Short Sales Going Upside Down!
I know there are whale tales and stories out there to make a bible of short sales going upside down and whose fault is it in RI real estate ? It tends to be a little of this and a little of that and most of all it is a lack of knowledge, know how and finding the right people to guide the sellers through the North Kingstown short sale process. Avoiding foreclosure is the ultimate goal here.
Lately I have been doing more short sales and I can honestly say that it seems to have become an extended family affair for the seller at hand. What do I mean by that? Well most of the North Kingstown short sales I am involved with have the parents of my clients paying the monthly mortgage on the house the clients can no longer afford to keep. Not only is this housing debacle impacting the clients financially but also the parents who want to be retired…but they are not as long as they are financially helping out their children.
It is so important to be informed and not rely on the information you receive as gospel truth. Even if you work with me, I suggest you go out and check out the information I give you. Why should you accept what a ‘professional’ tells you about how they will help you out with your short sale? You should not. Just because your lawyer is handling the ‘negotiation with the bank’ does not mean it is being done right, expeditiously or with your interests in mind.
Case in point…Client calls on me, oh no the parents of the client call me up, to help with a short sale the potential client’s lawyer has been ‘successfully’ working on for nearly a year. The parents are still paying his mortgage so no default and the client still has confidence in his lawyer! No progress made I’m told. So when did your other Real Estate Agent put it on the market? Oh, we never got to putting it on the market since the lawyer said to wait until we heard on the mortgage loan modification from the bank. This is a hard working client but lead down the wrong North Kingstown short sale path.
So why do situations like this with short sales gone wrong happen again and again with sellers in this real estate market? They are not informed. Take the time to understand a short sale, benefits to a short sale and the possible disadvantages to a short sale. It takes a little searching and reading and believe me if you call me up we are going to sit down with my team of lawyers who will explain everything at hand to you… and your family. You do not want to be a casualty of this short sale process. Short sales going upside down.
Ginny Lacey Gorman is your go to real estate agent for homes for sale in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of local information and businesses well. She’s the RI agent with the Sparkly Red Shoes.
Waterfront, oceanfront and coastal RI homes for sale are her specialty but all of RI is her backyard. When you are in need of more information from an internet savvy marketer who sells RI houses in this real estate market, call Ginny at 401.529.7849.