Just because someone is retired does not mean that they are not vulnerable to foreclosure and unlike the news media is purporting, not all people are loosing their home because they lost their job. Some are due to the stock market, Madoffor other investment choices. Most agents are seeing the "people of 
foreclosure" since it's happening at all ages, and in all income brackets.
I was previewing a newly listed short sale property that my client asked me to see. I drove up to a perfectly manicured yard, the type that you would see in the movies or in a Phoenix luxury home magazine.
My preview appointment was accepted with hesitation and as I rang the door bell and could hear voices whispering on the other side. The male and female were debating as to if they should open the door and who should open it. After several minutes, the door slowly opened.
There stood an older man, about in his eighties. He was frail and bent over with probably arthritis and spoke with a gentle kind voice. His wife was about the same age but a little shorter in stature.
I entered the home, his wife left the foyer and went to the great room. There she sat down at a baby grand and began playing. She played like an angel. I listened for a minute or so then commented on the beautiful harmonious music. As she lifted her head, her tears uncontrollably ran down her weathered face.
Her husband walked to her side, stroked and hugged her while assuring her that it was alright. He rocked her like you would a young child and left her side only until after she had stopped crying.
As he and I walked from room to room, he described all of the features and upgrades that was in the property. Granite, travertine, stainless, bay windows, additional rooms, 12 foot ceilings, over-sized garages, all of the bells that you would see in a luxury home. Out back was an enormous pool, waterfalls, a fire pit, and beautiful desert landscaping. Just a spectacular area to sit, relax and watch the saguaro cactus grow.
In each room I noticed that everything was marked and labeled with prices. Pictures, end tables, beds, lamps, entertainment centers, tv sets, clothing all had price stickers or were marked as sold.
By the time I got back to the front door I could barely control myself. The homeowner opened the door to let me out, then shook his head and said, please find a nice owner for our last home. I've heard it many times before, "this is going to be our last home". "We don't want to move any more, the kids are grown, or we've saved the best for last."
The signs of this economy has affected all ages. It's just a sign of the times that we as agents endure with each and every story. People from all walks of life are involved. From the young child who no longer can attend the same school, to the elderly who had planned to travel and relax in their golden years. Younger people may eventually recover on their losses - in time. The difference is that older people do not have the luxury of time to recover their financial loss.
I live here, I work here, I know this community!
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About The Author Leolinda Bowers is an Associate Broker with Ken Meade Realty. She specializes in real estate Arizona West Valley Retirement (55+) Communities of Sun City Grand, Sun City West and Sun City. Leolinda holds Bachelor of Science Degrees and a Masters Degree in Business Administration with Project Management concentration. She is a leading sales person who has proven sales experience in the current real estate market. Leolinda can assist you with the purchase and/or sale of real estate in the adult communities of Sun City Grand, Sun City West, Surprise or Sun City Arizona. |
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Leolinda Bowers |
Leolinda Bowers TM
Associate Broker
Ken Meade Realty
Cell (602) 403-6865
Business (623) 937-5701
http://leolinda.com/
If you are thinking of buying or selling a home in any Phoenix Arizona retirement community, consider hiring me as your Realtor®. I am the 2011, 2010 and 2009 Top Producing Agent in Ken Meade Realty. In 2011, I successful closed 71 transactions. As a year-round Sun City Grand resident and full-time Associate Broker Realtor®, I am familiar with Phoeniz AZ retirement communities Sun City Grand, Sun City West, Corte Bella, Arizona Traditions, Sun Village, Pebble Creek and Trilogy at Vistancia.
Glad you posted on this.
I think and get sick about so many in the newsmedia believe it is all to be blammed on sub prime lending.
Most of our foreclosure's in MIchigan are job losses.
This is so sad and so touching. We need to continue to get the word out that not everyone is a criminal some are just victims.
Missy, it used to be fun but seeing the many victims make it difficult.
It is sad for older people. It is hard enough to hold onto homes because of the maintenance costs, and rising taxes. Many retirees borrowed to pay the rising costs. It was the only way sometimes to pay for a new roof, a new furnace. It is sad.
Russ, our area agents donate one day a year in which repairs are made retirees homes, dependent on their need. Realtors physically or monetarily support the "Make a Difference Day".
sad but very true...Thanks for posting this.
Oh my! This does put a new face on this market, and not a very pretty one. Your writing is inspired here, and you made me feel like I was there with you... seeing and hearing what you did and what you felt.
Steve, I often wonder if the end is near.
Leolinda, thanks for this post. I have sometimes come home from listing appointments really in a very depressed state from dealing with these types of hardships. It is very sad and these are the people that the government should help.
Margaret, it truly is difficult to see someone as old as my parents would have been, selling everything to move prior to the trustee sale.
My girlfriend and I are a short sale team. I primarily work with investors and she with loss mitagators. When it comes to retirees we have had some success in getting the investor to buy the property at the reduced price, and then keep the owner in the home. They are better off because we have relieved them of a burden they can't bear, and they get to stay in a home that they still feel is theirs. The invesotr gets a dedicated long term renter. We also make it where the retiree could buy the house back if possible. We all should be entitled to a helping of dignity.
Gabe, wouldn't you say that the elderly is the lost generation to foreclosure?
Joe, it seems that by the time one is an octogenarian, you just want to eliminate any discomfort in life. I would think that living in a home that you've lost would make it worse especially since most of these seniors put at least 50% down to purchase "their last home".
We're seeing it now here in my area. Those retirees who have had health issues force choices between paying for medication and paying for their housing. Or one partner retired, the other one was laid off, so the plans they made didn't have a chance for fruition.
I could sit and cry when I read this.
Leolinda, many times these are people who have lost their spouses. What you bring up is the investment aspect of real estate, and what we are trying to preserve is their sense of a home as a haven. If you could see the emotional devastation when they leave as compared to feeling like they have been given a second chance you would see it. Obviously they don't have to take this option, but so far all have wanted this.
Leolinda,
Many distressed homeowners have stories that rip our hearts out. This post really makes us stop and think about the people behind the "bargain home."
Kris, its sad since most of these people were hard working, good savers, and honest.
Joe, it's great that your company can provide this service. Thanks for stopping by again.
Irene, it takes a strong person to be a Realtor in this market.
Leolinda,
Great post, what a sad story. I've been thinking more and more about the people behind the stories and homes. I've also been working with my mom on her upcoming retirement and can see how easy it is to make big mistakes when planning; the biggest one out there is underestimating the years one will live in retirement. Combine this with spending a bunch of money in early retirement on cruises or home improvements/purchase and really bad things can happen. I wish there was more that I could do to help people avoid these mistakes because I sure don't have the money to help them correct them.
Kevin
Hi Leolinda -- What a tragic and beyond moving story. This story could truly be anyone, and it gets to the very heart of self-worth and independence, all the while that many players who helped either create this environment or fostered it, have walked away with millions -- gotta love unchecked free enterprise eh?
I have an 80-something seller right now in a short sale position. He mortgaged his house to the hilt to save a failing business. It is so sad.
HELLO LEOLINDA! I logged on to thank you for the nice note you left on my blog - and here you are as a feature! Congratulations and also - I am thankful you wrote this. We rarely hear about this group that all so often are impacted too because with the economy - stocks and retirement funds are taking a hit. I lost it at "piano" so you did a great job holding on. -- Gabrielle
Of course retirees get foreclosed on too. We have made mistakes or over borrowed, or bought at the top, or lost income etc, etc just like the rest of the population.
Leolinda, in one of your answers to comments you suggested that lots of retirees put over 50% down on their homes. If thats the case with the couple you describe, and if thy havent lost too much equity in this declining market; they may be able to save their home with a reverse mortgage. no qualifying except for their age and an fha appraisal....then no payments for the rest of their life
Kevin, you mom is so lucky to have you helping her. Good luck!
Chris, yes, and it was unchecked for years.
Gabrielle, who would have thought that this Hilo wahine would have a featured post. The market has certainly resulted in a 401K becoming a 201K. Thank you for stopping by.
Ron, I would hope that their agent suggested a reverse mortgage. BTW, I think that this couple may have been victims of BM.
This post touched my heart.