“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!!!