The closing of nine Friendly’s in Connecticut has bolted me to lament the lugubrious moments engulfing not only our state but the nation as a whole. Indeed, the crash of the once mighty restaurant chain is the most recent stark display of the dismal sign of the times. Imagine the number of employees displaced by the failed business operations.
The economy is dwindling further and this is not helping the real estate industry. The chain reaction of unemployment has adverse effects on the homeowners. No income coming in equates to no money for mortgage payment. Thus, more short sales and foreclosures in the horizon.
The homeowners who are affected opted for the inevitable: Short sale or foreclosure. As home prices continually drop, more homeowners will be forced to short sell. And the buyers see this an opportunity for a great investment.
There is nothing wrong with gaining from somebody else’s loss. Ces’t la vie. And this opportunity can creep into the vertiginious greed of some human beings. Buyers in particular. And even if you are on the other side of the fence, ergo, buyer’s representative, it still pains to see the homeowners who will eventually fail to stay buoyant in the sinking housing market.
Nonetheless, our fiduciary duties as buyers’ agents should remain intact and unwavering despite the angst and pinch unfolding in our midst.