With the number of people deciding about going into foreclosure or paying their mortgage today, Realtors have to be as much a counselor as a sales agent. Being a responsible agent, it's important to point out to the unfortunate sellers the pros & cons of this type of deal and to warn against unscrupulous "Mortgage Assistance" companies.
I've found that getting the listing is not as important as letting the people know the possible repercussions, as well as the relief they will get in doing this type of deal. I know, and have spoken to, quite a few people who have decided to go with the short sale and others who have decided to stick it out and make arrangement to be in forebearance with their mortgage companies. It's strictly a matter of INFORMATION!!
I'd rather skip getting a short sale listing if the sellers can manage to work things out! The market has such a glut of short sales right now that are going nowhere. Why add another??? The seller usually can work things out within 6-8 months with a repayment plan and then be able to sell with a clear title -- and because you took the time to give them the information -- you now have a thankful seller and a whole commission!
Let me know if you agree with this idea!
Comments(3)