Special offer

Owner Walks-Bank Sells for More Than He Owes

Real Estate Broker/Owner with KTHOMES, LLC 100002367

I wish I could wave my majic wand so this doesn't have to happen to more homeowners.  I spoke with someonw this past week that had been making extra principle payments way over the regular payment amount during his "good" months, but then when business was "down" he could not not make a payment at all.  In essence, he was paying down his priniciple quite rapidly, but when his business did poorly for several consecutive months and he was unable to keep making his payments, he felt his only option was to walk away and let it go into foreclosure.  He had no knowledge of where to turn or whom to speak with regarding other options.  His leinholder ended up reselling his home without a deficit, so his credit is still perfect and he can  now repurchase another home.  Dear Homeowner, Please check with your leinholder for options prior to packing up and moving.  There are many options out there right now where you may not have to disrupt your family and move.  It's always worth a try.

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Patsy Overton
Patsy Overton Interiors, Atlanta, Georgia - Duluth, GA

Wow!  I had no idea there was such an option.  I'm so glad to hear he came out okay.

Aug 03, 2010 01:36 PM
Vickie Slade
Colorado Landmark, Realtors - Boulder, CO
Service You Can Trust ~ Someone You Can Depend On

Thanks, Karen for reminding us that there are options.  Too many times, buyers simply feel overwhelmed, embarassed and unable to do anything but walk away.  We need to get the word out to them that they have options.  Thank you for this post!

Aug 03, 2010 01:38 PM
Paige Walker
Paige Walker - Pineville, LA
Real Estate Guru - Alexandria Pineville LA

Thanks for sharing! It does happen that way, just not very often!

Aug 03, 2010 01:48 PM
Bob Willis
Berkshire Hathaway HomeServices California Properties - Orange, CA
Orange County & L.A. County Real Estate Agent

Good grief.  He should have just contacted you to list his home and sell it.

Aug 03, 2010 02:13 PM
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO

Good post! I agree with Paige comments!

Thanks for sharing,


Aug 03, 2010 04:13 PM
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Hi Karen, thanks for the great post, first I have heard of this option.

Aug 03, 2010 06:27 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I have never heard of this. I guess in the end he came out better than most!

Aug 09, 2010 01:04 AM
Drick Ward Property Management / Broker Assoc
NEPTUNE REALTY - Virginia Beach, VA
"RealtorDrick" - Experienced Representation

If only he had contacted a Certified Distressed Property Expert, they could have explained to him that he's not distressed, priced his home appropriately, and possibly even made a profit for him.  Sad that he didn't talk with a Realtor first.

Aug 09, 2010 01:09 AM