Drowning in a Glass of Water that’s Only Half Full

Reblogger Dave Halpern
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

Judy Chapman, Realtor from Chicago, has written one of the most eloquent descriptions of the emotional aspect of foreclosure. A short sale is indeed an emotional solution, not only a financial solution.

Thank you, Judy.

I am reblogging Judy's post here...

Original content by Judy Chapman

By Abhijit Tembhekar [CC-BY-2.0 (www.creativecommons.org/licenses/by/2.0)], via Wikimedia CommonsWhen your house is underwater, it’s like drowning in a glass of water that’s only half full. Problem is, if you sink to the bottom, you could drown.

Drowning in a sea of troubles

Just about every homeowner in America is suffering from the unprecedented downturn in real estate values. Obviously, it’s worse for some than for others. Much worse.

If the value of your home falls 30, 40, 50 percent or more, you’re sinking right along with all that lost equity.

And if you lose your job or face an illness or get deep into debt or have to move, you’re going to sink straight to the bottom.

Drowning your sorrows

You hate to lose your home, your piece of the American dream. But what choice do you have? So you decide to sell.

You may try to put your house on the market for more than the market will bear. On the off-chance that someone will come along and pay more for your house than your house is worth.

Meanwhile, the market keeps sinking. And you’re looking at nothing but water on all sides.

Drowning in information but starved for knowledge

You’ve heard about Short Sales. You’ve heard they can help you avoid foreclosure. You’ve heard other things, too. That they’re painstaking. Frustrating. Anything but a sure bet.

No one can paint a rosy picture about Short Sales. But 9 times out of 10, a Short Sale can throw you a lifeline and bail you out of a sinking situation.

The benefits of doing a Short Sale far outweigh the damaging consequences of foreclosure. Like —

  • Completely eliminating or substantially reducing your financial liability
  • Minimizing damage to your credit rating
  • Recovering from credit damage in months instead of years
  • Allowing you to purchase a new house in 2 years

Wouldn’t it be better to try a Short Sale and possibly fail than to kick yourself years later for not trying?

Can the cries of a drowning man be heard in an empty ocean?

If real estate values hadn’t fallen off a cliff, you wouldn’t have to resort to doing a Short Sale. Instead, you could have sold your house without asking for your bank’s permission and gone on with your life like everybody else.

You could fight the bank. And holler. And scream. And kick your feet. But what good would it do? You’d still be shivering, up to your waist in cold, sloshing water.

So now you’re at the halfway point. You could swim on, sure to drown in the sea of foreclosure. Or you could turn back and call for help.

A drowning man is not troubled by rain

A few facts about Short Sales …

Banks almost always require a Short Sale to be an arm’s length transaction. Because of this, your house must be listed on the local Multiple Listing Service (MLS) with a licensed real estate agent. In most circumstances, no party to the contract can be a family member, business associate, or share a business interest with you.

Generally, you cannot receive any proceeds from a Short Sale unless your bank is working under special guidelines. For example, through the government HAFA program or the bank’s own short sale incentive program.

On the positive side, you won’t have to worry about coming up with closing costs such as real estate sales commissions, title insurance costs, or transfer taxes. Because when your bank approves the Short Sale, it will have to absorb those costs and settle for the leftovers.

Okay, so you’ll have to rent for a while. But think of it this way. Someone else can cut the grass, repair the roof, and replace the broken refrigerator.

Water, water everywhere

When things turn around for you … and eventually they will … you can buy another house. One that won’t be so expensive.

Because sure as the sun will rise tomorrow morning, home prices will keep sinking. But you will have saved yourself from being swept to the bottom.


For more about Short Sales, visit ChicagoShortSales.com.

Want to find out if a Short Sale can work for you?
Call me — Judy Chapman — at 847.749.3811

I list and sell Short Sales all over Chicagoland!


*  *  *  *  *  *

 JUDY CHAPMAN |What can I do for you?  

Residential Sales ∙ Short Sales ∙ Residential Rentals

Koenig & Strey | 1925 Cherry Lane | Northbrook, IL 60062

Judy@JudyChapman.net | Office: (847) 521-4111

            Chicago Short Sales 

© 2007-2011 www.activerain.com/blogs/NorthShoreChicago by Judy Chapman. ALL RIGHTS RESERVED. Portions of this content may be used with attribution. The information contained in this blog is the authors own opinion and does not reflect the opinions of Koenig & Strey Real Living. 


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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

What a well-written post. 

Very dramatic, very surreal, yet very motivating.

   Thanks for the Re-Blog, Dave.

Jun 02, 2011 05:49 PM #1
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Dave,  terrific post..thanks for the re-blog

Jun 02, 2011 07:02 PM #2
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Fred, Ronald,

Judy Chapman did a superb job on her post.

Jun 02, 2011 07:09 PM #3
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Dave, thanks for the re-blog. Very descriptive post. Short sales are emotional.

Jun 02, 2011 09:17 PM #4
Judy Chapman
Referral Network of Illinois LLC - Chicago, IL

Dave, Thanks so much for the re-blog!

Jun 02, 2011 11:54 PM #5
Barb Van Stensel
Chicago, IL

Dave, Judy is hauling over here in Illinois and rightfully so.  I recently read an article about getting the consumer to understand that they are not the only ones in the boat.  It's being addressed alot in Chicago by agents like Judy because while 70% of the Distressed Homeowners never listed their home that went into foreclosure, as I shared with Judy earlier on this week, Chicagoland had close to 80% of the homes never listed that went into foreclosure.  She's a trooper without a doubt and I am glad she is back in Illinois!

Jun 03, 2011 01:38 AM #6
Judy Chapman
Referral Network of Illinois LLC - Chicago, IL

Barb, Your kind words are very much appreciated.

Jun 03, 2011 11:15 AM #7
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Dave Halpern

Louisville Short Sale Expert
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