Author: Christopher A. Prendergast (R), e-pro, SFR, CDPE
|I'm often asked what my motivation is to take on so many short sale transactions. It's true that they are fraught with the challenges of an ever-morphing gray matter environment and inconsistencies among lenders. It is often like trying to pick up spilled mercury. |
But imagine clients doing this: They launch out into the American Dream of home ownership, getting themselves out of the rental money pit. They are on the path of wealth accumulation, the pride of ownership, and the tax benefits that come with their bold move.
Then life takes a sudden left turn. An unexpected event, such as a job loss, reduction in income, divorce, relocation, or something else of catastrophic economic impact occurs. Suddenly, the funds allocated for monthly mortgage payments are being reallocated to simply manage your existence and now you're caught in a juggling act, having to rely on credit for day- to-day necessities. Then the credit runs out.
Life's Left Turn suddenly becomes a U-turn. You are put on auto-call in 30 minute intervals from your creditors. You learn to not answer calls from 800 numbers because Hannibal Lechter lurks on the other end. The threat of foreclosure looms and relationships sour. The dream is a nightmare as anxieties attack in the wee hours. With eyes wide shut, the brain schemes for ways to keep the lights on. Wallowing in depression, you feel like an abject failure for having to deny your family basic provisions.
You dig deep for answers, and you cling to every vestige of hope, stretching your faith to its limits.
There is hope, however, in not giving up even under overwhelming pressure. The hope is in maintaining perspective of what is important: faith, family, friends. The hope is in finding informed resources, knowing your options, and working through them armed with knowledge and information.
Having gone through the Left Turn and U-turn, I personally have come full circle and can now be a source of the options and alternatives, as well as a clarion of hope to the discouraged and distressed.
Navigating short sales can be frustrating, because there is so much unpredictability among the multitude of lenders. Diplomacy, tact, a degree of manipulation and psychology, patience and more patience all come into play. The spoils go not always to the highest bidder, but more often to those who can wait out the uncertainties.
There is much unrequited and unrewarded labor, but that is easily offset by seeing homeowners emerge from under the weight (and the wait) of coming to terms with their mortgage maker.
It would be my pleasure to help you work out your short sale situation, or assist with any of your real estate needs. Contact me today!
Christopher A. Prendergast (R), e-pro, SFR, CDPE
Certified Distressed Property Expert
Prudential Locations, LLC
Phone: (808) 388-5555
98-161 Kaonohi St
Aiea, Hawaii 96701