5 Stages of Grief in a Short Sale

Reblogger Fernando Herboso - Broker for Maxus Realty Group
Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO

 

Short Sales MD 

An excellent post to help homeowners. .

WHERE ARE YOU?

Your present situation will not go away unless you recognize your affliction and seek hlep accordingly.

A SHORT SALE is a sensible solution to your problems. .if you qualify

 

 

Original content by Jack Lewitz

 

 

 

 As a former Social Worker I am reminded of Elizabeth Kubler-Ross book "On Death and Dying' and the five stages a terminally ill patient goes through when informed of their life threatening illness.

The five stages she identifies in her book are:

  • Denial ( this isn't happening to me!)
  • Anger( why is this happening to me?)
  • Bargaining ( I promise I'll be better person if...)
  • Depression ( I don't care anymore)
  • Acceptance ( I'm ready for whatever comes)

As I reviewed these five stages and relate them to Sellers I have worked with or am currently working with I am drawn to how these same stages are exactly what sellers go through when selling their home in a short sale.

Stage 1 Denial:

Many sellers who are falling behind in their mortgage payment often do not get help or seek help because they are in total denial. They often think nothing is going to happen to them even after the bank has sent them the Notice of Default letter.

Stage 2 Anger:

This is a very difficult stage. Many homeowners remain angry through the Short Sale/Foreclosure process. Reports of homes being trashed and appliances missing are usually the signs of people who have a lot of anger and direct this anger onto the property.

Stage 3 Bargaining:

This is the stage where sellers exhibit a lot of ambivalence. They do not want to loose their home and will do almost anything to keep it. Some sellers will contact their lenders and try to negotiate a loan modification while you are doing a short sale. You have to be aware of your seller in this stage because they are very vulnarble and will sabotage any efforts you have initiated because they have not truly accepted the need to sell their home.

Stage 4: Depression:

Sellers in this stage just stop caring about the house and will withdraw from you as their agent. It is important to maintain contact with your sellers during this stage and give them support and assure them that what they are doing is in their best interest.

Stage 5 Acceptance:

This is when you see your seller come out of their shell and begin to prepare for a life after the Short Sale.

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Rainer
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Barbara Kornegay
REMAX Essential - Wilmington, NC
Wilmington NC Real Estate, Homes

Oh man we are seeing people here wait till the last possible minute to short sale...  It is not pretty!  I just wish we could get more education out there to the public that they are not alone and do not have to walk away!

Mar 01, 2010 08:57 PM #1
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Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

Interesting analagy of the psychological course of a short sale.

Mar 01, 2010 09:56 PM #2
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Fernando Herboso - Broker for Maxus Realty Group

301-246-0001 Serving Maryland, DC and Northern VA
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