Foreclosure in my Neighborhood? Why?
There is a beautiful all brick Cape-Cod style home 2 streets from my house that I drive by several times a day with a home-made "For Sale by Owner" sign. It doesn't have a garage but there is plenty of space to expand and tons backyard. Like many agents, I wrote down the address, phone number, and found the home owner info in the tax records. In my attempt, to be diligent I stopped by to talk with the homeowner, left phone messages asking to see the home, and mailed at least 4 letters or postcards offering my real estate services. None of my attempts to make contact were responded to. Eventually, the "For Sale By Owner" sign included a 2nd hand-written sign "Must Sell $139,900". Then, all of a sudden, around the holidays the signs were gone.
Last Monday, I drove by and there it was; the neon orange sticker on the front door. I recognized the sticker because on most foreclosures there is some sort of bright colored sticker stating the property has been winterized and providing emergency contact information. To my disappointment, my neighbor's home had been foreclosed upon.
I called our showing service to make an appointment to view the home and was pleasantly surprised how nice it was. Unlike many foreclosures, this home was not riddled with damage or trash. My neighbor had obviously put effort into maintaining their home. The home was clean with beautiful wood floors, detailed trim work and older but well maintained kitchen cabinets. The carpet wasn't in the greatest condition but the master bath, walk in closet and unfinished 2nd story make up for it. All I could think was "Why didn't they ask for help?"
The frustration I felt about having a foreclosure so close to my own home quickly turned to aggravation. Would this home have sold if marketed properly? Could my neighbors have done something to help preserve the value of homes in our neighborhood? How long will this home sit vacant? I can appreciate and understand that hiring a neighbor may not be comfortable because it may add to your anxiety and apprehension, but why didn't they hire someone?
Its common knowledge the economy isn't the greatest right now; many Americans are struggling and statistically more over 50% of people won't seek assistance. If your leg was broken would you do nothing or would you go to the doctors. There are many people just one major event away from not having enough to get by. It's understandable to need help, life has its ups and downs and has a history of throwing curve balls at absolutely the wrong time; companies lay off people, cars break down, loved-ones suddenly pass away.
No one likes to ask for help. I understand it's tough; even embarrassing, to ask for help. Despite it all, many homeowners still have pride in their homes but don't understand how to fix the problem. Real Estate Brokers work daily to stay current with changes with in the banking industry, local & national market trends, new marketing ideas; we know buyers & your competition.
If you are in over your head or struggling - the smartest, bravest thing you can do is admit "I cannot go it alone. I need help." Confide in a friend, your pastor, and reach out to a local Realtor. Realize the situation you are in may not be your fault. Life's curve ball may just simply be more than you can handle and that is OK. I guarantee the stress on your shoulders will drop once you are not alone.
Why contact a Realtor? He/She can go over your situation, explain your options as well as make a plan that fits your needs. For example: If you have equity in your home you may be able to sell for current market value. If you are "upside down" or owe more than your home's value you may qualify to sell as a Short Sale. Some homeowners are even able to restructure or qualify for a Loan Modification. By consulting with Realtor, you can privately and discreetly have your concerns answered and together create a game plan.
Whether you are having a tough time making payments or just simply need some advice about your home, please feel free to contact me. I would be happy to confidentially evaluate your situation.
Don't Hang Up Gloves Just Yet
Give It One Last Fighting Try. Ask For Help.
Jennifer Marks
