PART 2 of the Ethics of The Walkaway Dillemma in Utah Real Estate:

The other day I was in a home with a client of mine previewing a foreclosure that he was interested in.  This client couldn't believe why so much of the main parts of the home were simply taken away.  We're talking about main appliances, light fixtures, ceiling fans, curtain rods, blinds, bathroom fixtures, cabinets, and door handles.  The home was pretty amazing and the price seemed right, but the findings in the home could have added up to thousands and thousands of dollars. 

That leads me to another experience a great colleague of mine had recently.  He specializes in working with Fannie Mae and Freddie Mac foreclosures as their listing agent.  Recently, banks have started paying people in a 'Cash for Keys' program to get them to leave the home.  He had to approach a family with a mortgage of roughly $2,000 a month and ask them nicely to find new residence since their home was foreclosed on.  They ignored his request so he went back with a proposition from the bank to pay them $3,000 for their keys if they would move out soon (usually by the end of the month).  He then asked the woman, 'I'm so sorry for the difficuties of foreclosure...How has it been for your family?'  She jestly responded, 'It hasn't been too bad, we haven't paid our mortgage for two years now so this $3,000 should be a nice bonus before we go.'

Question:   Ethical or Unethical...What would you do?

Check out this article from the Wall Street Journal my client emailed me regarding the situation of people not in distress, but foreclosing.  Please note, my attitude in real estate is one of helping people in need of help to avoid the pitfalls of foreclosure.  BUT-equity depreciation is not a hardship, it is a frustration.  Hardship can result from many things, but here are some examples: Medical problems, disease, loss of job, divorce, forced relocation, and more.  If you are behind on your payments for your Utah home and need some help in knowing what options you have, you can turn to the Steven Bond team.