OK, have you heard this one before?
"Good morning….Tutas Towne Realty. This is Broker Bryant how can I help you today?"
"Yes….hi Broker Bryant we are interested in selling our house."
"Excellent! You have called the right man. I too am interested in selling your house. Tell me a little bit about your house and why you want to sell."
"Well…we bought our house in May of last year. It's was a brand new 4 bedroom Maronda home and we paid $275,000. We want to move because there's too much traffic in Poinciana and we don't like it here."
"OK….you know this is very bad time to try and sell a house. How much do you owe on it?"
"We owe $273,000 and know we won't get that much for it but we read that we can get a short sale."
"Well a short sale is for folks that are having severe financial hardship and are facing foreclosure. Based on what you have told me about your house it's probably worth about $200,000. After selling expenses you will have about $185,000 to apply towards your mortgage which means you will be short by about $88,000. Are you currently behind on your payments?"
"No…..but we don't want to live here anymore. If that's all we can get for our house then our mortgage company will just have to accept it."
"Folks, you really need to discuss this with your lender and then seek legal advice. There's really nothing I can do for you at this time. You can't just get a short sale because you don't want to live here anymore."
Now folks, I get these calls a couple of times a week. These people really believe they can just sell their house and the lender will automatically take what ever is left over. What's wrong with this picture?
I wonder how many folks are applying for a short sale that have the capabilities to make the payments?
I wonder why they didn't spend some time getting familiar with the traffic in Poinciana BEFORE they bought a house?
I wonder why they have NO incentive to keep their home?
I wonder if after talking to their lender they will decide to miss payments so they can become delinquent and claim hardship?
I wonder if since it was so easy to get the zero down loan to move in they figure it's just as easy to move on?
This post was inspired by Bill Archambault's post "Politically Correct Entitlement"
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