Why are people waiting until foreclosure hits???

By
Real Estate Agent with CB Valley Broker

I never quite got this: Pretty often I read about a foreclosure and look at the numbers and they are not THAT bad, the house would sell for this or even a bit more. Nevertheless they are already deep into the foreclosure process and in 6 weeks they are out of their home. No attempt of a sale. Just sitting there, staring at the snake.

Or they owe 360K and have their house, worth about that, on the market for 1.5 years for 450K all while the market is going down further, making sure they will not even be able to pay off the loan once this hits the fan.

So is this stubbornness? Ignorance? Bad Advice? Poor agent? Head in the sand? Denial?

All of the above? Why not facing the music and exit gracefully? The information is out there, not even hidden. Plain sight information, tools, support.

If the problem is not tackled it will eat you. So be proactive and sell, pay off the mortgage and start from scratch without debt, rent something, wait a while and then, when the money to back it up is there, start anew. With clean credit and a payment history and BEFORE the bank starts sending out those letters.

Especially when the ending is clear and inevitable, facing and solving the problem is the better alternative!

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Topic:
Real Estate Market Trends
Location:
Oregon Benton County Corvallis
Tags:
avoiding foreclosure very early on

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Anonymous
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Ambassador
289,087
Linda K. Mayer
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST
License # 01767321

So true, Annette.  If it's a short sale, the listing price doesn't affect you, so lower that price!

May 11, 2011 11:44 AM
Rainmaker
121,765
Candy Miles-Crocker
Realtor - Real-Life Real Estate Training
Online Real Estate Agent Training

Annette, I think it's more of a denial thing than anything else.  Truly unfortunate.

May 11, 2011 11:47 AM
Rainer
155,679
Annette Sievert
Corvallis, Oregon
CB Valley Broker

Linda, with all that information out there there is no excuse for ignorance and non action

Candy, Denial is death in these cases (and a few others). Always am amazed that people think the universal rules do not apply to them...

May 11, 2011 11:53 AM
Anonymous
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Rainer
155,679

Annette Sievert

Corvallis, Oregon
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