I think you all know I am a Realtor here in Scottsdale working the metro Phoenix real estate market, so what the heck am I writing about. Realtors don’t save people’s homes they sell them. Not ALWAYS!
One thing I realized over the past couple of years in speaking to people in trouble is THEY DON’T KNOW WHAT TO DO! They contact their bank and nothing happens and they just keep going along with their lives. Then for many in financial trouble, their home gets foreclosed on.
Yesterday, I was contacted by a financial institution about a home. They wanted to confirm my report and question me about the value of a home. The home is here in McDowell Mountain Ranch, I know this like the back of my hand. I confirmed my comfort level for the value of the home. You see these guys are buying the note from the bank. He went on to question if the borrower was still living in the home. I said, “its on the way home, I will check it out and get back to you.”
I stopped by on my way to the gym, last night was the kick off meeting for the Greatest Loser Competition at the Village at DC Ranch. As I pulled up, I saw a light on. I don’t know why, the light confirmed occupancy, but I got out of my car and knocked. The dogs started barking, I thought run! Run to car and get out of here! I heard someone approach and the door opened. I have to tell you I was so uncomfortable, I honestly didn’t know what to say. So, I stepped back, introduced myself and explained that I was very embarrassed to ask but I am working for a financial group and they were wondering what are you intentions?
She knew who I was, being one of the top agents in the area, and she responded with “we don’t know.” OMG, it is true. Most people don’t know what to do or where to turn for answers. Most offering answers just want MONEY! I explained that I was headed to the gym. I quickly gave her a run down on her options, then she asked me to call her today and help her out!
OK, so if you read any of my blog postings, you would know that my goal this year is to help 200 families(100 to save their home, 50 or less to BK or Foreclosure because after getting the information that is their best step and then 50 or more to save their credit through Short Sale) negatively impacted by the financial meltdown of corporate banking. Now we have referred about 10 people to our connections to save their home, but none like this. And we have listed several for Short Sales, plus we have had 3 Short Sales approved already this year! The others called or emailed for contact information. My video blogs worked.
Somehow, in this case I did something I never do. I approached a borrower directly. Knocked on their door. I never do this kind of sollicitation.
Let me go on about why this is just a step of fate. God must have pulled all these different things together. First, we don’t do “fee BPO’s” very often anymore. (BPO stands for Broker Price Opinion which if I said it was like an appraisal I could get in a lot of trouble) Second, I never knock on doors. Third, I have an appointment with a Short Refinance company today to interview them. They will loan to people with credit issues, higher interest rate, but their main concern is income. Lastly, if this investment bank buys the loan, they should buy it low enough that they would be happy to do the Short Refinance baced on today’s value. Wow, if this all goes well. Then the investment bank buys the note, the Short Refinance company gives the home owner a new loan based on today’s value and the home owner keeps their home with a mortgage as much as a couple hundred thousand less than what is owed today. All of these things had to come together to create this chance meeting!
I am so excited!
But, Jeff, this is not a home sale. How do you pay your bills?
I know that if I keep looking to help people like this. If I hit my goal of helping 200 families that are in trouble from the financial meltdown, then I believe I can help 100 save their home. That is 100 less Short Sales or Foreclosure homes. That helps our market recover more quickly and keeps property values higher. Next, I know that by helping 200 families, some will find that BK or foreclosure are actually their best answer. By treating them honestly and helping them to come to their own decision I will be happier. Lastly, by helping as many families as I can find what is best for them, some will realize saving their credit through Short Sale is their best decision! I will sell their home and pay the bills.
Get more information about your alternatives to Foreclosure www.NoForeclosureAZ.com
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