Karma.....And Why To Get Personally Involved With Sellers In Trouble

I continue to feel very sorry for some sellers out there who are really in trouble with their houses being worth less now than what they paid for them a couple of years ago. I've been curious if the media is correct in saying that these poor homeowners didn't know what they were getting into when they signed those mortgage papers, so I've asked them straight up when they call me to help them out. And guess what? Almost all of them tell me that they blame themselves, because they knew they could get into trouble if the market turned! I have heard no stories from sellers here in Arlington Hts. IL telling me that they were oblivious to what they were getting into. They were simply banking on the market continuing to increase before their adjustables came due. So once again, the media has it wrong. Now the question is, how do we as Realtors help these people out? I think we owe it to ourselves and our profession to encourage these people to call their lenders, and to try to work out a compromise. We can explain short sales to them, and what happens if foreclosure is on the horizon. I have referred these people to local attorneys and accountants who are experienced in short sales so that they can approach the bank with the best possible advice. There may be no money left in their house to pay us a commission, but rather than walking out their door, I think it's an opportunity for us to help them get on the right track, even if we don't take a listing that's upside down. Someday those people will be back on track and they will remember who helped them when they were down and out, or better yet, if their lenders work out a deal with them, they may be calling you sooner than you think to list their home as a short sale.