"I Will Not Let You Down."

By
Real Estate Broker/Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY
http://actvra.in/m4r

J Philip Real EstatePeople are hurting in this economy. Many good folks who did nothing wrong are caught in the undertow of the recession and can't find a soft spot to land. Upon occasion, I run into people in those circumstance. If they had been born at any other time in history, they wouldn't face foreclosure. They'd have equity, probably their job, and even if they were in a pinch they could sell and realize respectable proceeds. But not in this day and age. 

The worst part of owning distressed property is not financial. It is emotional. Most people that face bankruptcy or foreclosure know where their next meal is coming from. But they don't know what the next mail delivery will bring or who will be calling them the next time a phone rings. Add to that the fact that in Westchester, even modest homes have high prices compared to most of the country, and the hole they stand in seems deeper. 

Today, I explained to a new client what I always say to anyone facing foreclosure:

I will get this done for you. I promise you my very best, and frankly that is pretty good. I will not let you down. I have done this sort of thing over 50 times. I like your chances. 

And with that, my brand new client burst into tears. In a sea of collection calls, nasty letters, a failed loan modification and 2 years of financial setbacks, someone they were referred to by their lender out of the CDPE directory told them that they finally had an ally. 

Ronnie, my admin, had to run and get some tissues, and Mr Seller did what he could to comfort his wife. But the whole thing was cathartic. 

And maybe I sound cocky, I don't know. All I do know is that we have a track record, I have an awesome team, great lawyers, and a support staff on the admin side that cares as much as I do. I put my good name on the line when I make promises in the face of the unknown, but thus far we've been pretty fortunate. The last short sale application that failed and ended in foreclosure was 2007 (and the bank took a six figure bath). The rest closed. 

My clients left the office out a few tears and also having shed some worries as well. For the first time, they had a plan. And a team. And professional help. All my best. Typically, my best gets the job done, and I am not afraid to reassure my clients. Some people need to hear it. 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Dorie Dillard 10/28/2011 05:19 PM
  2. John McCormack 10/29/2011 09:18 PM
Topic:
Home Selling
Groups:
Westchester County
Short Sale REALTORS®
Bartender, Make it a Double
BananaTude
40 Somethings
Tags:
short sales
cdpe

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Rainer
125,283
Ann Wilkins
East Bay Sotheby's International Realty - Oakland, CA
Oakland, Berkeley, Piedmont CA

Great post Phil!  You hit the nail on  the head in why I don't take short sale listings.  Although I have a CDPE and have represented buyers in dozens of successful short sales, I just DON"T have the confidence to say your  words:  I will get this done for you. I promise you my very best, and frankly that is pretty good. I will not let you down. 

I just don't feel confident enough and I would never want to let someone down because of my lack of experience.  The short sale listing is  just too much of a burden/pressure for me - would rather focus on the buyers.  Next year maybe - who knows but for now, I refer to short sale specialist like you!

Oct 29, 2011 12:43 PM #89
Rainmaker
844,401
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

I imagine some of those tears were also relief.

Oct 29, 2011 01:08 PM #90
Rainmaker
162,551
Karen Steed
Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton - Tallapoosa, GA
Associate Broker Haralson Realty licensed in GA and AL

Great post Philip.  I admire what you are doing to help out distressed homeowners.  I have tip-toed into the short sale arena, mostly by defalt.  I have helped some sellers, and others were just too far gone when I got there.  The stress is just too much for many homewoners to deal with.

 

Oct 29, 2011 02:15 PM #91
Rainmaker
1,154,309
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Phil, it does become a calling Phil and who better do the job in Briarcliff Manor NY then you and your team...having dealt with you personally I know how you would treat each of these short sale transactions...clients are lucky to have you...it is interesting because I approach it similarly and consider it my 'charge' to do my best for all my short sale clients..

Oct 29, 2011 02:32 PM #92
Rainmaker
204,929
Edward Perez
RE/MAX Gold Coast Realty - Hoboken, NJ
NJ Luxury Group - Serving Hoboken & Northern NJ

Great job!

Not only helping individuals have a fresh start but also helping to get our economy back in shape one family at a time!

Phil, you're doing good work my man...keep it up.

 

Oct 29, 2011 03:40 PM #93
Rainmaker
147,967
Judi Monday
RE/MAX Valley Properties - Green Valley, AZ
CRS-Green Valley AZ Expert, Green Valley Arizona R

They are truly blessed to have someone like you in their time of need.  You haven't forgotten the very human side to what we do.

Oct 29, 2011 04:39 PM #94
Rainer
300,234
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Kimo's Lifestyle Solutions

Interesting post about being compassionate and optimistic regarding a distressful situation, yet while I applaud you being fearless, this circumstance is just the beginning and I'm certain everybody would like to know about the rest of the story. 

Oct 29, 2011 09:17 PM #95
Rainmaker
1,286,370
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Many responbsible people are caught up in this mess and they have never faced anything like it before.  

Oct 29, 2011 09:42 PM #96
Rainmaker
504,361
Elyse Berman, PA, ABR, GRI, Realtor
Realty Associates Florida Properties, Boca Raton, FL - Boca Raton, FL
Boca Raton, Delray & Highland Beach- 561-716-7824

They're lucky to have you in their corner.   I'm sure they're emotionally drained and exhausted and very grateful to have someone on their side for a change.   Helping people is a good thing and these are people who need help. 

Oct 29, 2011 10:08 PM #97
Rainer
239,777
Justin Dibbs
United Real Estate - Ashburn, VA
REALTOR® - Ashburn Virginia Homes for Sale

Wow, two thirds of your listings are short sales?  You my frined are a brave man.  Keep on keepin' on!

Oct 29, 2011 10:45 PM #98
Rainer
86,481
Tamara Schuster
Naperville Glen Ellyn Lisle Plainfield Wheaton Illinois - Naperville, IL
Realtor Broker - Naperville

Such a great post.  If people knew how much we cared and how much we could help they would call us before they get over their head. So great to share as my most difficult sales are also the most time consuming and rewarding.  It is all about helping the people.

Oct 30, 2011 12:32 AM #99
Rainmaker
650,982
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Phillip, Great post.  Here in Florida many of our short sales make little or no money.  But the satisfaction of helping people makes up for it.

Oct 30, 2011 10:02 AM #100
Rainer
221,015
Akerly Real Estate Team Manhattan & Brooklyn Real Estate
Akerly Real Estate Team - Brooklyn, NY

When families are experiencing despair from foreclosure or other financial hardship, it's amazing how uplifting it can be just to speak to someone who can illuminate the path that is in front of them.  It's reassuring to know they don't have to go it alone and even just to hear what they can expect along the way.

Oct 30, 2011 10:10 AM #101
Rainer
84,544
Kathy Strader
Memorial Staged Homes - Houston, TX
ASP

Sometimes it is really nice to be able to rest in someone elses confidence.  Good job!

Oct 30, 2011 11:11 AM #102
Rainer
36,190
Ken Anderson
Apex Results Realty Inc., Brokerage - Burlington, ON
Broker in Burlington, Ontario

Your arrogance is blatant!  But if followed up with performance, it can be actually mystifying and spiritual to the seller who has mostly given up all hope, and they will fall on their knees in your presence.  Good for you, it must be a very satisfying feeling when you do these deals successfully, discounting even the commissions earned.  There is a street idiom:  "It ain't lyin' if you do it!"  Congratulations on the feature.

Oct 31, 2011 08:43 AM #103
Rainer
29,445
Jayson Holland
RE/MAX - Denver, CO
Jay Holland

Love it! Way to go. Sounds like you have every right to be cocky. Attitude is contagious. To be the best you have to be the best. I also love to be able to look people in the eye and say "I wont let you down" and know that I wont. That is one reason why we do what we do....to wear the super hero cape.

 

Although they walk through the valley of the shadow inventory, they need fear no evil, for J Philip is there with them, ready to stare down the evil and conquer it!  :-)

 

 

Oct 31, 2011 12:06 PM #104
Rainer
10,153
Corianne Fugate
R.W. Price and Associates - Monroe, NC

Your post is uplifting - and no, if you do what you say it's not being cocky!  The hard part of trying to help the folks in this situation is that they seem to wait til the last minute to search for the help they need instead of searching for help the minute they know they are going to need the help.  I am finding that many of the folks calling our office have waited too long. We have been able to help a few - just not all.

Oct 31, 2011 01:01 PM #105
Anonymous
Anonymous

You are clearly a great agent looking out for the best interest of your clients and doing your best to come from contribution in order to get their goal of releasing themselves from this financial burden.  The real objective, like you did, is to treat these clients as if they are our loved ones.  How would you talk to them if it was someone you really cared about?  What you are doing is truly saving these people, whether they know it or not, and they are lucky to have you versus another agent who's just out to put a sign in the yard and take another listing.  Good for you!

Oct 31, 2011 11:24 PM #106
Rainer
128,056
Stu Dye
Residential Mortgage Services, Inc. (RMS) - Portland, ME
The Mortgage Guy

J Phillip,

I'm a little behind in my AR reading, but I felt compelled to comment on your post.

Keep up the good work and more importantly, the good karma...  The industry needs more "can-do / will-do" people like you and your team.

Happy Sunday!

-Stu Dye

Nov 06, 2011 10:38 AM #107
Rainmaker
369,427
Sylvie Stuart
Keller Williams Check Realty 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagstaff, AZ

Distressed property owners are stressed out and overwhelmed, it's great to give them the confidence and reassurance that there is help in their situation. We can offer a lot of comfort in a time of need. Congrats!

Feb 13, 2012 08:42 AM #108
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