My first thoughts this morning are about all the people who are losing their homes and now what? In the recent past I have had spirited conversations with so many of my clients who are passionate and compassionate about all the people who are losing their homes at this time. One of my recent buyer clients asked an insightful question, “Why aren’t the banks just reducing the amount of the monthly payment to let the people stay in their homes rather than foreclose on them, leaving them empty until they finally get sold?” Many people do not qualify for the loan modifications that have been offered in the past few years. Even if they do we are seeing a disappointingly low number of them actually get done. I think I heard something like less than 50% that apply for a loan mod are successful.
As I’ve been out showing property I’ve witnessed so many seriously damaged properties, whether offered for short sale or those which have already been foreclosed upon, it’s really quite upsetting. There are plenty of perfectly beautiful, well kept homes on the market whether available as a normal transaction, or as short sale or foreclosure. However, there are so many homes that have been abandoned where it seems nobody is keeping watch over the condition of the home. Not long ago I was showing a home that would several years ago have been worth over $600,000 but now was listed for $350,000 in a very lovely neighborhood. On paper it sounded just great and my buyer clients could not wait to get in and see it. The home featured hardwood floors, volume ceilings, a kitchen with cherry cabinetry open to the family room with a floor to ceiling soaring fireplace. We were pretty excited, thinking this one sounded like it could be “the one.” Well, it was “one” something, for sure. What a travesty! I unlocked the front door and immediately felt the familiar annoying sense in my sinuses that sweeps over me when I’m exposed to mold or mildew. We went into the home, me wondering if my buyer clients were as overwhelmed by the smell as I was. Almost at the same time we all three exclaimed how awful the smell was, but they wanted to see what the kitchen and family room looked like so we moved carefully over the living room and dining room floors, crossing the severely buckled hardwood floors, made the turn into the kitchen and I will not soon forget what I next saw. Indeed, the kitchen opened beautifully into a large family room. On the opposing wall, that of the floor to ceiling two story fireplace at the far end of the room, was a sight that made me momentarily wonder if I had just entered an Indiana Jones movie set. There was so much mold growing on that wall you could barely see the fireplace. It looked like some ginormous vine growing all over that wall and it was now creeping over the other walls in the room. We all three turned and almost trampled each other as we charged for the front door, unable to get out of there and breathe fresh air fast enough. An otherwise gorgeous home ruined by being left vacant, unattended, unloved, probably by a perfectly wonderful family who had fallen on hard times, like so many other people in our country today. This family had been foreclosed on by the bank and forced to move, probably to a rental somewhere, who knows where? At some point the pipes had burst in the house, the formerly beautiful hardwood floors had buckled and the mold was on the move. I do not know the outcome of that house but can imagine.
Then, there was the 24 room house I showed in an upscale Western Suburb of Chicago a few months ago. 8 Bedrooms, 8 Bathrooms, plus a Kitchen you can only imagine. Really something! The house was a foreclosure property. Very high end. Exquisite actually…except for all the items that had been plundered from the home by the previous owner. All the light fixtures were missing with wires dangling from the ceilings or walls (in the case of sconces), all the very high end kitchen appliances including the built-ins had been pulled, and I could go on but I won’t. The buyer to whom I was showing that property had so many questions; “Why didn’t the bank just let the family stay here until the house sold?” “Why would someone disassemble a home in such a cannibalistic way?” They had other questions, but that’s enough for now. My answer to these questions over the past few years has become an honest and instinctive “You don’t know what is going on with another, but you can be sure that everyone you meet is bearing some kind of burden. I no longer judge anything I see.” Far be it from me to pretend to know what any of the stories are behind all the difficult situations I encounter on a daily basis. Someone for whom I hold tremendous respect said to me just yesterday, “We thought a number of years ago we were getting our big lessons in life, but we weren’t. It is now that we all are getting the big challenges and lessons.” Whether that is your outlook or not, I think it says it pretty well. Basically this person was saying they feel like everyone is having an opportunity to examine their life, to make modifications, to reevaluate every little thing, and in many cases it calls for a shedding of all the old ways in an effort to usher in the new, simpler approach to life.
In spite of the sadness conveyed in the above paragraphs, one thing remains true, and that is now is the most magical moment in history to buy property. Prices have never been lower and interest rate are amazing! If a person has money, or at least good credit and an interest in buying, now is the time. If a person has the desire but does not have good credit, I may even have the solution for that situation too. I have discovered a fantastic company, organized and run by some amazing women, who can show you the way to improving your credit, whether it be by a mere 8 points or to help bring you back from all the other nasty things that can go wrong in your credit history. If you are someone who needs that help just send me a message at
russellgroup1@yahoo.com and I will discretely put you in touch with them. Helping people restore their credit seems to be a new passion of mine. There are just too many times in life where having good credit makes all the difference between being able to do something or not, have something or not, have a certain job or not (seriously - this is a real aspect of troubled credit). It’s time to move past the fear of the phone ringing by the vicious bill collectors. I want my clients to all feel free from fear, happy, and enjoying their greater good. This is something we can work on together.
Thanks for checking in and taking the time to read my wanderings the first thing on this early Sunday morning. Now you go have yourself a nice day - you deserve it! Wishing you all the best, Kay Russell, Broker Associate, Keller Williams Fox Valley Realty, St. Charles, IL
http://GoRussellRealtor.com
