Among several deals happening this week, I had dumped in my lap a new foreclosure listing. Now, I always like to have more listings, and I have cultivated listings from "REO"s, industry slang for "real-estate-owned" by lenders.  And the time was that they were great deals when you got them as listings and they sold fast.  Just generally needed some cleanup, maybe a lot of cleanup, but they were priced so that other homeowners or investors could get a good deal.  These days, as a function of being in the Austin market, even lenders are beefing up their prices because they read the articles about Austin, too.  We have a bulls-eye painted on us as one of the only markets still doing well in the country. Even HUD foreclosures are priced at market value, and if they are discounted at all it is the exact amount for the paint and carpet they need.  So, no great deals at the beginning of the listing period.  I keep working them because eventually they keep reducing and reducing the price until they meet the market and they sell.  But they can be a pain in the meantime, with utility bills, sometimes lawn care, etc, even after I have negotiated to have the paint and carpet and other major repairs.

The one this week is from a company that first sends me a notice to ascertain if the property is vacant or occupied.  If it is occupied, they authorize me to negotiate a settlement with the previous (now foreclosed-upon) owner to leave amicably and turn over the keys, leaving the premises in broom-clean condition. This is always a sticky situation for me.  These folks have had something bad happen-- job loss, spouse abandonment, illness, etc.  There are usually kids involved.  I am not a social worker, so I feel inept at providing real assistance.  But I have to say that by the time it gets this far, they are normally less affected by their situation than I am.  They are fairly matter of fact.  They may be losing their home, but they still have the cable tv on. I work with them to get them moving, both emotionally and physically.  They seem stuck.  Once we get the ball rolling and they know that I am there to facilitate their move, they are always quite happy to get boxes, start packing, and work with me to find a place to rent.

The one this week met me at the door with a baby on her hip, one of her odd jobs is taking care of kids in the neighborhood.  She has also been to massage therapy school, and is between her classwork which she passed, and the state license exam, which costs money to take.  She has 4 kids, and her husband abandoned her and left her with everything to take care of, including his debts from before they were married. (Her kids are from a previous marriage.)  IF ONLY she had called a realtor for help earlier, we could possibly have set up a short sale, and found an investor who would have taken over the house and kept her in as a tenant.  As it is, I had to tell her that it was time to get a J-O-B, that part-time work would not cut it, and that she needed to get those teenagers to work and contributing to the household as well.  I told her that I had to talk to her like a Mom for a bit, and if it offended her she needed to let me know, but that someone needed to tell her the truth.  The universe sent me, maybe because everyone else was busy right then, but I was the best she had. 

She was so grateful it broke my heart.  She said that the universe had been sending her women to help her through all of this, I was one of a string of them, and that she couldn't wait to get on her feet to pay it forward.  Today she told me that she has an interview at Walmart on Monday and another realtor has possibly located her a house she can move to this weekend.  I am happy that she and her little family will have a roof over their heads, any roof, not homeless.  It's all too easy to get into that situation, and just brushing up against it every now and then reminds me of how tenuous this "success" is...
 
Posted by Reba Saxon on 04/19/2007 04:17 PM   Comments (3)   short sale, foreclosure  
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3 Comments on I wish people would let me know when they need help.

APR
19
2007
 I am in CA and looking for some REOs here. Do you know how I would findout how the biggies like Countrywide, Wamu or BofA  sell their REO property?
4:42pm • #1
Reba-Also, I realize I was callous not to comment on your empathy towards the people in your REO listing. I think you handled things well. I am dealing with one now too.
4:45pm • #2
FEB
23
2008
2 Featured Posts

I love your perspective Reba!  Plus you are a great writer...it's always fun to read your comments on my blog.  I would love to see you write more.  I thought I might point you to two sources so you can see how they are using blogs to drive agent training and recruiting.  Enjoy!

 

http://activerain.com/barryo

 

http://activerain.com/bethbutler 
5:59pm • #3


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Reba Saxon

Cedar Park, TX

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Keller Williams Realty

Office Phone: (512) 743-8775

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