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Dear Joseph,

Nicely put and excellent presentation structure! This should help everyone and is great food for thought for both the presenting Realtor and the Seller!

Sincerely,

Terry D. Rule-Swett, ePro, Broker-Associate

Swett-Equity Group with Connect Realty Inc.

"Your most expensive investment is secured here!"

Quoting Paula Bean:

Quoting Terry Rule-Swett:

I have a listing in which the sellers have filed Bkruptcy this week. I have been told by their attorney (through the sellers), that the signs can stay up and the listing can stay on the MLS through the BK if they want to still want to make payments on the house and still sell it after the BL is final. I also was told by another agent that it must come off the MLS and the signs come down until after the Bk is final. It wasn't a foreclosure issue, but now it seems the sellers are looking at that since they were told by their attorney to just walk away from the property - "it would be the best thing for them since short sales and foreclosures are basically the same" and "so why wait around, ust move". I tried to explain that really wasn't the case and gave them a copy of the CDPE "Homeowners Consequences" Foreclosure vs Short Sale. Anyone have any sound advice on this situation - especially, what should be done with the listing - stay on or come off? Thanks, Terry

Terry,

First off, real estate rules are different in every state, BUT if you have a valid listing agreement whether the house is in BK only buys you more time to sell it.

I am shocked their atty told them to walk off as there is a BIG difference in a foreclosure and a short sale as far as your credit is conserned. A Foreclosure will haunt them for years, a short sale just shows up as a sale (sometimes with a remark of less than owed) but it does not hurt your credit as bad or as long.

My advice to you would be to tell the sellers to get another attorney and if the want to stay in the house, do a mortgage mod, if they don't want to stay in the house - do a short sale.

Hope this helps!

HI Paula,

I tried everything and explained it all, even had CDPE Foreclosure vs Short Sale handout. They decided to let me try Short Sale route but their BK attorney is either really ignorant or just plain didn't care. She was getting her money and ktold them the easiest route was to walk away -- so that is what they decided to do. I know I could have sold it - if the Sellers would have been up front with me in the first place about finances so we could have just sold it a year ago! I had everything set - twice mind you - when they said okay to Short Sale, and then they would call back and said they just didn't want to go through anymore paperwork. They wouldn't budge on price at the beginning (I was the 3rd Realtor to take it on since it was a darling home and acreage). I wasled them through that but, unfortunately, too late by the time they decided to alow me to do my job. I was there for them at every turn and phone call, but, in the end, they just wanted to move and didn't want to stay in the house and I was out almost a years work, time and marketing $$. Lessons learned by experience are always the most remembered...it is when you don't learn from lifes experiences that you will replay it over and over the same, so .............Onward. Go forth and make it a fantastic day! Own it!

Good afternoon,

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