My decision to specialize in short sales came with the realization that the real estate markets in several areas of the country were in the kind of trouble that was not likely to go away soon. I made a commitment to concentrate my efforts on listing, selling and mitigating short sales because that was where the market was. As word spread that I was actually able to close these sales, the demand for my services grew to the point where it was no longer necessary to advertise!
When the recession hit hard, this increase in activity was phenomenal, considering that many realtors and brokers were hurting for business. I was being thanked by clients who were hugging me at the closing table and writing enthusiastic letters of recommendation. While I was grateful for these accolades, something didn’t feel right. I was seeing suffering and lives damaged by a process that did not feel like a victory to me. The truth is, negotiating a short sale is no fun – not for the realtors, the buyers, the sellers or the title companies. Many people are forced to seek this remedy because they have become ill, gone through divorce, or because they have to relocate for work outside of their home state.
Even in the absence of a catastrophic event, there is another kind of loss affecting numerous homeowners – hard working people who have placed their faith in a perceived asset that is now, in many cases, worth 50% less than they owe to a lender. What this situation amounts to is paying rent to lender on a depreciated property that may not recover its value for many years.
I would much rather be selling homes to people who walk away with a sense of optimism and a clear future path. Instead, I contend with lenders who seem to be making a game of messing with people’s lives. One of my clients nicknamed me “The Hammer” due to my tenacity in seeking fair outcomes from corporate lenders who often appear oblivious to the predicaments of their customers. The job of “The Hammer” is not pleasant, but it can, and often does, result in more equitable resolutions.
I am willing to fight for clients because I believe that they deserve a second chance, without the added insult of having a foreclosure on their records. However, I still find myself questioning the circumstances that bring about all this misery. If there is any good news in this story, it is that people are being forced to reevaluate their priorities. In the end, what is important is not an impeccable credit score or owning a home beyond one’s means. What is more important are the values associated with our pursuit of happiness.
The light at the end of this seemingly dark tunnel is achieved by our refusal to return to chasing material things with reckless abandon. We must not go back to the model of a lifestyle based on unbridled consumption. If the short sale phenomenon has taught us anything, it is that there are better choices.
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