Not too long ago, we took a listing for a woman, for confidentiality we will call her "A". She had a home in the city of Charlottesville and was falling behind on her payments. We took her listing and proceeded with a short sale. Come to find out, her loan was for $90,000 more than the market value of the home. There is no way this house every got an appraisal for that much over what the home was worth, especially since it didn't have a HEAT SOURCE!!! By the way, homes without a heat source should never approve for a mortgage, especially a mortgage with a value greater than the market value. Anyway, we were able to sell her house, prevent foreclosure, save her credit AND get a great deal to an investor.
What's the point you ask? Well, there are a couple. One - there are options out there for people looking to prevent foreclosure. Two - in my opinion, any time you help people you are doing a service for the community. In this case, we helped one lady save her ability to follow the American Dream and borrow money when needed. We also got an investor, whose plans for the house will be great for the neighborhood as a whole, the right price to move in.
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