Did they vanish???

By
Real Estate Agent with Exit Realty Tri-County

Everyone is tired of hearing about the pre-foreclosure and short sale problems, but this story is different- I promise.

I didn't realize right away it was going to be a pre-foreclosure.  After taking the listing and speaking with the sellers more- I got it.  It was too late to back out- I needed to figure out the best way to help them at this point.

Their story was familiar- builders made changes and their payments ended up being more than they could handle.  Also, the husband was laid off, etc., I never did understand why they moved and were paying rent instead of trying to pay on their mortgage that was getting farther and farther behind every month.

I listed the home about $30,000 less than what they owed (2 different mortgages).  I called to get any information from the bank.  That was a waste of many, many days. 

Within the first couple of months I had two separate buyers and diligently tried to do everything possible to make the deals work.  I could not get anyone to help at the bank.  I know they were inundated with these type of deals, however, I had two buyers and needed some information.  Needless to say- I lost them both.  They did not want to wait any longer and moved on.

The house is due to expire next month.  I have just decided there was nothing else I could do at this point.  The sellers had some bad news regarding a family member in another state, so a few weeks ago they were going to take care of this.  I decided to leave them alone for awhile to handle the situation.

Almost relieved to be finished with this listing, I get a phone call the other day from an agent who wants to put in an offer.  Great!!  One last chance to maybe get something moving on this.  I tell her to e-mail it over.  I checked the offer over and it seemed fair enough.  I thought the bank would probably decide this was it- since we were running out of time.  Foreclosure is right around the corner.

I tried calling the sellers.....the number was out of service.  I tried another number....out of service.  You have to be kidding-  did I dial the wrong number?  Try again--- out of service.  I can't believe it.  I try to call the bank to cross check numbers and addresses. No luck!!  

 

 

Did they just pack up and move???  What am I supposed to do now?? 

I was almost done with this listing.... it had to come alive just to jab at me one more time....  any suggestions???

Next month cannot come soon enough!

 

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Ambassador
1,896,223
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Tina, I see your patience running out on this one. How can you work ANY deal if the Sellers can't be contacted? It's a people business but this is ridiculous.

Sep 16, 2008 04:19 PM #1
Ambassador
894,582
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

My only experiences with short sales have all been nightmares.  There is nothing you can do if you can't locate the sellers. 

Sep 16, 2008 04:25 PM #2
Ambassador
894,582
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

My only experiences with short sales have all been nightmares.  There is nothing you can do if you can't locate the sellers. 

Sep 16, 2008 04:25 PM #3
Rainmaker
43,224
Thomas Tolbert
Better Homes and GardensĀ® Real Estate Legacy - Savannah, GA

Tina it certainly seems like you have done your best. How frustrating to have an offer a good offer finally that you are unable to present.

Sep 16, 2008 04:54 PM #4
Rainmaker
84,798
Terri Visser
Desert Sky Real Estate, LLC - Redmond, OR
CRS - 12 Years Selling Central Oregon Real Estate

As I was reading through your post I was thinking "maybe they can renegotiate the terms of their loan".  Banks are actually doing that these days.  And then the whole disappearing client thing happened.  Wow!  Hang in there!  Short sales are tough and disappearing clients are even tougher!!

Sep 16, 2008 06:32 PM #5
Rainmaker
656,132
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

If you have tried and tried and can't locate the sellers there is really nothing you can do.

Sep 16, 2008 06:47 PM #6
Rainmaker
220,976
William Collins
ERA Queen City Realty - Scotch Plains, NJ
Property and Asset Management

Tina,

Thanks for the post. If you've visited their last known address and they aren't their and you've sent them a letter "return receipt" to the same address and you don't get an answer, there isn't much that you can do.

Having said that, I just took another "short sale" listing last evening. I provide the sellers with the names of three attorneys who have specialties in short sales. I don't use the term "specialties" lightly. These attorneys are successful because they have established relationships with negotiators at various mortgage companies and are able to cut through the red tape and lower level peons.

With experienced legal counsel, the process can move much quicker.

Sep 16, 2008 11:54 PM #7
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Tina Allen

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