My Broker has a ton of short sales right now. That is what the current market it, short sales and REO's. Short sales are when the homeowner is in foreclosure and they own more on the house than what it is worth. The agent must negotiate with the bank to get them to agree to take less than what is owned in attempts of having them avoid foreclosure. Some houses in the current market are only work 200k, but they own 400k on the mortgage. Unless a short sale is negotiated, the house will most likely go into foreclosure, since often the current homeowners cannot afford the monthly payments.
I was showing a client a short sale property the other day. It never ceases to amaze me at all the stuff some of these folks have. The house was packed with hardly used kid toys in every room. The fridge was packed with expensive meals from a well known diet program. Wow, these folks can't pay their mortgage, but they can buy their kids all this stuff and go on fancy diets. Haven't they heard of just eating smaller meals and more vegetables?
As I rounded to corner that is when I saw it. A neatly packaged bright pink, boxed set of Sex and the City. No expense spared on entertainment for these folks. I know how costly the boxed set of Sex and the City is, it's not cheap. It contains all the seasons! And comes with a full color book of pics. I gave a chuckle as I wondered if buying all this stuff was worth it for these owners? That is something I will never know, as personal decisions on what to buy are just that, personal. I hope they can get out of foreclosure and back on track. Next time, maybe they can just catch their favorite shows on reruns.
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