With the number of foreclosures that we've seen this year, and with the number that we are expected to see in the coming year, we have to really think about how we can have a positive impact on people's lives when they are confronted with this outcome.
We know now that many of the banks have finally started to fix their short sale processes, and with that brings the possibility to help people get out of a home that they probably can't afford any more. What's important to remember when we decide to take a short sale listing is that the seller needs to be FULLY on board. We won't be able to just "list the property, and take over from there." We will need them to be ready to provide the necessary documentation when needed (without bitching about it mind you), and they should be ready to discuss the details with the bank if asked. As often as we may claim to be, we aren't miracle workers.
So when we decide to do the right thing and help out a homeowner who is facing foreclosure, we should also be sure to lay down the ground rules with the seller. If we do this, we can have a substantially positive impact on the recovery in the housing sector. As much as I would like to, we are not able to do this all on our own.