The seller had tried selling his side-by-side duplex with other agents
who added the mortgage, the commission, taxes and other expenses and figured in some
"start over" money for the seller. "Joe" had gotten too ill to work, lost his job,
got divorced and his mortgage payment adjusted up $1,000 a month; paying his mortgage
was not financially possible.
The property did not get any offers and realistically...no
one could get financing for this property as the property was priced too high to
appraise for financing. The seller called us, we listed the property at a price just
below the market price and got an offer the very first week it was on the market.
The buyer was an investor and the seller was able to sign a lease and did not have
to move. "Joe" is one of our biggest referral sources and is pleased he could remain
in the home he could not afford to pay for and maintain.
Success Story #2
We sold a couple a lovely house a few years ago. They bought the house "at the top
of the market" when homes were more expensive. It was their dream home and they loved
it. They both had good paying jobs and had just re-carpeted the whole house and completely
re-done 3 full bathrooms with gorgeous tile and body sprays in the shower, along
with custom cabinetry and vanities.
Mr. Seller lost his job and was diagnosed with
cancer and then suddenly Mrs. Seller lost her job too. There was nothing they could
do that would enable them to keep the house. They now had a home equity line of over
$100,000 besides their mortgage and could not pay either one. Their unemployment
checks were being delayed due to the high volume of people submitting claims.
They could not do a loan modification with insufficient income to pay the modified
rate, and the debt now exceeded the market value of their dream home. There was no
other option but to short sale the home. We advised them as to de-cluttering and
staging the home so it would appeal to potential buyers. They met with an accountant
and an attorney. We put the house on the market and priced it well and promoted it
throughout the area. In less than a week we had almost 50 showings and after the
open house (attended by more than 40 people), we celebrated having 8 offers over
the asking price with a turkey dinner we brought to the house. The celebration was
bitter sweet...the sellers were sad to have to leave their home for an out-of-state
job, but happy that we received an offer quickly and they were able to go on with
Success Story #3
Sam and Linda got divorced within a year of buying their new home. Sam lost his job
and his new job did not pay as well as the old one. Linda's hours were cut to part
time and she had moved to her own small apartment with a roommate to share the expenses.
They could not afford the mortgage and home equity loan they had gotten to do the
deck and landscaping. We got two offers over the asking price within a short period
of time and both of the sellers were able to begin separate lives. Within 2 years,
if they maintain good credit and their job situations continue to improve, they will
be able to buy other homes.
Success Story #4
Susan's father died unexpectedly and left her the house which he had mortgaged heavily
with both a first and second mortgage (a HELOC, which means Home Equity Line of Credit).
While most people would think an inheritance was a good thing; in this case it was
not. We listed the house as a short sale and quickly got an offer that closed within
60 days so Susan was not left with the burden of the property, the payment, nor the
upkeep of landscaping and could finally put her father's estate to rest.
Success Story #5
Sara's husband was killed in a car accident leaving her as the sole supporter for
their 3 small children. The job she had was not enough to support the children and
the mortgage. We listed the house and within a few short months Sara and her children
were living in an apartment they could afford and no longer had the burden of bills
that surpassed her diminished income.
Success Story #6
Tom's small business met with financial problems and his wife's income was not enough
to meet the mortgage payments. Their son had just started school and they loved their
home and did not want to move. We were able to arrange a loan modification AT NO
CHARGE to them and the payments that were once too high were now affordable and they
were able to stay in their home. It is important to note that there is no charge
for this service if this is an option. DO NOT pay anyone to do a loan modification
for you. This activity may be illegal and contrary to what some of those companies
tell you, the money is not refundable. DO NOT PAY TO DO A LOAN MODIFICATION.