I don't know how all of my fellow real estate agents feel out there but I am not going to sit by the sidelines anymore and watch our neighborhood values go down the drain.
Lower prices mean that more homeowners that need to sell cannot sell which leads to foreclosures which leads to REO's which leads to lower prices and so on and so forth. Well, it's time for us to get involved, step in and put an end to this cycle.
How?
By helping people either save their homes by having their loans modified by their bank or by helping them do a short sale as opposed to a foreclosure.
Banks are now willing to rewrite their loans and lower interest rates, lengthen loan terms and even excuse some debt to help people stay in their homes. The problem is that a lot of homeowners don't know that or even worse, don't know how to go about making it happen.
If staying in the home is not an option and they qualify then we must help them do a short sale. Short sales typically sell for about 90% of the fair market value as opposed to foreclosed properties which sell for 60-70% of the fair market value and thus bring the values of all homes in that neighborhood down.
So step up, learn how to do a short sale and if you don't want to, at least find out who in your area does them and refer your friends, family and clients to them so they don't lose their homes to foreclosure.
It's not only the right thing to do but it will make you feel great to help your neighbors out!
I hope you try it!
If you need my help, don't hesitate to reach out to me.
Elias Papadopoulos of RE/MAX Unlimited in Brookline, Ma. 02446 Tel 617-566-0300 x 201
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