Real Obama story effecting me right here..

Himark · Dec 3, 2008

This is how messed up things are getting!

I have a home listed for 225,000. My seller owes 190k. He is behind on 2 payments and has been for quite sometime. He has also slipped into 3-4 payments behind prior to listing it and triggered the foreclosure more than once with Wells Fargo.

I have his home on market for 75 days without one offer but lots of traffic. We do get an offer for 160 CASH and got the new buyer up to 175k CASH immediate close. I negotiated a short sale with Wells Fargo without any recourse to the seller for the 175.. We are approaching the closing and i get a call from the seller saying he wants to back out of the deal because him and his wife were talking and with "Obama coming in and all this bail out money that will fix his problems"

WTF ARE PEOPLE THINKING?????

bigfoot · Dec 3, 2008

people are retarded.

coyoteman · Dec 3, 2008

wtf. people are so friggen stupid. they'll probably be lucky to still have jobs.

Mooseknuckle · Dec 3, 2008

Himark,

Have heard, not read anything official, but heard that in a deal like what you are describing - the homeowner will have the note renegotiated down to say 160 with a 30 year fixed. The lender will be ok with that because they can charge off the 30K and the Feds will allocate 30K of the bailout to make the bank whole.

Maybe I'm all wet. What say you?

V-Man · Dec 3, 2008

This makes me sick. If you can't afford your house get the F*** out. It is as simple as that. Everyone in this country is not entitled to home ownership. You have to earn it!

Don't blame it on the bank, brokers, etc. You gotta look out for number 1.

redlineguy · Dec 3, 2008

way to many people looking for a hand out

.

Mosquito Flats · Dec 3, 2008

V-Man said:
This makes me sick. If you can't afford your house get the F*** out. It is as simple as that. Everyone in this country is not entitled to home ownership. You have to earn it!

Don't blame it on the bank, brokers, etc. You gotta look out for number 1.

X2. V-Man is THE man.

Scut Farkus · Dec 3, 2008

your seller's are idiots. you should review your listing agreement and see if there are any clauses that can help your situation. i am a realtor also and after hearing about their flirt with foreclosure, defaulting on payments and not accepting a short-sale offer that wouldn't penalize them financially, i would say you are going end up spending a lot of time and your own money without any rewarding results. sorry man. in todays market, buyers are unrealistic and sellers are in denial...IMO of course.

triple · Dec 3, 2008

I think you have a retard for a client. Do you not have a signed contract of purchase and sale with the seller and purchaser? IF you do, tell him too bad and the deal is done. If you don't have a signed contract, you never had a deal with this guy. This has nothing to do with any bail out. The guy is behind, he's triggered foreclosure twice and it's not going to get any better for this guy than someone taking his house over for him. THe purchaser is getting a bail out from the buyer.

My other question is how did the house go from $225,000.00 to $160,000.00 cash to $175,000.00 final?
You must have taken the guys recomendation for the listing price. There's a reason that it was shown a ton with no offers. THe market doesn't care what the seller's circumstance is. THe market is the market. When I sold real estate I wouldn't take a listing if the seller didn't list it for what the evaluation came in at and they were all warned that if there was no action in the first 25 days, I was coming back for a price reduction. I would walk away from an over priced listing. It's my money on the line to advertise and my time to market it. THere is only one thing that sells a house. THe price. It can have 10 bathrooms and solar heated toilet paper but if it's priced wrong, it's not going to sell. If a house is sold in 2 days (you see that once in a while) the price , I believe, was too low. If a house sits on the market for 60 days with no offers, it's too high. A house should have a completed offer to purchase in the first 20 to 30 days. Then you know you did your job.

wrench2race · Dec 3, 2008

Wtf?

If they go ahead and sell, they'll be ok for sure! Better bird in the hand than two in the bush!! Besides, They can always buy another one when the market is at its lowest and be in good shape in the long run cause now they just bought at a smokin deal!! But, no!! I want MY house I'm in love with my house and I can't live with out it!! And they're gonna give me money$$!!

And It won't cost any thing. Other people can pay it back for me!!

Yep, we're in trouble. I've never owned a house, but just to watch it all is crazy.

Camden · Dec 3, 2008

I was unaware that a seller can do that in a short sale situation. I guess I always thought that the mortgagee could accelerate the terms of the loan and force a sale when default has occurred.

I'm pretty sure Wells Fargo knows they've got control of the situation so you might have your sale go through yet.

mattymac · Dec 3, 2008

hmmmmmmmm.....

dont know where people are getting these thoughts?????

http://www.youtube.com/watch?v=P36x8rTb3jI

woodzy · Dec 3, 2008

Sucks you're in the situation, but I would have to think that letting the seller fall on their face for believing Obama would be a sweet consolation prize....

Mrs Snowrider · Dec 3, 2008

I have a dumb azz opportunist sister who is doing the same thing right now! In fact, she is farther behind than that!

CleElum Sledhead · Dec 3, 2008

Himark said:
We are approaching the closing and i get a call from the seller saying he wants to back out of the deal because him and his wife were talking and with "Obama coming in and all this bail out money that will fix his problems"

Sounds like you are still owed your commission, so the seller can go pound sand. I would take him to court and force a judgement for the commission amount. You did your job, you brought him a buyer at an agreed upon price. You need to be paid for doing your job. End of story.

Himark · Dec 3, 2008

triple said:
Do you not have a signed contract of purchase and sale with the seller and purchaser?.

Yes, buyer can sue for performance, most likely wont.

triple said:
My other question is how did the house go from $225,000.00 to $160,000.00 cash to $175,000.00 final?

Asking price 225, offer 160 counter offers to reach 175.

triple said:
You must have taken the guys recomendation for the listing price. There's a reason that it was shown a ton with no offers.

Yes, there are 2000 other homes on market to choose from..

triple said:
When I sold real estate I wouldn't take a listing if the seller didn't list it for what the evaluation came in at and they were all warned that if there was no action in the first 25 days, I was coming back for a price reduction. I would walk away from an over priced listing.

That was a stable market, we have now is so volatile you can do a market and the price can change in 30 days by huge swing. Todays sellers have no equity, Realtors need to change there approach and learn how to deal with short sales like I did here. Problem is idiot seller and they are truely in denial.

justadude · Dec 3, 2008

That is a seriously raw deal, but this is Obama's fault how???

I'm pretty sure Bush is the one who pushed it in it's original form which had stink all over it. McCain backed it. Almost everyone backed it!!???

Would you be saying the same thing if McCain was doing it??

Or is this just another circle jerk hater thread??

buck50 · Dec 3, 2008

justadude said:
That is a seriously raw deal, but this is Obama's fault how???

I'm pretty sure Bush is the one who pushed it in it's original form which had stink all over it. McCain backed it. Almost everyone backed it!!???

Would you be saying the same thing if McCain was doing it??

Or is this just another circle jerk hater thread??

i'm gonna go with the fact that his clients SAID that they would be alright because obama is in, that is where he is coming from!!!

We are approaching the closing and i get a call from the seller saying he wants to back out of the deal because him and his wife were talking and with "Obama coming in and all this bail out money that will fix his problems"

justadude · Dec 3, 2008

Well that is probably true. And that person is an idiot for saying that. The bail out was going to happen no matter who won the election. Now CJ'er have some other fictitious detail to pop their cork on!!

comical!!

buck50 said:
i'm gonna go with the fact that his clients SAID that they would be alright because obama is in, that is where he is coming from!!!

We are approaching the closing and i get a call from the seller saying he wants to back out of the deal because him and his wife were talking and with "Obama coming in and all this bail out money that will fix his problems"

buck50 · Dec 3, 2008

justadude said:
Well that is probably true. And that person is an idiot for saying that. The bail out was going to happen no matter who won the election. Now CJ'er have some other fictitious detail to pop their cork on!! comical!!

i agree, it was gonna happen either way

Real Obama story effecting me right here..

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