Let's Not Wait For The Other Shoe...

May 7, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
Let’s not wait for the other shoe…

During this tumultuous time, I am taking every opportunity to learn as much as I can about real estate processes…about real estate across this country and about real estate in our region and city. This means classes. Classes on foreclosures, short sales, financing, credit scores, inspections, mold, investment, ethics and classes on safety, marketing, staging and working with first time home buyers and Seniors. Conferences looking at the statistics, the trending and tracking. And reading everything I can get my hands on…talking to other brokers, talking to buyers and working with sellers. Writing for my podcasts and blog. I believe that we can be pro-active. We knew somehow the housing bubble was coming. We did not know the form or shape or incredible consequence. Now that we do, I believe we can be pro-active. We can do something about our situation…if we can work together.I wrote earlier about foreclosure and the short sale. And this is what I have learned so far. If you think you are heading for troubled waters, even think about it, start asking for help from your lender, your mortgage company or a government agency. Beware of the scams…check the credentials of the agency or person first. Gather information…lenders do not want houses back. Nor condos. Our job is to ‘row”…be pro active.

Condominiums are a bit trickier. This takes the rowing team…more than one person because condos are about more than one person.Start now. In condominiums and townhomes, call a meeting and start talking. Find out how many foreclosures there are, if any, or what is for sale, what has sold and under what circumstances. Be involved. Find out how to head off foreclosure…for yourself, your neighbor. The rewards for rowing together are great. Banks and mortgage companies typically do not start paying HOA dues if/when property is foreclosed. They do not pay assessments. A vacant property is not attended or checked. So busted water pipes go without repair, water/ moisture spells mold and there you go. I heard just yesterday where a condo community became involved with a foreclosure and gained access only to find the unit had been stripped down to the paint.
In times of stress, I think we tend to act more harshly…I know I sometimes have a short fuse when everything hits the fan…so I am practicing patience by listening carefully, assessing the whole situation before acting…and caring about what and how and who I am involved with…let’s get the job done and turn this mess around.
By simply caring and rowing together. And talking about the elephant in the room.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC