Short Sale Heartache
The heartache was not my sellers; it was mine.
A short sale can take place in two different ways. The first way is when the seller owes more to the bank than the house can be sold for, and the seller has to bring money to the closing table. The second form of short sale is when the seller can no longer make the house payments and the house is sold for less than the amount owed to the bank, but the seller has no additional funds to bring to the closing table. Then the listing agent must negotiate with the lender to have the lender accept a payoff of less than is owed on the property.
One of my short sale properties closed recently. The sellers were an average American family with children and a dog, but no picket fence. I had sold them this house a few years ago. They used a conventional loan and had a down payment; they didn't have one of the "designer" loans. Due to unexpected circumstances they were unable to continue with the house payments and had to sell the house. With the change in the market they were not able to sell the house for what was owed. I worked with the lender to get a short sale rather than have the house go into foreclosure.
I met with Mr. Seller the day before closing to have him presign the paperwork for the sale of the house. When we met we said all the normal greetings that people say upon meeting. The next question he asked me was if I was getting paid my commission for the sale of his house. As agents we know we are not guaranteed being paid in short sales, but we know we have the training and marketing ability to help people through these times. My seller had just lost his house and the equity he had in it, but he was concerned about me and that I got paid. In a time when so many people live a "me" centered life and always want to know "what is in it for me" his few words to me were powerful. His life was crashing in around him; yet, he was concerned about me. My commission seemed so insignificant in comparison to what was happening in his life. My heartache came from what the family was losing; but my tears came from what someone had just shown me about true caring about someone else. It is an experience I never want to forget and hope I am a better person because of it.
Barb