Divorce and Foreclosure Options: Kathcon Real Estate
Not long ago, we met a couple who, unfortunately, were in the midst of a contentious divorce. As their divorce dragged on through the court system, their mortgage became an early casualty making them a target for an assortment of proposals to help get them out of debt and avoid foreclosure on their home.
They tried to sell their home first by owner, then through one real estate agent, and then another. Our team at Kathcon met this couple just when they had just finished with the third unsuccessful attempt to sell their home.
Their central problem was financial: there was no remaining equity in the property to cover their expenses of the divorce. Without some cash from the sale, there was really no way they could afford to move on in the for-seeable future.
Kathcon Real Estate has a plan called RECOUP (Real Estate Commission Options Underwriting Program) that was designed to help people in a situation just like this couple.
Employing our RECOUP marketing plan, we were able to negotiate a lower sale price to make the property financially palatable. We marketed their property on three different levels; As-is existing home, vacant land and as new construction. We were then able to fashion a sale to a buyer that wanted to build a custom home on the property. SOLD.
Our RECOUP marketing plan expanded the marketability on this home as it was marketed to three different set of buyers. Upon the sale it provided enough cash to satisfy their mortgage with the bank. In addition, and because of our RECOUP marketing plan, they also received over $20,000.00 cash as the buyer’s new house was built.
Kathcon’s RECOUP marketing plan made it possible to sell the home, pay for commissions, moving expenses and help begin their lives anew, without a major financial crisis like foreclosure or bankruptcy.