I’ll start
with a little bit of history. I met this
home owner as a result of the bank filing a Notice of Election and Demand, the
first step of the foreclosure process.
This client had lost their job, their spouse (widower), and most
recently a parent. Unable to make the
payment, the bank began foreclosure proceedings.
As a listing
agent, I put the property on the market in an attempt to complete a short
sale. This is NOT the easy out for a
person in foreclosure – the house has to be prepared for showings, allow agents
and their buyers to come through your home, prepare and disclose your finances
and deal with the emotions related to another loss. It is not an easy process… and the result is the knowledge that you did
your best to do the right thing. That’s
it – you don’t receive a financial reward, just the vague promise of a less
damaged credit report.
After 45
days of marketing the property, 27 showings and 4 price reductions, the bank
has decided to complete the foreclosure process. The mortgage holder is going to complete the
foreclosure on this South Aurora home with the thought of renting the
home.
What a
frustrating, waste of time for all involved.
From the time that I began listing this home, I have been in weekly
communication with the bank’s representatives.
It was not until an offer was submitted that they decided to tell me
that they were not interested in completing a short sale. Instead, they wasted my time, my client’s
time, the time of all the showing agents and their clients (27 different
groups), the time of my title company representative. And still, the banks wonder why people are
mad at them…
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