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It Is a Shame When Foreclosure Takes a Home With Equity

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

If I could say one thing to people who are facing foreclosure that could make a difference, that one thing is call a real estate agent. You might not want to sell your home but you might not have any choice. At least if you sell the home, you will probably get paid for your equity. If you let the home go to foreclosure and ultimately a trustee's auction, you will receive nothing.

 

While, technically, if there is a profit at the auction, you're supposed to get the overage, but it doesn't happen that way. Plus, an agent can help you in ways you can't even begin to imagine. I just tracked down a seller who was in foreclosure last month and sold her home, put money into her pocket. But this lawyer from yesterday had a different outcome, and you will see why.

Read more in my personal blog today at this link: How the Request for Notice of Default Lost a West Sacramento Seller Her Home.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments(13)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Elizabeth, have not seen a bank owned property or even a short sale for quite a while around here.    Interesting read today! 

May 03, 2017 07:01 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Joan Cox There will always be foreclosures. Maybe not short sales, but foreclosures, yes. And the good news is in this real estate market, we can probably salvage the properties and return equity to the sellers if they would only call us (and not the "day of").

May 03, 2017 07:04 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Good morning, Elizabeth -- a sad story and one that could have been avoided. Timing is everything.   

May 03, 2017 07:26 AM
Victoria Ray Henderson
HomeBuyer Brokerage - Washington, DC
Washington DC Real Estate

Smart post Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents That's your experience talking! 

May 03, 2017 07:29 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Elizabeth,

So much money is lost due to ignorance and know it alls in every aspect.  I think many assume, that they will recoup the equity in a foreclosure.  It is also a psychological impass with the shame many feel.  A

May 03, 2017 07:37 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Oh boy. Shame they didn't get to you first. You really do know your stuff.

May 03, 2017 12:37 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Ron and Alexandra Seigel I am aware of how they feel, but there are times I want to say, hey, why would you want to lose thousands? Just call me. I understand what you're going through. Life throws curveballs. Let me help. I'm cheaper than a psychologist and 300 sessions, and you don't pay unless you close and pocket profit.

May 03, 2017 07:06 PM
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

It's amazing how home owners will just ignore the notices that come in the mail. Until it's too late.

May 03, 2017 09:54 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

I think sometimes troubled homeowners freeze up when they begin having financial issues.  You're right, the worst thing they can do is to do nothing.  They need to call a skilled real estate professional.

May 04, 2017 09:33 AM
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

I agree. Nothing is sadder than a foreclosure that could have been avoided, Elizabeth.

May 05, 2017 05:30 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Hella M. Rothwell, Broker/Realtor® Well, this particular seller had been filing lawsuits and trying to resolve this through the legal system, but she didn't think to call a Realtor to get a Plan B in motion.

May 05, 2017 07:06 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Myrl Jeffcoat I suspect they just don't know what to do. They are more likely overwhelmed, feeling like they have no options and the lender has them by the throat. There is denial and anger. So I don't believe they are incapable of action, it just did not occur to them that they could sell the home.

May 05, 2017 07:09 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Elva Branson-Lee Well, I would not say "nothing is sadder" because there are a lot of things sadder. Like Trump, for example, and death.

May 05, 2017 07:10 AM