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H is For Honesty & Beyond

By
Real Estate Agent with London Properties (DRE 01883959)

Welcome to the first blog entry in what we hope will become many in a series we are calling "The Alphabet Resources."

We are starting with probably the most meaningful and yet difficult word to hear for both buyers and sellers as we review honesty and beyond.

The letter H is meaningful in so many ways. It's the first letter in HOME a place for sharing, bonding, entertaining, comforting, and growing, relaxing and in most cases taking advantage of the American dream. For many in the process of losing their home it's been a struggle to try and retain the dream. Whether it's due to the economy, mortgage related interest rates, an illness or a number of other reasons losing a home is devastating. Often working with lenders before getting behind in payments or taking advantage of the new government programs can lead to a rescue. When buyers are not able to save their homes they often enter the world of short sales before the home becomes foreclosed. Short sales occur when owners owe more than what their home can be sold for and when they see if the lender(s) will absorb the loss allowing them to move on. Depending on the price range and location sometimes up to 80% of the homes fit into this category.

Foreclosures and stopping foreclosures have become big business for hundreds of 3rd party sources. Charging fees and sometimes running what amounts to scams they've come out of the woodwork. You've seen ads left and right, signs on the corners promoting the stopping of a foreclosure. The question to ask as we look at honesty is are these companies really paying and promoting to represent your best interests?

The answer to this question is usually and unfortunately no. Many are profiting from a seller's loss. There are now companies that are even negotiating directly with the lenders to take control of your mortgage situation, to buy the property first or to bring the late payments up to date and then to short sell the property at a profit. Perhaps it can save a seller but how honest is the process and what about the hidden repercussions to the seller's credit and future ability to purchase a home. H is for honesty and this process is a direct threat to the word.

If you're facing foreclosure or about to be behind in your monthly mortgage payments please talk first to your lender and also review the information at the U.S Department of Housing and Urban Development's web site by clicking here.

H is for honesty no matter what market we find ourselves in and no matter what the situation we encounter. Honesty is taken for granted in many situations such as when we enter a bank for a transaction. Most trust that the transaction of exchanging, withdrawing or depositing money will occur without problem. Or perhaps when you enter a school for learning or a hospital for care there's a great deal of trust in the word honesty that all will be handled and information will be relayed in a honest, straightforward way.

In real estate honesty is something that must be earned! Real estate is the largest transaction for most and it's an industry that for licensed real estate agents is regulated and overseen by local, state and national agencies such as in our case the Ada County Association of Realtors, Idaho Real Estate Commission and the National Association of Realtors. Yet despite a code of ethics, regulations, continuing education and a formal way for anyone to issue a complaint against an agent or a 3rd party there's this lack of trust and honesty.

For us it's the case of a few bad apples that operate in a less than honest way. There are a few people taking advantage of others and therefore we fight harder to earn a customer or a client's trust. It's through honesty that we can educate and help people but it can also drive people away especially in cases where they don't want to hear the answer. Telling a homeowner that their home is worth $40,000 less than what they must have while honest and based on real comparables is something the homeowner often refuses to hear. Unfortunately many homeowners select to go with an agent that will buy the listing (tell the homeowner what they want to hear at any cost to obtain the listing). Often this leads to a short sale situation or even a foreclosed home down the line instead of selling at the lower price or advising the homeowner of resources available to help them save their home.

On the buyer's side setting expectations through honesty such as indicating when it's a short sale that can take 60 days or longer just to hear an approval is not someting the buyer wants to hear, yet it must be said. It's hard to earn honesty when people often turn a deaf ear to it. The stereotypes we've highlighted before are brought into the spot light even more so especially in this crazy market. (See below for a link to past stereoptypes blog entry)

There are pariahs out there in every industry yet real estate is where there's this gray cloud that continues to hang over. It's easy to see why honesty remains in question especially with all the gimmicks out there that we face daily.

As real estate agents we fight the common stereotypes and work to earn your trust every day. Honesty goes hand in hand with the services we provide. Often people turn away from honest answers that they don't wish to hear. Sometimes it's a challenge as all it takes is one bad encounter and the owenr or soon to be homeowner believes that everyone in real estate must be dishonest. Yet most of our colleagues are not of this ilk.

Honesty is earned through each and ever encounter and through our actions. For those selling a home today or those purchasing a home in the future finding help from a honest agent, company or 3rd party vendor doesn't have to be this great challenge. Interview people, talk to them and I believe it has to be meeting them face to face so that you see what they are about, read their body language and make sure they will protect your best interests.

Tami and I would love to talk with you about any of your real estate questions or concerns. It's always about helping people first and honesty is an integral part of this every step of the way. We would be honored to represent you throughout the process and beyond!

Related past blog entries on honesty and real estate stereotypes for your review can be found by clicking here.

Other Resource Links:

Idaho Real Estate Commission

Ada County Association of Realtors®

National Association of Realtors®

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