Avoiding The Guillotine In the Early 1980's And Love Was In The Air !!

By
Managing Real Estate Broker with RE/MAX Executive Realty 104763
https://activerain.com/droplet/5hdK

 

“Love was in the Air” for a young couple who waited until the very last moment to call for help, and help was exactly what they desperately needed. This occurred in the early 1980’s. These young homeowners where the victims of an unexpected financial situation.

I did not sell them their home, but when they bought it, they were well qualified with both incomes being used.  The wife was laid off, and her contribution to the family kitty no longer worked well. They spent almost a year borrowing from Peter to pay Paul, and then they called me for guidance.

The bottom line is they had already received their notice of foreclosure over 30 days prior, and within the next 30+ days the blade of that guillotine they were in would be in motion!

They listed with me, and my first stop was to visit the mortgage officer of the local bank that held that mortgage. I explained that I had just been hired, and fortunately for the seller, I was known at that local bank. I asked if they would hold off on the foreclosure for 30 days, and I was granted that request.

I had a buyer already looking for a home locally, and you know how much I hated working with buyers.  Fortunately, I knew this buyer, and he wasn’t going to any other agent.

There was NO AGENCY during that period of time. Everyone represented the seller, and it was buyer beware!!  Of course, confidentiality was a key component of the success of this transaction. There was a small amount of equity in the home, and I wanted to make sure the sellers received it. The proceeds were their only funds to relocate to a rental and avoid a foreclosure on their credit report. 

The buyers did buy it and never had a clue that the sellers were in financial distress. The loan closed. The sellers relocated to an apartment locally. The Buyers were happy campers and paid full list price. Since the loan was with a local bank, the loan officer was happy the bank avoided a foreclosure, and I negotiated a “one good turn deserves another.” They removed the few delinquencies from their credit report.

This couple took a break from homeownership for a few years and did eventually buy again. I referred them to another agent in the office.  Their financial situation was never mentioned again.

Love was in the Air…. And it was spread all around!!!

****************************************** 

Post #3 for the February Contest by Lisa Von Domek and "love is in the air".... it was spread everywhere!!!

Posted by

       

Barbara Todaro, sales manager of RE/MAX Executive Realty 

Marketing Agent for The Todaro Team

308 W. Central St...suite E

Franklin, MA 02038

508-520-9881

Exclusive Marketing Agent for The Todaro Team

 

             Copyright © 2009 - 2018 Barbara Todaro

                               All Rights Reserved



 

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Rainmaker
1,753,376
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Barbara -  I assume the bank got all their money.  I guess they didn't have short sales then.

Feb 10, 2019 11:23 AM #8
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Grant Schneider NO SHORT SALES IN THE EARLY 1980'S.... local banks held the mortgages themselves....it was their money and they were the last on the list of banks to fall in line with selling their mortgage to replenish the supply....

and for that, I was thankful....I was able to do some negotiating with the bank for clients....

the bank DID get all of their money and I got mine!!!!

Feb 10, 2019 11:29 AM #9
Rainmaker
5,074,035
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Barbara, for sharing this story.

I love happy endings.

Feb 10, 2019 11:57 AM #10
Rainer
27,275
Kris Collis
Smart Way America Realty - East Stroudsburg, PA
Buy & Sell with Professional Results you Expect

Congrats Barbara on creating a win-win for all concerned.  Visiting the lender in person was a great move, reputation and facetime do make a difference and you just demonstrated how it's done.

Feb 10, 2019 11:58 AM #11
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Roy Kelley I do, too.... we try to maintain that happy state....

Feb 10, 2019 11:59 AM #12
Rainmaker
685,270
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Barbara Todaro 

Glad to see the bank was willing to be involved. Everything worked out for the best for everyone. The way it should be.

Feb 10, 2019 12:33 PM #13
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Doug Dawes the last thing any bank wanted in those days was to own the home through foreclosure....they always take a loss.... I did them a favor by selling it and getting it off the books....

Feb 10, 2019 12:51 PM #14
Rainmaker
2,687,569
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Barbara Todaro of course in your professional hands you were able to make the stars align...no surprise at all!  But seriously, well done, there are not a lot of agents that could have pulled this off the way that you did.

Feb 10, 2019 12:58 PM #15
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Lisa Von Domek and this is why I continually say real estate is a people business.... it's the people you know and the connections you've made to assist you through thick and thin....and you continually look for more connections.... I'll be looking for connections until both eyes are closed.... it's so important....it was through a connection that we were hired by the fed gov to list federally owned assets in all of MA.... that's a large area to cover and for that gig, we travel!!!  

Feb 10, 2019 01:04 PM #16
Rainmaker
1,469,733
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

What a GREAT scenario Barbara Todaro . An absolute win for everyone involved.

Feb 10, 2019 01:04 PM #17
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Bob "RealMan" Timm everyone won.... even the bank that avoided another foreclosure.... 

Feb 10, 2019 01:08 PM #18
Rainmaker
1,053,149
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

What a great story Barbara Todaro - I wonder if they ever realized how lucky they were to have you as their agent.  Someone else may not have had the connections or where-with-all to get things done. Kudos!

Feb 10, 2019 04:53 PM #19
Ambassador
3,650,790
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi BarbaraT- I love stories like this one. You show that this industry does have a heart. 

Feb 10, 2019 07:38 PM #20
Ambassador
2,948,918
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I love the story and that you shared it with us Barbara Todaro 

Feb 10, 2019 08:14 PM #21
Rainmaker
553,027
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Good Morning Barbara,

Some people are very fortunate to have an ethical and experienced Realtor advocate working for their interest. They were at the right place and at the right time when they croseed your path. You made me laugh at the mention of how you hate working with buyers because I love working with them, especially First-Time.

Feb 11, 2019 05:02 AM #22
Rainmaker
4,752,769
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Well done, Barbara.  It's a good thing this couple reached out to you.  I doubt anyone else could have done this.

Feb 11, 2019 06:16 AM #23
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

thanks, everyone, for your nice comments....they're always appreciated....

Feb 11, 2019 07:52 AM #24
Rainmaker
1,208,848
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

What a great story, Barbara.  Sometimes we do what needs to be done, whether we want to or not.  You were their angel in that transaction. 

Feb 11, 2019 10:18 AM #25
Ambassador
3,048,695
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Doing the right thing to help a family in financial distress never gets old.  

Feb 11, 2019 03:11 PM #26
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Carol Williams the challenge was there....and there were no guarantees, but it was an adrenalin rush when it worked well!!

Chris Ann Cleland it's a great feeling and an adrenalin rush at closing.... two happy couples....one was relieved and the other was thrilled to own ..... I walked away with list/sell....and the bank loan was off the books.... everyone won.

Feb 11, 2019 03:15 PM #27
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