It`s hard to believe,when a person who is facing Foreclosure can`t come to terms with the fact they either sell their home or loose it to the bank.
Many Homeowners can`t come to terms with Reality and look to blame the world,rather than blame themselves. I sat at a listing appointment in which the client has had two years to sell their home,only to learn they refuse to sell unless the buyer agrees to purchase this home at the sellers terms.
Now facing "Foreclosure" they`re looking for a miracle.
No matter what I told this person where to list the home, they countered with excuses. We specialize in handling Short Sales and Foreclosures throughout Miami-Dade,Broward and Palm Beach. There are no miracles in a foreclosure,nor will a White Knight suddenly appear with a suitcase filled with cash! Realtors are only as good as the clients they represent. Dealing with an unrealistic seller isn`t an option,especially in a market like we`re facing today.
I showed the seller the Comps where to list the home, left our "Listing Agreement" and asked the seller to "Sleep on it", time is of the essence I explained and the clock is ticking with the lenders.
The seller looked at me as if I was crazy. His last words to me were " I know someone will pay me for what this home is worth", I just need to find a Realtor who understands how beautiful my home is". I wished him the very best of luck!
Click here ---->(Are you facing Foreclosure or a Short Sale in Florida) we can help.
Full Service Discount Broker specializing in Short Sales and Foreclosures throughout Florida. Buying,selling or renting in Broward,Miami-Dade,or Marion County give us a call today! Broker/Owner.
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Any chance your client has a twin in Ohio? Spent my Sunday morning that way.
Dennis,
It`s unreal to listen to how people are in denial when it comes to the sale of their home.
We see this happen in Key West quite a bit. I had a listing where I brought the seller 14 offers and he turned all of them down. Then his bank decided to take the house and he told me what a bad Realtor I am and he lost his house because I didn't sell it.
Gary,
Yep, you`re at fault for the actions of the seller.
I always make them sign off to a refusal of an offer to protect myself.
Do you email copies of each offer you present to the seller?
I do.
Scott there is a new on the market in my area of focus that is going short at a 235K list price. The comments is looking for an investor to do a lease back. My question is if they can't pay the mortgage how are they going to pay an increased rental price in a timely fashion?
The sad part is this: They are so traumatized from their economic woes that they cannot comprehend what an expert is trying to convey.
No Scott, there are no White Knights. But as long as there are professionals like you to tell them the truth there is hope for those in that situation.
It amazes me that they would rather it go to foreclosure than sell. Makes no sense.
See ya!...Sounds like the only way would be to try to sell short and get them out of there. They better check their calender...it's 2008...not 2003.
Scott, Really? There's no 'White Knight'?! Seriously, it sounds like your (potential) Seller may be one like Gary's and you may have been 'accused' had it not sold before the bank decided to take the home. You were smart to stick to your guns and not take the listing.
Debe,
If 3 other Realtos couldn`t sell the home because it was over priced, why would I want to venture into being the 4th?
I asked the seller if they were willing to list the home at a certain price and was told No!
There is no way the home will sell based on their price.
In a foreclosure it`s too risky to screw around.
THe seller must wake up, in my opinion they won`t,so i walked.
Always, to little to late. Most of the cures to people in distress should have been applied months in advance.
Take care!
RJH
Absolutely, Scott! You ARE a wise man--move on to those who will appreciate your expertise!
Scott
That is interesting about signing off on refused offers. I don't think too many are doing that. So many sellers feel so trapped and make irrational decisions as a result they often pass up the opportunity to solve their problem. Pressure will certainly cloud someone's better judgement.
AS,
I`ve had a client two years ago look me straight in the eye and deny they ever were presented with an offer.
They claimed I never informed them of an offer they actually refused.
What happened was the buyer knocked on the door of the seller asking why they wouldn`t sell the home!
The seller figured they didn`t have to compensate the buyers agent or myself when they dealt directly with the buyer.
It was quite a shock. People do weird things.
Lesson learned.
With the exception of folks who find themselves in circumstances over which they have no control, such as a catastrophic medical problem, many of the people who find themselves in these messes never have exercised a great deal of good financial judgement. They saw something they wanted - a house - and HAD to have, RIGHT NOW, figuring they'd pay the piper down the road. Well, the piper is here and he's knocking!
I have not yet been in a situation where I had a seller refuse an offer, but the idea to have the seller sign off on it is a good one. CYA
Scott,
'Denial' is at the core of most twelve step programs...a tough hurdle to overcome!!! Thanks, Fran
Scott -- Foreclosure is a sad situation and sellers are very often in denial. . .you were wise to walk away.
I too, have sellers I represent sign off on refused offers. . .when representing a buyer, if an offer is refused by the seller, I insist that the listing agent get the refusal in writing as well. I have been in some multiple offer situations to find out later that the listing agent did not even present our offer. As you said "lesson learned".
Scott, Unfortunately, some sellers are in denial about today's market. No matter what you show them, they refuse to believe. There is no telling how many millions of dollars of equity has been lost by this type of attitude. It's sad.
When a home owner is facing foreclosure, denial does set in. But, as you stated, the reality of the situation is they either become current on the payments, sell the house or lose the house.