A Mental Breakdown or What?

  Westminster, CO -  Every now and then you get a strange request from a homeowner that finds your blog and needs to inquire about the short sale process!
Now, that's a good thing!!  We certainly want to assist someone that has a real estate need.

 A few weeks ago, I was approached via my email in regards to how a short sale works.  After a few emails back and forth to discover exactly why this homeowner was need of a short sale, and especially since it was ON THE MARKET, with another local real estate broker, she asked that I call her and come to her home.

With that invitation from the Seller, we proceeded and met to discuss and review all the real estate docs.  Prior to my visit, the homeowner requested the current real estate broker to stop marketing her home.  NOW, we all know what that really means to a real estate brokerage firm.... and we go on to discover what the heck is going on here. 

Once, I had the opportunity to review the current MLS of this property information and the documentation of the real estate docs, we have come to the conclusion that there HAD to be a real mistake during this process of marketing the home.

The current DEBT on the property was about equal to the value it had been placed on the market!!  Which means, that the homeowner would have to either, bring money to the table or negotiate a short pay-off (short sale) with the lenders!  There is a 1st and 2nd lien on this property.

The Title company had notified the homeowner that based on the current debt and selling costs, their estimated NET (Not so sure why this information was not disclosed to the Seller by the real estate broker - like during the CMA presentation), she would need to bring funds in excess of $11,000!!

SEARCH FOR HOMES IN WESTMINSTER, COLORADO UNDER $300,000!!

This of course has created a great concern from the Seller, and recognizes that she would be in a short sale situation!!  This was never addressed with her by the current real estate broker, nor are there any addendums (short sale addendum) addressing the shortage of funds to sell!

The Title company had provided her the information 3 weeks into the marketing process!! 

It appears that someone had NOT done their due diligence in listing this property, possibly by performing a proper O & E search you would have had a better understanding,  and if they had... why was this NEVER discussed with the homeowner??

Based on the real estate docs that the Seller had signed and had copies of, nothing discloses this short pay-off situation!!  The property has been withdrawn from the MLS!!

We shall see where this "sad situation" ends up!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "A Mental Breakdown or What?"