The Pain Is Real...The Sadness Beyond Comprehension
The other day one of my clients was looking at homes in the Woodbridge Virginia area. So far she has been unsuccessful in obtaining a home in her price point due to multiple offer situations on foreclosed homes. She is having a difficult time because she is almost priced out of the market based on her approval letter and her cash position.
You see as of October 1st, 2008 FHA has increased it's inititial down payment to 3.5%. See recent post on New FHA Limits The initial down payment to 3.5% of the sales price impacts her on what she can do. On a $200,000 loan that is an additional $1000 needed for a down payment. That may not seem like a lot of money to some of you, however to a first time buyer the down payment is typically the one obstacle that remains the biggest hurdle for many.
Since we were running into multiple bid situations, I suggested she consider a short sale.
The challenge for my client was looking a homes, that were occupied. As we began looking around one of the homes, the children were watching TV and the Mom retreated to the kitchen and kept a watchful on us as well as the children. It was evident the homeowner really loved her home. It was neat and tidy and in very good condition. If I were listing her home for sale it would be an 8 on a scale on 1 to 10. As we were leaving and my client stepped out the door and down the steps, I turned to the owner and said " I will be in touch with your Realtor soon, my client likes your home very much" ...and in that second I could see the tears well up in her eyes and she choked back the pain as she tried to speak. I could feel a lump appear in my throat and I could feel her pain. She was crushed, demoralized, and so sad.
All I could do in that moment was open my arms and give her a hug.
I quietly whispered in her ear " I hope this is over for you soon, and that better things are going to happen for you and your family. I'm sorry this is happening to you." I turned gathered my composure and as I approached my client who is waiting by the mailbox, she asked do you know her? I said no, she fell part when I said you liked the house and I would contact her agent. My client said, how can I take that home away from her and family. I explained that they are going to loose the home, if you like it, and you can afford it, you will be able to buy it so much lower than the current family did. However you must be patient.
I recently wrote a post about How To Buy A Short Sale read it when you get home.When homes are for sale by short sale, in most cases this is a distress sale. These folks are loosing a home they worked hard to get. The situations that bother me the most are the ones that really care for their homes. Where the home shows pride of ownership. This one did. It was so sad.
At the end of the evening my client and I parted ways and she went home to think about which home she wanted to put an offer on. The short sale that was so pretty and in her price range with no offers on it or did she want to try and get the Foreclosed Home that was just under her maximum price point. We would connect the following day to see what a good nights sleep revealed.
As for me when my head hit the pillow...the only face I saw was the woman who just needed a hug to make it to the next day. In that moment she was not a stranger,she was a person enduring the unthinkable...loosing her home, her credit standing and the safe haven she had given her children. Sometimes as Realtors...we feel so helpless. In helping sell a home in today's Real Estate climate we know we are displacing others. This market is so harsh..........for so many.
If you have questions or need Real Estate help contact us.
Relax We'll Treat You Like Family
Contact Peggy James or Erick Blackwelder of Erick and Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
Google Peggy James Woodbridge VA
Comments(0)