.....that's what my seller asked me today. I had set an appointment to meet with my Sellers because they had just been served the "20 days to respond" foreclosure "thingie". We knew it was coming since they hadn't made mortgage payments in a long time.
The reason for my appointment was to go over their options, discuss lowering the price and possibly attempt to get a short sale. I like these sellers a lot and have been trying to sell their property since January. We've actually had lots of showings and received, what I thought was a very good offer, within 30 days of placing the property on the market. But alas....one of the spouses was not in agreement and the buyer walked and bought another house.
The property is now priced very near to being in a short sale situation, so, with the foreclosure looming, it is time to lower it on down and try to get a short sale approved.
BUT......about a month ago, my Seller had to go to the emergency room, for the second time in about a month, due to stress related to this situation. They are elderly folks and their credit is already shot. After talking a bit today I started feeling that going through a short sale would be too much stress for them.
After I had delivered my spiel, the Seller looked at me and asked, "Do you believe in miracles". Then he proceeded to tell me how they had decided to raise the price on the property by $40,000 and pray for a miracle!! Holy moly!!!!
My Seller has been praying about this and has been inspired to raise the price and hope for a miracle. They are fully aware of the fact that they may be losing their house. They are also not willing to go through the short sale process and, in my opinion, shouldn't.
Fortunately, at my suggestion, they had moved out of the house a couple of weeks ago and into a rental. They needed to do this to at least ensure they had a place to live if the house didn't sell in time.
So.....as a Broker, my options are:
Tell them there isn't a chance in heck of their house selling for 15% more than it's listed right now and walk away from the listing.
Try to convince them that they are being foolish and that a "miracle" will not get their house sold.
- Agree to raise the price and pray for a miracle.
My question to you is....what would you do?