I've been thinking of blogging about this all week, the subject: Bank Owned homes in Michigan.
As a full time Realtor, I've been in so many bank owned homes, I couldn't even guess to tell you how many. I've listed some for some banks, but mostly have been inside of them, working as a buyers agent.
Do Realtors and even buyers, stop and think, what happened to the families that lived in these homes? Has everyone become so immune to this due to the amount of reo's in recent years. I know, I'm going to hear from some, that's what happens if you don't pay your mortgage, what do you expect.
Foreclosure can happen to good, hard working people for many different reasons. Yes, some is from the sub prime mortgage mess, but I think many in Michigan are from job loss. I personally know people who have lost their homes, and have met many others. There are many reasons: job loss, sub prime mortgages, divorce, illness, or even deaths. Some just had to walk away and leave their house because they couldn't sell it, to relocate to other states for work. Yes, there are some who simply didn't pay their mortgages or didn't care or took advantage of the system. Some brought it all on by themselves, borrowing more than they could afford. But there are also many, that fought and did everything they could to save their home.
As I said earlier, I've shown so many of these homes- some are trashed, stripped, vandalized others are left in good shape. Some are left with the remnants of the family that got evicted. This past week, I found myself thinking, what happened to the family that lived in this home? I see bedrooms decorated for children, a boys room with sports themes on the walls, a girls room painted in pink with a princess theme going on. Boxes with kids books in them, toys, etc. What happened to these familes? Where did they go? Financial difficulties can be very stressful on families.
I just read a post by Kris Wales - Dear former homeowner - Your letter is still there, on the kitchen counter. that touches on this very subject. If you haven't read it yet, be sure and check it out.
Now don't get me wrong, these houses have to be sold, I know it's not your fault the people lost their homes, and I have and will continue to show and sell them. There are some great deals on some of these bank owned homes.
I guess the point of this post is that sometimes foreclosures happen to good people. It could happen to you, it could happen to me, it could happen to anybody.
Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652
It is a shame but yes it can and does happen to anyone...it is a fact of life and of our business lately.
It is heartbreaking. I'm sure you're in many homes as I am that have been lost by the homeowners. The kids rooms get to me also. I hope wherever they are that they have found some kind of resolution to the job losses and can get on with their lives free of the stress. Thanks for the mention Mike.
Michael - very true, thanks for your comments.
Kris - Your welcome, your post was very touching.
Mike, there are not many bank owned homes in the District of Columbia, but I've run into a few in the suburbs. And I ask those same questions. And I wonder if my buyers really want a home, at any price, that was the scene of such unhappiness.
Patricia - thanks for stopping by and commenting! :)
Mike
I recently showed a foreclosure to a client. I walked in and realized that it was the home of a family that had gone to my church. In fact I had coaced their twin sons in basketball 5-8 years ago. You walk through and see some of their persona stuff and it hits you a little hard. They were great people. I feel bad for their boys.
I've often said that there exists in our world an element of people who rent a home or apartment with no intention of paying the next payment and buy a car with no intent of making the agreed upon payments. But people don't buy houses to lose them or be evicted. Appraising, I see both types - the well-kept and the trashed REOs. I have even been through ones where personal belongs have not totally been removed which really tear at the heart. People react differently to the same situation resulting in the varied conditions.
But while the lenders cry the blues about all the homes they're "forced" to take back, I can't help but believe that a compassionate lender actively working with the borrower to find a solution to the problem. All I hear are hardline positions taken by the lenders even when faced with the current losses.
Mike, I think it's important for buyers to think about the people who left all of these empty bank-owned houses, and posts like this are an important contribution to Active Rain readers.
Jeff - wow, that's a tough one. That's what I'm talking about, there's real people and families that were living there.
Richard - I know, I've seen the same. I agree, the ones with personal belongings, especially the kids, does tear at your heart.
Patricia -Thank you so much. I just felt I had to post on this subject. Like I said, I do list reo's also, as well as sell them as a buyers agent. It just seems like the words foreclosure and REO has become too much of our everyday language & we forget that there were real people that lost those homes.
Mike, you touched my heart with your article. I too feel as you do and have seen many loose their homes and been in too many homes that have been lost. Walking around the houses I too, think of the children who lost their rooms, the backyard that they played in, friends in the neighborhood, schools and teachers they knew and more.
Divorces are on the rise due to what some of these families are and have gone through. Pets were left since many moved into apartments not allowing pets. This has affected so many and is by no means over...my heart goes out to each and every one of them. The pride has been stripped and that's not an easy thing to live with.
For those that don't understand or have no empathy for others, I feel sorry for you, too.
Thank you Mike for bringing your heart into your writing and making a grown woman cry.
Gena - wow, thanks so much for your kind comments. I know, it is very sad.
Bad things can happen to good people... all it can take is the loss of a job to fall behind on your mortgage and then eventually loose your home.
Roland - that's what got me thinking, to write this post. It really doesn't have to take much does it? A job loss and no good or decent jobs available and people can really get behind quick.
I would agree...people ask me all the time, "What happened to the family that was here?" Some are not concerned but most ask, of course I would have no known knowledge of the prior people and advise just that. I feel bad for some of the people but in our area two out of three foreclosures that are hitting our markets were investor owned, leaving a much smaller portion that were primary residences.
Bill - thanks for your comments. I agree, it's a little different with the investor owned ones. Most in my area were primary residences.
Great last name!
Mike, it is a good idea to stop and think about what has occurred in the lives of these homeowners. Not all of them deserve pity but surely some have them have been dealt a difficult hand. My old house was just foreclosed upon. I found out (a little too late to help) that the husband had died unexpectedly and the wife was battling breast cancer. Not what they dreamed of when they bought the house 2 years ago, I'm sure.
Sometimes bad stuff happens to good people. Unfortunately people wait too long to talk to the bank regarding their property, otherwise a short sale or some other arrangement can usually be reached.
Shar - that is truly sad, very unfortunate. Thanks for your comments.
Matthew - thanks for stopping by and commenting
This is something that I think about alot especially being a listing agent for many REO's. The worst part is when you go into the house for the very first time before it's been trashed out. That's when it hits hard and you're trying to figure out "What happened to this family?"
There's a lot of houses that it looks like they just left everything behind. I've seen boxes of pictures and other personal items left behind. It definitely makes you wonder what happened.
It never fails that I stop for a moment in one of these homes and think of the family that had to leave. I hope I always do because I am human with a heart. It makes me feel good that so many of you feel the same way. I love children and it's the toys or clothes left behind that really "grabs" me...........
Melissa - that is tough seeing all of the personal things left.
Jared - yeah, it does make you wonder sometimes.
David - I'm glad to see so many feel the same way. I know, the children part is really tough.
Thanks for your comments guys.
It used to make me wonder but I have learned to disconect from it. Especially during trashouts. It gets worse during the holiday season.
Chad - I had disconnected from it for a while, until recently, as per the inspiration of this post. Yes, I imagine it is not very easy around the holidays, great point.