Emotionally Charged Experiences:
The Real Estate business has experienced many cycles since my initial licensing in 1983. Over the past 30 years I have sat down with families from many socio-economic groups experiencing so many wonderful events. I truly smile when I think about those times after handing the key to a first time buyer. That experience made them jump for joy and thank me over and over again for helping them in their journey to homeownership. Most Realtors recount those times with great pride. Young families often crave a back yard, pool and/or other amenities of homeownership. They may be fortunate to have Veteran or FHA Financing but some have saved the down payment and other costs over a period of many years. In either case, owning a home is the family goal that few other possessions can equal.
The past 6 or so years have been more of a challenge. There are still great memories of handing the key to a first time homeowner or helping an empty nester downsize to a smaller home. However, there is also the saddening entrance of other clients - those impacted by the REO (Real Estate Owned) and Short Sale economy. REO homes are basically Bank or Lender owned foreclosed properties. These transactions from time to time brought me face to face with the Cash for Keys and "underwater" homeowners who are leaving a home that they have lost. Some are now having to do a Short Sale because they can no longer afford the payments due to loss of income, etc. I sometimes hear from folks outside the transaction stating that in some cases the homeowner borrowed against the equity in their home. Some critics mention the home being used as an "ATM" for travel or other expenses. It does not mitigate the fact that the homeowner continues to pay for bad lending practices. Banks have been bailed out and are doing business as usual after making millions of bad decisions. The homeowner facing loss of home, poor credit/FICO scores, loss of income and other damage from this period will need to wait years before returning to their position of "credit worthiness".
However, the homeowners and others impacted by the poor economy will not see themselves doing business as usual for some time to come. Ironically, banks/lenders that were caught and fined by the government for bad practices continue to post negative remarks on their victims credit reports. This is really something that needs to be looked into by the government for the victims sake, as well as, to release those who were impacted from being denied future credit.
Realtors have always been there for clients needing emotional and objective Real Estate support. Probate sales often place the Realtor in the room with love ones having to sell the home of a departed loved one. Letting go of the place where they may have been raised is often a challenge. Childhood memories abound when they talk about the photos on the fireplace or tour the home pointing out those items that they believe make the home a real find for a new owner. These experiences can be filled with conflicting emotions. We try to calmly listen to all the wonderful memories being shared, as well as, give objective advice on our services. We know that no amount of money can make up for losing someone held so dear. Yet, we as professionals must give objective, honest and essential information to the survivors that will allow them to move forward and get on with their lives for those still in need of their love and attention.
We are moving forward with renewed hope for a better economy. Realtors are skilled and trained for all situations related to Real Estate but many like me prefer a balanced economy where the "educated and willing buyer meets the educated and willing seller"
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168 Cell
www.miketeer.com
ProbateSoCal@gmail.com
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