If you remember the old ad, "Friends Don't Let Friends Drive Drunk" you did this not just for your friend's well-being but for who ever your friend might kill if they are behind the wheel.
Well, Foreclosure prevention is just like that. Do not let your neighbor or friend get foreclosed on. Not just because foreclosure destroyst heir credit, causes bankruptcy, hurts their future ability to buy a home, lease a car or find a job. You stop them because when they walk from their home, you and other neighbor's home value get killed!!
The average foreclosed home sold for $141,900 in January while the average Short Sale home sold for $215,300 (First American CoreLogic's). That is a 35% difference. When the bank sells the home next door for 35% less then your neighbor could have, you are the one getting hurt!! Do not let that happen. If you were at a bar and saw your buddy staggering out the door with keys in one hand and a shot of tequila in the other, you would stop him.
So, when you see the next door neighbor's lawn growing 7 inches, or you know they are unemployed& can not make their payments, or they have medical issues, or any other hardships, help them! Print this blog and drop it off at there front door. Don't let a foreclosure steel 35% of your homes value and save a friend from an uncorrectable mistake.
Mike Sher, Max Broock Realtors, Bloomfiled, (248) 644-4700 x242
**First American CoreLogic'sThe average non‐distressed market‐sale price in January was $247,700 but the distressed average price was $161,600. The average REO price was $141,900, compared to $215,300 for short sales. The discount between market sales and distressed sales is currently about one‐third and has been running at the low‐to‐mid 30s during the last 12 months (Figure 6).**
