why and maybe that will help you.

I pray that the owners be given the strength to get through whatever it is God has in store for them.

I pray for wisdom, for me AND them, to do whatever it is we are supposed to do, which sometimes is not selling the house.

There are two types of St. Joseph Statues.  One is St. Joseph the worker with tools in his hands and I buried this one for me, the worker, under the sign out front.  The other St. Joseph statue is Joseph hold Jesus as head of household and father.  This type gets buried in the yard and represents the family's concerns rather than the agent's.

Prayers are always answered BB.  Do it.  Do as they ask and if so inclined...go get two St. Joseph statues for good measure.  But know that doesn't mean the house will sell.

You help them do what THEY gotta do...

Bryant,

Geez what a decision that you need to make.  Of all the comments that I saw, there is a lot of good advice for you,  the one the disturbed me the most was the one from Karen Luke that states that you should take the blame and not have them be disappointed in GOD.  I think that if they really prayed about it, they would have come to a more logical conclusion.  Miracles happen; I have seen them, but I wouldn't Bank on them, like this couple is asking you to do.  Good Luck in Your Decision, I do not envy your position.  It will be a hard decision for you since you care about them and they are not just a Deal to you.  Keep us updated. I think a lot of people would be interested to see how this goes and what you decide to do.          

Take Care Of yourself & thst wife of yours!  & Have a Great '08!         

WOW!! Great comments. I just geting ready to come in here and spill the beans then saw that this post just got featured so.........I'm going to wait:)

I do want to point out in response to Dez's comment...I work as a transaction broker. I do NOT have a fiduciary relationship with the seller. They are customers and friends but they are NOT clients in the legal sense of the word. Now having said that, if I did have a fiduciary it would not have affected the decision that I made.

OK....I'll be back.

Well since you already have 'well informed clients' - per your meeting and talking to them... They have already made an 'informed' decision. They know it isn't very realistic and have acknowledged that as so. Miracles are real. Extraordinary things do happen.

The other thought is to contact an investor, have them submit an offer that makes sense to them. Gather the papers needed for short sale and then update the seller as needed. It really can be a low to no stress scenario. Most of my clients gather the docs, sign the offer, and then I call when something happens. No worrying. They already have acknowledged the worst - being foreclosed. So let them have peace that there is a CASH/Clean offer on the table and you all just need to sit back and relax and let the bank due their due diligence as well. (Of course you would be contacting the bank to try and prod them along) So... if you don't believe in either a short sale possibility or the miracle of a high price, then it is definitely a waste of your time and energy. A lot of times it just isn't about the time/money. People need help. And I would guess that a little charity once in a while can go a long way (referral/reputation or just plain gratitude).

If it were me... I would get it done and help them. (Yes I am only 1yr in and still have water behind my ears) They seem very realistic and aware of the scenarios and consequences. But you just have to remember... You are the Mighty BB! Get it done and Pray that your mustard seed moves the mountain.

Broker Bryant, Because you have already rode this horse to with-in a few weeks of the finish line (what ever that is), you might as well ride it to the end.  I'm thinking that if you pull yourself from the situation that they probably don't have the time or energy replace you.  Tough call, sorry you have to make that decision.

I think the mind says to explain to them that this is a bad idea, but the heart says to raise the price and pray with them.  I was hoping as I read your post that it would end up that you sold it at the higher price... Call me a dreamer!

They've stopped paying there mortgage, so they should have a first/last and security payment for their rental and I assume that their monthly rent is less than their mortgage, so their cash position will only be stronger going forward.

They should walk away from this home and never look back. Declare bancruptcy if they must (what difference does their FICO score really mean now anyway?)

Enjoy the life of the renter... (they should just work on making sure what ever there income stream is will be situated adequately so as to keep pace with housing inflation at least).

They should look at this as an opportunity.

Interesting delima!  If I didn't think that it had a chance of selling, I'd offer them the listing back...I'd be sad, but that's what I would do!

Bob Mitchell

ValueList Real Estate Services, Inc.

I say do what they're requesting - sometimes people NEED to believe in miracles and know they've "put their faith in God's hands" to relieve their stress.  Just make sure they know miracles don't neccessarily come in the form they think! 

If they want to relieve the stress, walk away from the property.

They have a place to live, income and a rent they can meet. Don't torture them with any miracle talk. Their miracle is that they are living in a rental now.

Was it not an option to walk away from the sinking ship? Sign the deed over to the bank in lieu of foreclosure, the ship goes down be itself and you get to save yourself. Of course, many banks from what I understand are refusing to take properties back in lieu of foreclosure right now. Quit claim it to the lender!

How about renting it, pull it out of foreclosure and make the payments until it sells or re-establishes some credit and then show lender income and ask lender to modify their loan. The lenders are supposedly much more flexible with people in this situation right now. Have they talked to the lender to see if ANYTHING can be worked out.

If you are going for a short sale, if you start working on the hardship package with them now, it will expedite things when you do get an offer. However, you will still need a patient buyer.

Good Luck

This case is one for the man upstairs.  If they truly believe it, who knows...it may happen.  Atleast you have done all of your best at giving them the facts.  It truly will take a miracle.

Good luck

OK so it's time to spill the beans. First a little history. These folks moved to Poinciana about 8 years ago when they retired and paid cash for a small townhouse. As life does, it threw them a curve ball and a couple of their grown children, daughters, multiplied and moved back home. The townhouse was now too small. So the daughters talked them into selling and buying a much larger house on a mortgage that they agreed to help pay for. Well we all know how that worked out. The daughters did not keep up their end of the bargain. But of course, they continued to live there as they still do.

Anyway, after about a year or so of this they refinanced to tie them over until they could work things out. Working things out didn't happen and that's where they are today. Just 2 nice folks that now are not able to afford their payments. The combination of a declining market and increasing mortgage debt, due to not making payments, has placed them in a position where the house will no longer sell for enough to pay the debt and expenses.

Their credit is ruined and the stress is just too much to take. The bank is willing to do a modification but their idea of a modification is increasing the payments to bring the mortgage current over time.

Prior to meeting me the house had been on the market for 6 months at a grossly high price and due to this they missed their opportunity to sell when the market was still OK. This 6 months cost them about 20%-25% in depreciation.

I listed the house in January, at a reasonable price and received on offer within 30 days, that would have got them out of their situation, with some money in their pocket. However, at the time their stress had peaked and a bad decision was made to counter offer the deal, at too high of a price, contrary to my advice. They countered and the buyer walked. 

Anyway, this just shows that things are not always as black and white as we would like for them to be. These are very nice folks that are just in over their heads financially and emotionally. It happens to all of us.

This is what I did yesterday:

I have raised the price on the house and have raised the offered co-broke by an additional 2%. Within 15 minutes of making the change this morning,  I received a call from a REALTOR(R) with out of State buyers, who are flying in tomorrow morning to look at houses and this one is number 1 on their list!!! I asked him what price he had on his MLS printout and it is the new price. His buyers were literally searching for homes within minutes of me making the change.

So.....do I believe in miracles? Yes I do.

By the way, I did spend about 2 hours with these folks yesterday going over all of their options. They have been advised to seek legal advice and I have placed all of my thoughts in writing to them. I may believe in miracles but I also believe in covering my rear end!!!

So there you have it!!! Who knows....maybe we'll get an offer tomorrow. Now wouldn't that make a GREAT post.?

I'm happy to read about your last comment and your little miracle, hopefully it will come true. Good Luck and I'll keep your seller and you in my thoughts and prayers to get through this ordeal.

It appears it may be an academic issue- if they cannot get current the foreclosure will progress. Given what home prices are going for in Poinciana and the ugliness of the market with competing foreclosures the writing is on the wall.  At least they have refuge in the rental.  Elderly people suffer stress more physically than younger persons do-for that reason it is imperative to attempt to reduce their stress level as much as possible.  I know you will do the right thing on their behalf.

Things happen for a reason...always. Good luck and hope you get that offer tomorrow.  BTW...it was the fairy dust that settled LOL!

Hope you don't mind, I said a prayer for your clients and for you also! You are their Miracle! Only God sees the big picture! Trust and believe he will work all things for the good!

None of the above. 

I'd raise the price and wait for foreclosure.  Poor folks would just feel abandoned if their agent walked away.

Who knows, maybe a cash buyer will drop in town tomorrow and love the place. 

You are a good man for helping them. Maybe the out of state buyers will buy...

Is it really God we're talking about, or superstition? Is God a rabbit's foot we rub and hope to get our wish? (or a Santa Claus ?)If God is a real person, he doesn't necessarily have to grant their prayer, even though he loves them.

Bryant- If they prayed about it and they have the faith, you will be blessed to do their bidding no matter what this outcome will be. Miracles occur every day.

When God talks about miracles, I don't think he means screwing out of state buyers... LOL...

Also, if these buyers bite at the new, higher price, how horrible is their agent? If he is good, won't he be able to determine a better price for his clients?

BB-What a tough position for you to be in. I feel for them, and even more so because they are elderly. I believe in miracles, however, I think they need to listen to you. Yes, God does perform miracles, but, I think they need to be realistic about this.

You have been involved far too long to leave them. In a "normal" situation, I would say yank that yard sign, have them release you and run for the hills. Sadly, with their age and health, I wouldn't have to heart to leave them at the 11th hour.

IF you leave it at their price, will they allow you to call agents and advertise "bring all offers"? That is one idea.

Best of luck to you. Tough call, but I'm sure you will handle it well.

BB-What a tough position for you to be in. I feel for them, and even more so because they are elderly. I believe in miracles, however, I think they need to listen to you. Yes, God does perform miracles, but, I think they need to be realistic about this.

You have been involved far too long to leave them. In a "normal" situation, I would say yank that yard sign, have them release you and run for the hills. Sadly, with their age and health, I wouldn't have to heart to leave them at the 11th hour.

IF you leave it at their price, will they allow you to call agents and advertise "bring all offers"? That is one idea.

Best of luck to you. Tough call, but I'm sure you will handle it well.

Having had the experience of a seller go through a foreclosure(he would not accept two all-cash offers because he wouldn't be walking away with cash...of course he wasn't counting the huge HELOC), I would never put myself in the situation of going through those last few horrible days again.  It was a huge emotional drain hat put me out of sorts for about two weeks.  I still wonder if he will come back and sue me for not hiring a kung-fu master to twist him into a pretzel and force him to sign the contract.

I too believe in prayer but I don't think God translates our prayers that literally, and I'm pretty sure He works on his own timeline.

Bryant: 20 days is not a long time. That will be here before they kow it. All I can say is WoW. One miricle I can think of is to file a bankruptcy at the 11th hour. This will hold it off for a short period of time. ( Maybe )

What, this isn't about hockey? .... my motto is that everything happens for a reason. We do not know the "greater plan" for each of us, but many times we have to go through the bad to get to the good. We were two months from foreclosure on an investment property when we threw a hail Mary (an auction) and miraculously the home sold. So yes, I do believe in miracles because that is what was supposed to happen. I hope the same happens for your sellers with these new buyers.

Quite a read you have going here. Kids helped put their parents into the poor house. What a shame!

Bryant,

Actually, I have this very situation going on and we raised the price and are praying for a miracle.  My clients are very well informed that the home will be foreclosed on by a certain date if the home does not sell, they are very well aware that comps put the home about $30k-$40k less than the current list price, and they know that miracle's don't always happen.  I feel they are well informed and they have made a decision that they can live with...either way.  I wouldn't consider walking away from the listing and my clients at this time, and I don't feel comfortable strong arming them into making a decision that they do not feel good about. 

I suggested my clients talk to their tax professional and a real estate attorney before making their decision in this matter, which they did.  I can rest knowing they made a fully informed decision that they can live with.

Great post,

Okay before I became a Realtor I was distressed with my child's school district. Something happened in February (1987) that upset us.  I prayed about it and felt that our house would sell Easter weekend.  My Realtor procastinated and did not get it on the market.  My neighbor's friend came over Easter Monday and decided to buy it. 

Forward to Fall of 1999, I had my house on the market for two months for $210,000.  My agent left the listing company and another agent was assigned my listing.  She immediately told me I had to lower my price to $189,000 because she couldn't sell it at my price.  We argued, I wanted out. I had to threaten the listing company with a lawsuit to get them to release me from my contract.  Fall of 2000, I plant a St.Joseph in my yard and I sell my home myself for $220,000.  We moved to Pawleys Island, SC for three years.  Moved back to Wilmington, NC making two mortgage payments.  I had an agent in PI trying to sell it for six months.  I found my trusty St.Joseph.  Buried it one weekend.  Nine days later my agent called and said I have a buyer.  I said yes I know you do and I know why!  She was not shocked when I told her about St.Joseph.  Our Realtor's Association has just started selling them in our Realtor's store.  I had one of my clients elude to using it but they did not have the prayer.  I immediately got the prayer for them. We got a contigency offer accepted and in nine days their home went under contract after it had been listed for nine months.  I used it on one of my listings without telling my client.  An offer came in nine days but my client turned it down.  I don't mention it to my clients unless they know about it. It is not to be used lightly.  It does not work for everyone.  Actually, a friend of mine used my statute that worked twice for me but she ended up in foreclosure.  You must believe.

In fall of 2005, I became a Realtor.  My first listing was the home of  one of the most Biblical women I have had influencing my whole adult life.  I said Sally I think I can sell your house for $210,000.  She said no. $189,000.  I listed it.  When it was shown, I had to go pick up Sally and spend time with her.  It felt like Tuesdays with Morley.  What a blessing I got out of it.  Didn't last long though.  Her home sold in four days at full price $189,000. 

I was going to tell you to do what they say.  I was going to tell you to get them a St.Joseph and let them pray over it.  They really had nothing left to lose.  But you already told us what has happened.

So Yes I believe in miracles.  They happen every day in the most amazing ways.  If you don't look for them you miss them.  If you get in the way of them, sometimes they don't happen.  And sometimes they happen in spite of what you do, say or believe.

Isn't life great?  Don't you just love REAL ESTATE!

The fast truth is always better than a slow lie

The short sale is a rough way to go, but there is no way I would raise the price.  Good luck with your listing and your clients.