Well, I had a pretty good day yesterday. I am not sure as to what is going to happen as of yet but I am pretty sure that I am going to lose a listing that I just got. I got a listing with a very nice commission on it that a family doesnt want anymore. The Mother and Daughter are in a big fight and both of their names are on the deed. Ideally, we would sell the house and I would help the daughter get into a new one that is considerably cheaper.
When speaking with the family, it was easy to see that they were hysterical. Very upset with one another and not even willing to talk to one another. I calmed the daughter down and made sure she realized everything would be alright. Her Mom owned a bunch of restaurants in the area and she managed a few of them for her. After the argument, she was reduced to managing only one store with considerably less pay. So much less that she could no longer afford the mortgage payment, let alone anything else. We are talking about a nice home here.
At the end of the day I had half of the listing signed from the daughter with the understanding that she was probably going to lose the majority of her portion of the $200k downpayment. I next went to the mom. I think that the mom had finally started to calm down and realized the position of the market. Obviously, she is business savvy for as well as she has done with the restaurants.
She asked me to talk to the daughter as kind of an intermediary and I agreed. Knowing that I am pretty slow right now, I sided with Karma and the universe and may have talked the daughter and mother out of selling. The daughter expressed feelings of needing freedom, to which I concur but who knows what will happen. I dont think I could allow anyone other than my wife to have that kind of control over my life though.
Professionally, I believe that they should sell the house, take a small loss - the daughter taking a large loss and the daughter should buy a preforeclosure in a different neighborhood. One that is more in a realistic price range. That way her mother would not have such a lage influence on her life.
What do you think? With the market the way it is, do you think she should make a change? Is there an ethical dilemma on my part by telling her that selling in her particular situation may be a good idea? She told me that money doesnt matter much to her, cutting the umbilical cord is more important. I guess money doesnt matter too much to those who have it, right?
Would you have done what I did and risked losing a listing by trying to get the mother and daughter to reunite and not sell to stop from losing so much of their investment. I think ethically, it was the right thing to do.
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