Atlanta Sellers: A Word of Caution About That Short-Sale You’re Wanting
Posted on 25. Jul, 2010 by Eric Lowery in Atlanta Home Selling Tips, Atlanta Short Sales
The following is a little perspective I want to share with my Atlanta area homeowner readers. This was originally posted by Sally and David Hanson on their Wisconsin Real Estate Blog.
The bank won’t mind, “reasoned” the seller….if he would sell his present home for less…after all the mortgage for his imagined new house would be much more and then the bank would more than make up their losses…..the “Rob Peter to pay Paul” scenario. It made perfect sense to him.
Every agent who includes short sales as a part of their practice makes every effort to help every homeowner avoid foreclosure and begin a new life free of the ties that bind to a mortgage that is no longer affordable.
Hardship is not 20 minutes longer to drive to work…..it may be divorce, death of a wage earner, unemployment, under employment..a combination of circumstances that make paying the mortgage an upside down scenario…too much debt and not enough income.
Short sales are not a convenience. Some people may argue that “THEY” should have planned ahead…nothing brings my blood boiling faster, my lip bit harder than thoughtless remarks from critics who have not seen the devastation of loss of income through no fault of the homeowner. Who ever gets married to get divorced…imagines that an illness will take them out of the job market….that a primary wage earner loses life too early….the list goes on and we share the heartbreak of the losses and do everything we can to lessen the pain, find alternatives, help where we can to make the transition to the next part of life a little bit smoother….finding some sunshine where there has been none….helping to rebuild a life or lives that have been shattered by hardship.
Driving 20 more minutes to work…hmmm….buy a car you can well afford that gets better mileage and donate the money you save on gas to the food pantry for those less fortunate who are short on all the things that matter most in life.
If you want to sell your home and you are upside down on your mortgage, I want to drive a point home to you today. Mitigating your situation with your bank is not a “solution” to an inconvenience. Short selling your home is an option only when you have hit a rock bottom, life-changing, catastrophic point in your life. Sally has made a great point with her post, and here’s the bottom line. The bank is going to ask what your hardship is. If you say “I want a shorter commute,” you can forget it. Your bank will not cooperate with you. On the flipside, if you lie and make up a reason, you can A) go to jail for fraud, and B) find another agent because my career is not worth your 20 minute commute inconvenience. Of course, in reality, I’ll only take your short sale listing if it’s a situation where I truly believe the bank will be willing to work with you.
Oh, and by the way, if you are moving to Wisconsin, feel free to give Sally a call at 414-687-4015. Tell her Eric in Atlanta sent you!
