"Short Sales" The Realtor Cure for the Common Foreclosure!!
Now that the word "Foreclosure" is as common, as other less desirable words like "Cancer", "Teen Pregnancy" and "Child Neglect", it is time for us as a society to except it, take reasonability and fight it. Like all plagues; social and medical; at the beginning many ignore both the subject and those who are infected. But, in time the issue becomes so unavoidable that main stream society can not run, hide or avoid the problem. The foreclosure epidemic is NOW unavoidable. Everyone knows someone who is in, or will be in, foreclosure. Many, who might be reading this blog today, are themselves a casualty of a foreclosure.
So, what to do? How can I, a lonely Realtor help. SHORT SALES are the cure!! I know they are not easy to do. I also know that we realtors have to work harder on these transactions and will get paid less. The job is thankless with ungrateful parties on all sides of the sale. But, like most great acts, they are positive before popular. We as realtors are stopping foreclosures one short sale at a time.
The Benefits:
- The seller avoids a foreclosure.
- A home is spared abandonment.
- The buyer gets a great house at a good price.
- The bank gets more money, quickly while minimizing legal and non performing losses.
- The bank does not have to seize, manager, maintain and resell the asset. This will cost banks and later the tax payers billions of dollars!
- The neighborhood is spared another boarded up, pad locked, eyesore foreclosure on the street.
- Competing home sellers are spared the stigma of another foreclosed home that certainly will be "Fire Sale" which drops properties values of the entire area.
- Owners who are trying to refi out of an ARM will appraisal higher by being spared another foreclosure sale down the street.
- The realtors who could not sell the home because it "was upside down" now has a sellable product
The Negatives:
- The courts get less money with fewer foreclosures.
- Law firms that do foreclosure work, will make less money.
- Companies that board up and winterize homes will make less money.
- Foreclosure auctioneers will make less money.
- Collection companies who are hired by the banks will make less money.
- Criminals who conduct business in vacant homes will make less money.
- Scrap yards that except stolen copper will make less money
After evaluating the Benefits vs. Negatives, I think the Treatment is worth the Cure!! The more short sales we do today, the less foreclosure we will have tomorrow.
Lets get to work!!
Mike Sher
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