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It seems to me like sellers would not be disgruntled and would want a short sale.
It eases the pain on their credit, correct?
In your experience are sellers happy to do a short sale?
Seems this is a question that doesn't need to be asked and you are seeking more out of the transaction than just to complete a sale. Expecting a seller to be happy about their situation in having to sell a property short is insensitive and in my opinion rude.
YOU are coming in and taking ALL their hard work, improvements and likely YEARS of payments, for LESS than they owe, which is likely MUCH MUCH less than they paid.
You are strolling in and getting thier hard work, and years of investment for nothing, and smiling all the way to the bank while thier credit gets ruined and they cant buy for two years.
How do you think they feel?
Borsig, I think you are right, there is some resentment. However, I have done two and the sellers are relieved to have the albatross lifted. They already accepted that their finances are toast for a while. It gives them closure.
YOU are coming in and taking ALL their hard work, improvements and likely YEARS of payments, for LESS than they owe, which is likely MUCH MUCH less than they paid.
You are strolling in and getting thier hard work, and years of investment for nothing, and smiling all the way to the bank while thier credit gets ruined and they cant buy for two years.
How do you think they feel?
This is probably regional. Here, whenever I veiw a shortsale, you see tons of deferred maintenance. Usually dirty, with clothes all over the floor and dishes piled everywhere. However, since our area was not hit very badly with unemployment, it may be that our short sale sellers were different than other parts of the country. It would be sad to have taken care of your home, lose your job with no jobs in sight - and have to do a short sale. Here, we have the other kind - people who bought a house that they were totally unqualified to buy - and have to sell as a short sale - a day that was invariably going to arrive. I have no sympathy with those folks. They just manipulated the system to "live large" for awhile.
Last edited by cheryjohns; 07-13-2010 at 05:37 PM..
Reason: more
Mine weren't happy. The woman seemed deeply depressed and unstable. Wouldn't look at me at all and stared at the floor. Almost as though this was somehow my fault. Her husband seemed ok but not even close to happy, more like a look of defeated acceptance. He did kind of acknowledge me when during small talk at the closing I mentioned that I had sold my home 2 years earlier for only a couple thousand more than I paid for it in 1995. Only then did he look at me as though perhaps I understood their situation.
I treated both of them with respect and understanding and didn't indicate my true happiness about the purchase until they were long gone.
Seems this is a question that doesn't need to be asked and you are seeking more out of the transaction than just to complete a sale. Expecting a seller to be happy about their situation in having to sell a property short is insensitive and in my opinion rude.
I guess we are getting lost in semantics, 'happy' was a relative term!
My point was wouldn't they be 'happy' that the house is not going into foreclosure!
Second of all, why is it insensitive, when these people refinance and became greedy. They are paying the price of being underwater. They financed on a home that they are unable to pay on. This is the situation we are in now. It all comes down to GREED!
Of course there are situations where people are experiencing hardships and may have lost their job. But that is a by-product of GREED, banks are greedy and people who knew they couldn't afford a home are greedy.
Every shortsale I have looked at some has had refinancing/second mortgage! WHY?
People want a bailout for their own stupidity...it's like a gambler who complains to the gov't that the casino took all their money. You gambled and you lost.
Every shortsale I have looked at some has had refinancing/second mortgage! WHY?
Probably because you're in California and everything is extremely expensive. I lived in Redondo Beach for awhile, so I'm familiar with what housing prices are like and I was a renter for the entire time I lived there. Obviously some of these people who bought and used multiple mortgages probably should have been renters, but what's done is done. It seems like "creative financing" is/was popular there.
Probably because you're in California and everything is extremely expensive. I lived in Redondo Beach for awhile, so I'm familiar with what housing prices are like and I was a renter for the entire time I lived there. Obviously some of these people who bought and used multiple mortgages probably should have been renters, but what's done is done. It seems like "creative financing" is/was popular there.
Don't get me wrong, I feel bad for anyone going through a tough time like this. The only reason I vented the way I did was I felt people were attacking me for using the word 'happy'.
In hindsight I should have said something like 'relieved'. Happy was a term a used that was 100% relative to the situation that people are in.
Don't get me wrong, I feel bad for anyone going through a tough time like this. The only reason I vented the way I did was I felt people were attacking me for using the word 'happy'.
In hindsight I should have said something like 'relieved'. Happy was a term a used that was 100% relative to the situation that people are in.
Oh, I wasn't attacking your word choice. I just wanted to point out that it seems like, based on my experience, that there are a lot of those multiple mortgage situations in California because it's difficult for the "average person" to have enough of a down payment to buy a home with only one mortgage.
I knew what you meant re: happy though. Like I said, in my short sale situation, I think the seller is happy (in a relieved sense) to have an offer on the townhouse, but I'm sure he's not jumping up and down and waving his arms because he's happy about his situation.
I do feel bad for him, but at the same time, it's a business transaction. I like the location of the house, the features, and I'm looking to buy. It's unfortunate for him that he's in the situation he's in, but I guess fortunate for me, because I would have never been able to afford the place at its pre-recession value.
[quote=USCgrad;15033228Every shortsale I have looked at some has had refinancing/second mortgage! WHY?[/QUOTE]
You realize a lot of people who lost their jobs first used savings to keep themselves afloat then refinanced their homes in hopes of paying the mortgage for a year or two until they found a new job, right?
Not everyone who is in a short sale situation is evil or greedy. Some people just wanted a house and were unfortunate enough to buy it during the bubble and ended up losing their jobs.
Another example is a house I'm looking to buy right now. The owner had the house 25 years and almost fully paid off but got injured and had to refinance in order to pay the bills. The house was in complete disrepair but it's not as if he could have helped. He was just a victim of circumstance.
You realize a lot of people who lost their jobs first used savings to keep themselves afloat then refinanced their homes in hopes of paying the mortgage for a year or two until they found a new job, right?
Not everyone who is in a short sale situation is evil or greedy. Some people just wanted a house and were unfortunate enough to buy it during the bubble and ended up losing their jobs.
Another example is a house I'm looking to buy right now. The owner had the house 25 years and almost fully paid off but got injured and had to refinance in order to pay the bills. The house was in complete disrepair but it's not as if he could have helped. He was just a victim of circumstance.
I totally agree, our neighbor is selling her home as a short sale. She was blindsided after 20 years of marriage and three kids, when her husband said he didn't love her anymore, left her for a woman at work and proceeded to lose his job & not pay any child support. Now she is losing her home too.
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