Short Sales or Foreclosures – Not always what they seem

Short Sales or Foreclosures – Not always what they seem

A neighbor asked me about the foreclosed house next to her home-short sales or foreclosures are not always what they seem.  Why is it she asked that all this time has gone by well over 2 years and the house still just sits vacant?  As she shared with me the story of the couple who bought the house in 2005 and the bad personal circumstances that had befallen them…

An older couple who bought at the height of the market and then one of them got sick and couldn’t work & then a divorce followed.  They just up and left she said and left the house.  No, she said I don’t think they thought about a short sale and probably didn’t even know they could have done this short sale thing she said.  She said to me I didn’t understand it until you talked to me about it.  So how many other people don’t get it.  Well they are getting it better now than a few years ago I told her.

So as frosty as this weather may be, years later this house still sits vacant with no for sale sign in front. It has been listed with Real Estate Agents in the past, has significant mold issues, in a flood zone (no, it isn’t even a waterfront home) and the bank hasn’t a clue of what to do with it.  It sits with the bank’s vast inventory of ‘shadow homes’ awaiting some final outcome which the neighborhood would relish at this point.  How much longer the woman asked will it sit there?  And luckily no one is breaking in and destroying it she said.  I don’t have answers for you right now, I told her, since some things are not what they seem to us.

This is just another example, I told her, of what is happening in many places in town but most sellers are calling Real Estate Agents who can guide them responsibly to a better end solution on their home then your neighbors.  You don’t want to get to this point where your choices are limited.  If you had that choice which would it be short sale or foreclosure for you?  Oh she said, I would do a short sale for sure….but I have choices she said, I am a lucky one and I’m secure.

There is guidance and help out there for homeowners in distress and it needs to be sought by those who need help in how to maneuver the short sale process.  Well hard choices for short sales or foreclosures are not always what they seem to be.


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Ginny L. Gorman a purveyor of Fine RI Real Estate

North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich & Westerly RI and other RI communities.  Specializing in waterfront, water view and vacation RI homes for sale…I sell dreams!

This blog and its contents is original to Ginny Lacey Gorman ©

cell: 401.529.7849   office: 401.884.4100 ext.268