Yes, I do! So, call, text or email me anytime to talk, we can work together and find solutions that you need.
Let's be honest, most home owners that need to sell right now, due to the decline in market value—yes even in Central Ohio our values are down along with the rest of the country, although 2% less than most areas according to a recent report—are going to have a deficit at the time of closing, in other words the money obtained from the buyer isn't enough to pay off the note owed to the bank. So in short, my plea here is for more common sense and some real solutions for honest Americans from our government and the banks!
It is frustrating to hear people in the community chatter on about the fact that "people just shouldn't have gotten themselves into this situation." But, I'm here to tell you that out of all of the short sales that I've completed in the past few years, only one was due to poor decisions made by the owner. The rest, well they are simply victims of the times. All have jobs and are working hard and bought into the American Dream based on their current financial situation. They had only known home values to rise, so they bought homes, as we all do knowing their job is not guaranteed, but all seems to be going well (too bad FDR's wish to have a second bill of rights that included American's having a right to a job wasn't fulfilled before his death). But, the wheels fell off, unemployment has sky rocketed and home values—GASP—have fallen. And believe me, my clients want to do the right thing but there are few options for them—read the government officials (both parties) can't stop arguing long enough to help the people that elected them. So due clients' losing jobs, taking new jobs at lower pay, taking a pay cut to retain their current position is causing a wave a short sales because they now can't afford the payment they once made easily. That combined with a drop in value, double whammy. Also, being transferred to another market, or losing a job and only finding one in another market, is forcing some people that have been paying on-time and with no problem, to sell and move....they may have been making the payments here just fine, but due to the value decline and their job being across the county......well, it is very difficult for most Americans to bring amounts like $15,000, $25,000, or more to the closing table to move. And, the banks, well they offer very little in the way of working out a solution--very frustrated since we taxpayers bailed them out. But if your new job is across the country, selling is what you need to do in order to keep paying the bills.
So, I'll keep working to stay on top of what options are available to help you and working to provide the best solutions possible. I'm confident that we will work through this, but we must all work together and stop blaming—We need to get to solutions. And, let's get started today!
Right now, the Occupy Wall Street movement is igniting protests in major cities around the country. Thousands of people are rallying against corporate greed. The cry for “people before profits” was a shot heard around the world. Some are there because they want to topple the mortgage lending “establishment” that has evicted hundreds of thousands of out-of-work people from their homes. A small contingent of Columbus residents have recently joined in.
Here is guest article from Scott Stevenson of Northwest Title....
Dances with Bulls – Home Ownership in the 21st Century
Right now, the Occupy Wall Street movement is igniting protests in major cities around the country. Thousands of people are rallying against corporate greed. The cry for “people before profits” was a shot heard around the world. Some are there because they want to topple the mortgage lending “establishment” that has evicted hundreds of thousands of out-of-work people from their homes. A small contingent of Columbus residents have recently joined in.
While they deal, rather boisterously, with the major structures of credit, Wall Street aloofness and corporate influence on American government policy, back home in our communities, people are grappling with how to recover the foreclosure swoon. There aren’t any TV cameras anymore picking up on the stories of people’s ongoing private pains.
While it’s going to take years for us to truly pull out of the mess, there is light at the end of the tunnel. The pressure to install Richard Cordray as the leader of the CFPB and the efforts the CFPB is making to streamline lending practices will go a long way toward making more informed consumers. As well, while it may not continue forever, right now there are programs in place that are working to help people keep their homes and avoid foreclosure, or, when it’s the better choice, find a short sale solution that works.
One of the biggest concerns in our area is unfinished subdivisions. I have a friend who just got a home for hundreds of thousands less than he would have in a different market. While he may have to face some rising Homeowner’s Association costs and may not see the value of the home increase to the point it started at, he has a fine home in a nice location that he may not have otherwise been able to – or wanted to – afford.
In Closing –
The Occupy movement is a good thing for one big reason: it’s driving conversation about what needs to be fixed, and conversation is something that can lead to new ideas, better solutions, and an awareness of the issues. And right now, if you are looking for a home, you might be able to upgrade the size without having to upgrade the price. Just be sure you go into it with your eyes open and don’t expect the house to triple in value any time soon.
Scott Stevenson joined Northwest Title in 1995 as General Counsel and was appointed President of the company in 2008.
If you have questions about short sales or just about selling your home or buying a new one, don't hesitate to call, text or email me.
My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.
The Benadum Team
Amy Bumpus
Straight Talk—Always
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