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    Distressed properties are nothing like clowns, cotton candy and rainbows

    While on my full time stint with the LAPD, I have served my share of Search Warrants.  The “Knock and Notice” became something of a ritual.  The voices changed and some fun was injected.

    With foreclosures, bank owned, auctions, pre-foreclosures, and other distressed property types, we can see that people are in pain.  Some move on with very little in the way of “visible” emotional attachments with their personal situation.  However, on some sellers of this world, they take their toll.

    Scenario 1:  Job Loss strikes Rick and his family of three children.  While he attempts to find another job – he knows he is going to have trouble making his mortgage payment.  He calls his banks – both the first and second loan’s – tells them of what he is experiencing.  They say to Rick, “Thanks for calling, and thanks for letting us know, what do you want us to do?”  Phil gave them the scenario and all they could tell him is that they see no signs of trouble because Phil is still current on his payments.

    Scenario 2:  Within the Short Sale process, with an executed offer for a client, the bank approaches our clients and tells him they can do a Loan Modification with a principal reduction.  We re-explained, as we do in the beginning, that when there is an executed contract – A seller cancelling can equate to massive liability.  However, the buyers in this case were very gracious and allowed the Seller to cancel this escrow in an attempt to keep their home.  In this case, the home has to be taken off of the market, cancelled from the Multiple Listing Service.  The real estate sign has to be taken down.  The seller then starts the process of Loan Modification / principal reduction with their bank.

    Time goes on.  Paris and I are keeping in touch.  Mr. Seller Calls us and is exceedingly upset, screaming and swearing – talking about how the bank pulled one over on him.  It seems that his property sold at auction.  

    These are two of the many that we deal with.  The people affected are real human beings.  With real families and real troubles.  Watch our for yourselves and make sure you are getting the best real estate advice possible.

    Especially when it comes to having a short sale negotiated.

     

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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