Just when you thought it couldn't get tougher!

By
Real Estate Agent with Coldwell Banker

Well, I just love selling the same house over and over! What does one do when you sell a house and then find out it is going into foreclosure? Do you keep the listing? Even if you had no idea the client had not made a single payment since you listed the home?

I ask these questions because in this situation we decided to let the seller go. Had they been up front with us about payments we could have had attorney get everything in place well before hand. But as it happened the buyers needed to react quickly as they were relocating. Hence we lost the sale.

In what instance do you keep a listing like this? And when do you let go? What is best for us and the seller?

You tell me! We as agents are going to run into this more and more over the next 18 months!

C'mon folks! Got any Ideas? Comments?

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Rainer
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Ron Moore
RE/MAX Professionals/Regal Builders - Retired - Florence, SC
MOORE Thoughts

Good questions, Jefferson.  We have one now and what we did was went to the mortgage company, with permission of the seller, and set up short sale procedures.

Jul 25, 2008 11:35 AM #1
Rainer
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Jefferson Vice
Coldwell Banker - Evanston, IL

That was the problem... The primary mortgage comapany was on of the bigger ones (I bet you can't guess which one!) and they would not give any answers quickly. We were told 3-4 weeks for numbers! The buyers could not wait that long.

We also came to the conclusion that we could not market the property until an answer was made (time of which would put us into the slower market during the heat of Summer). We let them go, and they have since gone to a broker who specializes in selling distressed properties.

I guess the frustration comes from the fact that we personally show everything. And do a lot of open houses. The house was going downhill and we pride ourselves on getting homes to look their best. We felt that a different approach might help them.

Jul 25, 2008 11:53 AM #2
Rainer
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Jefferson Vice
Coldwell Banker - Evanston, IL

That house is still on the market for 200k less! J.

Jan 15, 2009 03:54 AM #3
Ambassador
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

We invite you back to ActiveRain in 2018!

Much has changed since you last posted to ActiveRain.  I encourage you to take another look at the website.  

  Best to you!

Jun 02, 2018 04:35 PM #4
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Rainer
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Jefferson Vice

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