Short sales -- people in the details

By
Services for Real Estate Pros with RealtyU

'Seems like it's almost an everyday thing nowadays to see one news spot or another that shows an anxious homeowner talking about the distress of the current market. Many of these spots include sound bites of the homeowner sharing testimonials about the confusion he/she experienced when they originally signed loan docs... 'seems many didn't understand the details back then.

Fast forward to today, after the rates have adjusted, the higher monthly payments have come home to roost and the prospect of a foreclosure hovering on the horizon, it's not too far a stretch to imagine there being homeowners today who are similarly confused -- and fearful -- of the consequences of decisions to be made when missed payments start cropping up. Not surprisingly, there's a lot of anxiety with many homeowners looking for someone to guide them through various options. One challenge for agents is to be able to explain that process with an even mix of practicality and compassion.

I recently had the pleasure of helping bring a short sale bootcamp conducted in California from the classroom to the web. (www.CertifiedShortSalePro.com) It was refreshing to see the instructor, Jacob Swodeck, conduct the seminar from a compassionate viewpoint and the need to address the anxieties experienced by homeowners who are under the threat of foreclosure.

It really brought home the point that, while there's definitely a logical process, technical finesse and mathematical awareness that's involved (all which Jacob addresses in his seminar), we can't lose sight of the fact that first, and foremost, there are people in the details.

What do you think? Should the approach be "tough love" or velvet gloves?

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Rainer
22,394
Cape Coral Florida Golf Course and Waterfront Homes
Gulf Coast Realty Network, Inc. - Cape Coral, FL

I wish our Congress People had the same compassion.

Great Post !

Apr 14, 2008 10:59 AM #1
Rainer
62,831
Allen C. Wright
RealtyU - Aliso Viejo, CA
NS, AHS, REPS
There is a fine line between those that willingly took on more than they could afford and through caution to the wind hoping that real estate would just keep going up and those that honestly just got caught in a bad mortgage.  I have reviewed the course and it is great ... Jacob does a fantastic job discussing the best ways to help the client out of the situation.  As a 15 years veteran, I even learned a lot from the course.
Apr 14, 2008 11:08 AM #2
Rainer
33,214
Mel Aclaro
RealtyU - Anaheim Hills, CA

Jim: Ahh, good point.  Maybe someday.  ;-)

Allen:  I see your point.  Yeah, I'm sure both kinds exist... 'matter of fact the short sale course goes through some scenarios like that.  That is, like some folks who invested in several homes, maxed-out HELOCs with frivolous stuff (cars, etc.) and then wanted to try and do a short sale when the market didn't go their way.  Not surprisingly, banks balk at that.  Oh, and some of those in the latter category, even after all that, wanted to see if they can "pull money out" of the short sale?  Geesh.  I guess that would be one for the "tough love" approach.

Apr 14, 2008 11:45 AM #3
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Rainer
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Mel Aclaro

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