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Jan
29

Short Sale Story (Cont… #5)

Posted by: realtor_joe | Comments (0)

Client X: “I got a very reassuring email from my attorney a couple weeks ago. He received a phone call from my mortgage company letting me know that they had received all of the documentation necessary to start the paperwork on their end. Apparently the representative with the mortgage company mentioned that everything seemed like it was in good order and, unless there were any unforeseen circumstances, they would be able to move forward with the short sale. One of the best things about having an attorney is that they have to take all of the phone calls, receive all of the letters and get all of the email because I’m “represented by counsel”. No more harassing phone calls!

I understand that nothing is guaranteed until the paperwork is signed and the “For Sale” sign comes down, I’m extremely pleased to know that at least things are progressing smoothly. I was really hoping to have everything taken care of and have the house sold before the end of the year but I understand that these things take time. The saying that a short sale should be called a long sale seems to be very true. All in all though, I suppose things could be worse. The offer we accepted was more than our listing price. Although my lawyer speak is bad on a good day, my Realtor has suggested that the terms of the sale are the best out of the offers that were presented to us.

It’s still difficult for me to admit that I’m losing my house, despite the fact that the technical term is selling the house. At this point, I’m just trying to be patient and move on to another property in a few years. Until then, I will be lying low and paying off other bills to put myself in the best possible situation for the next time I move.”

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So client X thought it would be helpful to share the hardship letter he sent in to his lender along with his short sale package. It’s kinda scary to say that this letter hasn’t been changed in any way, nor has it been embellished- this is all true stuff:

“Dear Loss Mitigation Manager,


I have been paying the debt on loans xxx and xxx to the best of my abilities at the address; xxx.  The amount of these two loans totals approximately $174,000.00 and the property value as I have seen through comps of the area is roughly $55,000.00.  Despite the difference in these numbers I continued to make my payments in hopes that the economy would rebound and bring my property value back up.Unfortunately, the best intentions can still have unpleasant outcomes and I am currently unable to continue to pay for my house.  My wife lost her job for a few months a year ago and things have been a struggle ever since then.  She was able to get another job later but with a reduced income.  To the best of my knowledge she is still employed but I was laid off from my job about four months ago and haven’t been able to find anything that will provide the same income that allows me to take care of my mortgage.  Since then, my wife also left me and I’m currently going through a divorce.  Needless to say, between being unemployed and not having my wife’s income my money for bills has been reduced to almost nothing.

I tried to reduce my costs in hopes of maintaining ownership of the house by disconnecting my cable, disconnecting my internet service and not using my air conditioner or heater unless necessary.  I even sold all of my furniture to use the money for bills.  In addition I have been applying for jobs in and out of my field of expertise and have not had any leads come to fruition.  I’m sure you don’t need me to tell you what the unemployment numbers are like in the country and especially Arizona but it has been extremely hard to even find places that are hiring.

Due to this, I honestly feel that the best solution is to attempt a short sale of my house in an effort to repay as much debt to the mortgage company as possible.  Although I understand that a short sale of my property isn’t ideal, I do not wish to foreclose on the house or file bankruptcy if I can avoid it.  I feel that a short sale would be the best alternative to these options and hope that a compromise can be reached.

Thank you for your time in reading this letter and considering the information above.  If you have any questions or would like details on anything I would urge you to contact my attorney at xxx.”

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Nov
16

SHORT SALE STORY (CONT… #3)

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Client X: “I found out today that my HOA plans on suing me and attempting foreclosure on my property if I don’t pay them in full plus any penalty fees I owe them.  I’m hoping that this will be taken care of by the attorney I hired to go through the short sale process on the home.  The bank has also filed foreclosure on the house so I feel like it is now crunch time on getting the house sold.  It’s frustrating because all of these people want their money and if I had the money to give them I wouldn’t be selling the place to begin with.  I don’t think it’s a hard concept to understand.

I was told that there is just one item to be taken care of on the realtor’s side of things and then it will officially list.  I mentioned the sale of the house to a few people that dabble with investment properties and they are both interested in putting in a bid when we do officially list the house.  It would be kind of nice to know that the house is going to someone I know that will take care of the place since I put quite a bit of hard work into it.  However, when it comes down to it I want to get the best bid possible.  We definitely made the house look pristine before I got all moved out.  It is impressive how much a coat of paint and detail oriented cleaning will do for a place.  I honestly believe that whoever sees this house will love it.

My neighbors were all shocked when I told them I was moving out.  I was honest with them and told them all that I couldn’t afford the house or the increasing HOA fees that I rarely see any benefit from.  I suppose the two neighbors that were on the board may have been offended by that but its good that they know their fees are contributing to people losing their houses.  They are all good people with good intentions but sometimes the best of intentions still have bad outcomes.”
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May
20

My Wife Kicks Ass!

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You know that feeling you get when you know that you know your stuff? You can be in any situation, field any question and come out feeling like you are truly an authority in your field… that feeling. My entire professional life, I have taken pride in that feeling. I work my ass off to get that feeling and it’s great!

Today, I got to feel that for someone else- My wife Jenn. I sat in on one of her classes this morning and was totally blown away at how damn good she is. It was such a cool feeling and it totally occurred to me… this IS the feeling of being proud. Not the “thank god she turned that wallet in, I am proud of her” thing, but the “that’s right, my wife kicks ass!” thing.

Absolutely Awesome!

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Apr
16

Short Sighted

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Why is it that people are so short sighted? I am amazed at how many people consistently try to squeeze out a bit more money from a job, a client, a friend. Does no one realize that they will get that money, but they WILL completely screw themselves out of the opportunity for more business from that contact in the future?

I am convinced that this is one of the final stages of the economy crapponizing and must indicate that things will turn up.

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Dec
17

Customer Service Is NOT Dead!

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Now this isn’t a Real Estate related post, but I just had to write about this experience. A couple of years ago, I bought a pair of Ray Ban sunglasses. Pretty sure I spent about $150 on them (I love my glasses). Anyway, they broke after about a year and a half. No biggie, I figured I got my lifespan out of them so I stopped by my local Sunglass Hut and picked out a new pair- spent about $180 (please don’t hate me). So another year and a half goes by and what do you know, these glasses break. I don’t mean the arm falls off, I mean the rim breaks and they are FUBAR. So now I’m thinking o.k. this is not right. I am beginning to feel the effect of the “cell phone factor”- everything is designed to crap out on you just after a year or so. So I bring them down to Sunglass Hut and give my nice guy pitch to the 12w bulb behind the counter. “Hey, I bought these about a year and a half ago and they broke. I know the warranty is a year, but I have spent over $300 on glasses here over the years so how about a little nice guy assistance?” (just read it and assume no sarcasm). “You’ll have to call Ray Ban” says the robot behind the counter. So just to recap to this point- customer service is feeling pretty dead. I mean what does Sunglass Hut care, just swap out the damn glasses and make me want to come back right?

Phase 2- I call Ray Ban and go through the automated process of collecting the info to send my glasses in. Long story short, I am told to send the glasses, a check for $12.50 and a note explaining the situation. I do it and I Put it all in a box and settle in to wait my 6-8 weeks.

(Now I really have been on a customer service kick lately. I am of the belief that when the economy is bad and money is tight, people, companies, everyone should be doing as much as they can to keep customers happy and most of all, LOYAL! The only problem is that I have NOT been feeling this at all lately. I mean, there are a few that live it, but the masses are still trying hard to HELP natural selection take them out of the game.)

So, the “Yay!” twist you ask? My doorbell rings yesterday and I open it to see UPS driving off and a little brown box sitting by my door. I open it up and what do I see? A brand new pair of glasses, in fact, the exact same model I sent in- not a fixed pair of glasses, not even a crappy refurbished pair, but a brand new, in the package pair of glasses. Sweet! THIS is why I am o.k. with spending $180 on a pair of glasses. THIS is why people buy Lexus instead of Toyota, Infiniti instead of Nissan- The customer service!

So the moral of the story- Here I am with my new glasses, happy as can be and feeling completely taken care of. I have gone from being on the fence about this company to jumping fully into their yard. So I can honestly say that when the time does come for me to buy a new pair (because with a 2 year old, any pair of glasses ultimately has a limited life span) I will happily buy another pair of Ray Ban glasses. Nice job Ray Ban. If I had a “Customer Service Is NOT Dead” award, you would win it!

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