The American Dream.... A NIGHTMARE??

By
Real Estate Broker/Owner with Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL 481.010183

There are historical sleepers emerging out of their intense 5 to 20 year deep snooze.... Awakening in time to discover that completely owning their home was just an illusion!  A fading vision that stopped short of completion, it was just a DREAM, that for some, graduated to becomig a horrific nightmare! 

Statistics record that 1 out of every 200 homes in America will be FORE-closed upon and that every 3 months, a staggering 250,000 new families will begin one! (Mortgage Bankers Association)

FORE-closure has become the new FORE-letter bad word!  At the time buyers signed the documents FORE the home, most did not have the FORE-sight ahead to see this day!  It was a FOREign word then and has become a word we'd like to FORE-get now!

With job loss being the number 1 reason, there still remains many options be-FORE one has to endure the dreaded FORE-closure procedure:   Receiving a deed in lieu, undergoing a short sale, negotiating a loan modification, accepting a FORE-bearance agreement, and refinancing, are a few.  Sleepwalking walking away has also been chosen by those without FORE-seen hope.

Advisers rarely suggest that borrowers can and should retain their investment by renting their homes through a reputable property management company while downsizing.  This choice can be a win win solution for both the mortgage holder and the lessee.  We have found some of the best possible renter-candidates to be past homeowners! They possess a lengthy and faithful payment history and do yearn to recapture a bit of their lost dignity stolen in the strip-search during their FORE-closure! 

This American dreamer has awakened wiser, is clothed with genuine humility, and is in need of a little mercy. These are the choicest prime prospects, and should be highly sought after by discerning property management companies.  Equipped with acquired homeowner mentality, managers of quality rental homes have a much safer guarantee if they targeted some of these professional lessees, rescuing them out of their nightmares by placing them in their best abodes... FORE-sure! 

 

 

 "Where the RIGHT Price is the RICE Price!"

 © Copyright 2011 Rice Property Management, All rights reserved

  Rice Property Management & Realty, L.L.C., serves South Suburban IL &  Northwest IN Residential & Commercial Real Estate. 423 East 158th Street, South Holland, IL 708-862-7423.  We disclaim all liability for any damages or losses, directly or indirectly that may result from use of or reliance on information contained in this blog or for accuracy of comments or opinions of visitors to my blogs.

 

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Illinois Real Estate
Tags:
foreclosures
renters
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diane rice
short sales
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Rainmaker
1,245,123
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Diane * I have a DRIP Direct-Mail marketing plan of sending my RENT NOW * SELL LATER 3-panel brochures every other day to new SALES listings in the areas I want to have properties in my management portfolio.  I get almost half of my new inventory from these efforts!

Aug 07, 2011 11:06 AM #1
Rainmaker
238,216
Donna Paul
Keller Williams Realty Gold Coast - Dix Hills, NY
Long Island Home Specialist,All About Real Estate

Diane: We have worked really heard with homeowners who are considering a short sale but in my area we have seen a decline in short sales for now. however, I do believe that they are more to come in at the end of the year. Many homeowner had condsider a loan mod, but now they realize that it's not working.We are bracing ourselve for more S/S to hit the market. 

BTW: it's great to see you again. Have a blessed weekend.

Aug 07, 2011 11:18 AM #2
Ambassador
3,889,551
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dianne I have not seen homeowners around here rent out their home in an effort to avoid foreclosure, but that sounds like a good option.

Aug 07, 2011 02:07 PM #3
Rainer
234,498
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Wallace: Interesting!  With your reputation, it's easy to visualize owners lining up to place their quality homes with you.  We have something in the works to rescue the up-side downers. 

Donna:  Hello to you also, and thanks for the well wishes ... there are peaks and valleys in this business.  Keeping current, knowing what clients need and being there to meet it, has left us very productive in an otherwise down market. (the reason for my absence)

George:  We are both aware of differing markets... over here, RENTALS are a flourishing commodity!

Aug 07, 2011 03:22 PM #4
Rainmaker
335,193
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

Good post, Diane. We have many, many clients who are renting out their houses until the market gets better and they can afford to sell.

Aug 08, 2011 08:00 AM #5
Rainer
234,498
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Leslie!  Howdy!  We MUST adjust to changes affecting housing.  To sit up and wait for the market to get back in place is totally unrealistic.  Business is booming in rentals... YEAAA!!

Aug 08, 2011 08:33 AM #6
Rainmaker
421,073
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Diane, 

So very true.  I often wonder why more folks don't consider the leasing option when this market is so very strong and we can make a situation a lot better in most cases.  It's an educational process and many agents seem short sighted and will not recommend leasing, as they don't handle it and want to make more money with a sales commission check. 

All the best, Michelle

Aug 08, 2011 10:15 AM #7
Rainer
126,036
Ricky D. Sadler
Real Estate Marketing Experts &Trusted Senior Advisors on Property Management services, Rentals Leasing, Landlord Ten... - Seattle, WA
Trusted Senior Property Advisor & Marketing Expert

Great post- I feel most home owner are just  reluctant to act or care about their property anymore they just want out.Their hestation,or unwillingness,to hang on,is very preplexing.

 

Ricky D Seattle Washington

Aug 08, 2011 12:26 PM #8
Rainer
234,498
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Michelle:  And the thing of it is... they will be FORCED to lease or lose (good blog topic), won't they? Folks tend to stay with what they are accustomed to and what's been taught rather than face the fact that some doors have closed... Time to go in ANOTHER door!  THANKS or your input!   

Ricky:  And the thing is, In life... EVERYTHING changes!!  Shoot, ME?  <---- trying to DYE my gray hairs! Heard of someone else pulling each one out... Doesn't she understand she may not be gray.... but at that rate she most certainly will be BALD!!  (The POINT is... ACCEPT changes!) Good to SEE you.

Aug 10, 2011 02:18 AM #9
Rainer
273,272
Ava Anderson
A-Z Atlanta Realty - Snellville, GA
Selling Atlanta from A-Z!

Happy New Year to you Diane!

Jan 01, 2012 02:33 PM #10
Rainmaker
1,228,566
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Hello, Diane, this a voice from the past.  Glad to see that you are still here and just as wise as always.  Like others, I would never have thought of renting to avoid foreclosure.  However, as you said it makes a lot of sense in a strong rental market.

See you again.

Mary

Jan 07, 2012 08:10 AM #11
Rainer
234,498
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

AVA!  Thank you! And the same to you!

MARY! GOOD to see you also!  Happy New Year

Jan 10, 2012 01:42 AM #12
Rainmaker
1,228,566
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

More than you can imaginge, Diane.  Thanks for being here.

Jan 14, 2012 10:42 AM #13
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