There are a growing number of homes on the market that have no sign posted on the front lawn….most are short sales. If you are looking to purchase a home in Folsom CA, there are 317 currently on the market and 157 are short…just shy of 50%.
So why would a short seller choose to have no sign on their property? They are embarrassed–it’s as simple as that.
So many people find themselves underwater on their mortgage. Many folks just don’t want their neighbors to know that they are selling their home short. They purchased a home that has declined by 35-40% in value and just can’t see any hope of recovering from that steep decline. These are your neighbours, your friends, your family members…they had every intention of paying their mortgage. I know what you are thinking, “I know people that used their homes like piggy banks and now just don’t want to pay the bill.” True enough…I know some of those people too. But the reality is that MANY MORE are just hard working people that had the misfortune of buying at the wrong time, or were dependant on two incomes but now have only one. We have long passed the abusive group and are seeing people fall into this situation through no fault of their own.
My job as a real estate professional is to be empathetic—to help if appropriate—to offer an ear for people in distress—-they are embarrassed—it’s as simple as that.