Jay's Prologue: I "met" Cathy Clark on Point2 Agent's community blog RELiberation. Cathy is a Realtor in lovely Cape Cod, Massachusetts. She's bright, funny, and clearly "gets it" when it comes to real estate. Cathy penned a post on RELiberation yesterday that I enjoyed so much, I asked her if she'd mind if I shared it here on the Phoenix Real Estate Guy. She graciously agreed…
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I had a call from my favorite former Clients a few weeks back. I sold them their house about a year ago. Young couple just starting out. First-time home buyers. I didn't like the mortgage then and certainly don't like it now. I tried getting them to shop for someone local and more reputable (or at least someone I had heard of before!) but the mortgage broker was a friend of great uncle Harry's second cousin, twice removed. The closing was a nightmare.
Flash forward one year. I've stayed in touch with them. New baby, a two year old with health problems, an ex-wife taking him to the cleaners. New wife couldn't get her job back after the baby was born (hairstylist, so independent contractor, just like most of us). He's working as a mechanic, even though he's a Paramedic. He needs additional certification to get a job locally in his chosen profession so he's going to school nights. He'll graduate in two months and find a higher paying job, no problem. She's now found another job, grandmother's taking care of the kids for free. Needless to say, they fell behind, called me, put the house on the market. Find us a smaller place? Someone mentioned a short sale to them. "How does that work?"
"Step back a minute", says I. "Take a deep breath. Let's think about this for a moment. Have you spoken with your lender? They don't want to own your house, Jim. If you don't speak with them and explain the situation, how can they help you? And believe me, they want to give you a chance. There are a lot of expenses in short sales and foreclosures. They would rather work something out for you. Just CALL THEM! Explain and ask for help."
Jim called me today. They have a six-month reprieve! No mortgage payments for SIX MONTHS! Restructuring the loans to incorporate overdue payments into future payments over the life of the loan. They were going to borrow money from Mom & Dad to get caught up, but now will not have to swallow that "pride pill". Family has no idea what's going on. Odd, isn't it, that they called the Realtor before the family?
They'll be back on their feet very soon. He's already had that job offer, pending his passing the exam (at the top of his class, so no problem).
Result: They'll keep their home. I lost a listing and, potentially, three sides. But I feel like I'm on top-o-the-world!
How Good Is My Life!
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Jay's Epilogue: Cathy didn't lose a listing, she gained a client for life. These folks will be buying more homes. What Realtor do you think they'll chose? What Realtor do you think they'll refer friends and family to? I sure know to what Realtor I would refer anyone looking to buy or sell Cape Cod real estate…
Thanks for sharing this with us!
Technorati Tags: Cathy Clark, Cape Cod Real Estate
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{ 9 comments… read them below or add one }
You’re absolutely right, what a terrific story. It’s realtors like Cathy that perpetuate the public perception that agents are lifetime real estate consultants, not merely transactional supervisors.
Good work Cathy!
Rusty Lindquist
VP Agent and Broker Products, a la mode, Inc.
rusty@alamode.com
Cathy, not only did you put the client’s needs ahead of yours but you’re becoming famous as well. An inspiring story and a happy ending. Congratulations.
Great story. Cathy is the kind of agent I want.
A lot of people don’t know but many lenders are willing to work with the borrower and see if a beneficial situation can be created.
I’m glad to hear how this ended.
Thanks,
Shailesh
Thank you all for your kind comments!
Cathy - Excellent. Good things eventually come to nice people. We can all relate to what your clients have gone through. You’re not alone with helping. We need more compassionate Realtors like you. I hope your clients appreciate you.
Horror story on a short sale I accepted. Seller bought, got sick (now is worse), couldn’t afford the mortgage, rented without checking. Now the house sits vacant on short sale. No kitchen (cabinets, sinks, appliances gone), no toilets or shower doors. Bare cut lines where the A/C used to be. Never collected a down payment, never received a months rent. Totally devastated.
I agree, Cathy would definitely be someone I would want in my corner .. not just as my REALTOR, but sounds like she’d also make a good friend. Thanks for showing me one of the *positives* of working with a professional.
This is a great post. I really like hearing when my fellow agents do the right thing. With as many hucksters as exist out there we need to stay way above board. That couple will forever be thankful to their realtor and that is the way things should work. I hope this economic down turn washes all the bad apples out of the market. but, we know that will most likely not happen.
james
An inspiring story! Never lose hope to something you never try. Its really nice to help people in this kind of crisis. What a relief to let know that we give help and financial advice to someone in need.
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An inspiring story! Never lose hope to something you never try. Its really nice to help people in this kind of crisis. What a relief to let know that we give help and financial advice to someone in need.