Well let me just say that I am not just a Realtor®, I am also a Bankruptcy Consultant and I am really upset about what I have been seeing from other agents in my area.
Let me just give you one example and this is not the first time I have come across this, this is the third in the last 2 months:
A couple, husband and wife, came to my office to discuss bankruptcy options due to Husband was out of work for 7 months, behind on their payment and facing foreclosure.
Before seeing me they met with a Realtor® to see about possibly selling their home as they thought maybe they had some equity and at this time they are having such a hard time trying to make up for the missed payments and keep up with the current payments due.
They have a condo in the area. They owe about $180K on the property.
A Realtor® told them that their home was worth $180K in this market and that they would have to short-sale or bring some money to the table if they were to put it on the market as commissions, closing costs, etc. would come into play.
Well after I reviewed the situation, the last condo’s there sold at $260K last month, 3 of them and there are also 2 that have contracts with listing amounts of $270K and 268K. Popular condo complex in a great location.
I put them in a Chapter 13 with the 7 months of arrearage in a plan that they can afford and they are going to try to stay in the home as they did not want to move to begin with. When they are ready to sell I don’t think they will be calling the previous agent.
Was someone trying to just list and sell this property quickly????