Making calls you don’t want to make: Calling your seller because of a Notice of Default list

By
Real Estate Agent with Keller Williams Realty

About a year ago, I had listed a home for sale in Beaverton, Oregon and thought it was going to be an easy sell. In the taking of the listing I had asked how much they owed, what their interest rate was and when they bought the home. (You know all the traditional questions)

Short sales in Oregon (Behind on your payment)


But, it seems the one question I forgot to ask was… Are you current on your payments? This one was a very important question because it seems they were not. I do have to admit that this was a mistake on my part because when I heard how much they owed and how much equity they had, I thought it was going to be an easy sell even if they were behind on payments. (BOY WAS I WRONG)

Two weeks later I received my Beaverton area real estate Notice of Default list from my local title company just like I do every Friday. That is when I noticed the address on the list as one of my listings. I immediately called the seller and asked them how they were doing and then asked them if they were presently making their payments on time.

Their answer actually rocked my world a little! They said “NO, we have equity and we need the money for a down payment on something else in another state that we are buying” I then said “That is great there is one little problem with your theory and I’m hoping we aren’t too late!”

The problem was that what they thought they would get by not paying payments was more money in their pocket at close, but the exact opposite was true, they were actually going to get less because of interest and penalties from their bank. Then to top it off, their credit was going to be affected enough that they may not be able to even get the home in this other state.

Don't lose your savings when selling your home

Lucky for them, they were actually already buying this on contract, so there was no bank on the other end to deny them the loan at the last minute, but the catching up on the payments almost still cost them the new home because they ate up their savings to do it. We did close about 2 months later after getting a great offer and they ended up selling their RV to make up the difference they lost in penalties to pay the down payment on their new home.

So, if you are thinking of selling your home in the Beaverton area, please consult your real estate agent, lawyer and CPA before making any decisions on making or not making payments, what you think you are doing may not get the desired result and could cost you thousands in the end.



Todd Clark and the Friendly Home Team
Capstone Real Estate
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739

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Todd Clark is a licensed Realtor who specializing in Washington County, Oregon and also works both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
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Posted by


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

 Follow Todd Clark on FacebookVisit my websiteFollow me on Twitter



 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

What if there was a way you could search the  MLS for FREE just like Realtors

Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!

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Re-Bloggged 2 times:

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Comments 46 New Comment

Rainer
35,824
Virginia OnullConnor
Realtor - Temecula, Anza, SoCal
Realtor®, Photographer, Artist

Amazing. It astounds me - the level of ignorance so many people have, yet they may still make major financial decisions and commitments like buying property, and as someone pointed out earlier, voting. Scary. In the dog show world my best friend and I have a code word for them. TSTL. (Too Stupid To Live) If they had to truly fend for themselves in the wild, they'd be lunch for the first predator to walk by them. Sad and scary.

September 14, 2010 11:57 AM
Rainmaker
181,636
Sherry Chastain
Realtor, Selling Homes, Lake Properties,Luxury Homes,Short Sales
Hendersonville, Nashville, Old Hickory, Lebanon Tennessee

Duh!

Oh by the way your signature ROCKS!

September 14, 2010 11:59 AM
Ambassador
1,656,668
Barbara-Jo Roberts Berberi
Palm Harbor Florida Residential Real Estate
Charles Rutenberg Realty

Wow - talk about getting a big surprise! Sometimes you wonder if people take the time to think things through before acting.

September 14, 2010 01:27 PM
Rainmaker
346,702
Keisha Hosea- KASIHomes.com
Real Estate Solutions For Real People
KASI Homes

Great advice, Todd. So many sellers are misinformed but we have to know the full story.

September 15, 2010 03:07 PM
Rainmaker
1,321,527
Rebecca Gaujot, Realtor®
Lewisburg WV Real Estate, Greenbrier County
Coldwell Banker Stuart & Watts Real Estate

Todd, sometimes it is like pulling teeth to get the information needed from sellers.

September 16, 2010 08:57 AM
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Todd Clark

Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
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