I'm feeling a little blue, today. I tried and failed to stop a foreclosure so I could help a family short sell their home. It's the first time I've NOT been able to get a sale postponed when there was a viable offer on the table, and it's got me thinking.

See, today is Foreclosure Sale Tuesday in Georgia. It comes around once a month on the first Tuesday, which for many residents turns out to be their last Tuesday as a Georgia home owner. On this day each month, bargain-hunting real estate buyers -- some hoping to become homeowners and others looking for real estate investments -- gather in front of their county courthouses in hopes of snagging a deal.

Many do, and I'm delighted for them.

But at the same time, I'm saddened for those who are losing their little piece of the American dream. And I'd like to blame somebody, but I'm not convinced that either side of the issue is more at fault than the other.

Im a realist. I know that many of those losing their homes today shouldn't have bought them in the first place. Some were borrowers who may have gone a little wild during the boom, biting off more home than they could chew. Some will be investors who, spurred on by meteor-like home prices shooting towards the stars, ended up buying multiple properties at high prices, signing outlandish loans, taking out large sums with "Flip This House" dreams of living in high style.

But none of that would have been possible, of course, if banks chasing quick profits had not abandoned their lending standards, offering all manner of "new" and "creative" mortgage products which ended up being unsustainable.

Yes, there's plenty of blame to go around, but none of it matters on a day like today. Because my client family is losing their home, and for the first time...there's nothing more I can do about it.


Elva Branson-Lee -- Short Sale Specialist, Certified Distressed Property Expert (CDPE), Certified Investor Agent Specialist (CIAS), Internet Marketing Specialist

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37 Comments on Blue Tuesday in Georgia.

20 Most Recent Comments Displayed Show All

FEB
02
2010
321,764 Points 16 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

You're right, both sides are at fault, and it is my experience that many overextended homeowners like to play the victim. But it is still sad.
11:20pm • #19
312,252 Points Attended Rain Camp Called Shot Master

Elva I am so sorry for you and that family.  For sincere home owners fighting to maintain their home and dignity I can only imagine the tremendous damage done to the mind and relationships of the adults and worse yet if there are children involved.

It's especially hard to understand with a viable offer in hand that the bank wouldn't work with you and them rather than have it go into foreclosure where more than likely the bank will lose even more. 

There are many to blame and unfortunately what had created the housing "boom" has now created the "bust" with many more foreclosures coming.  Sad, Sad and more Sad.

I agree with Jennifer that these transactions can take a heavy toll on you but with many successes under your belt you have a lot to be proud of.

Sue of Robin and Sue
11:45pm • #20
1,351,812 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

It definitely is a blue Tuesday, and I understand the frustration.  Here we have sales each week day.
11:48pm • #21
556,363 Points 11 Featured Posts Outside Blog

Hi Elva -- So sad.  In the rare case when I can't help a seller achieve success, even when I know there was nothing I could have done to change the outcome, it affects me for a bit as I take this business seriously and when I see the impact to the seller, it's just hard to accept.
11:49pm • #22
FEB
03
2010
141,196 Points 6 Featured Posts Outside Blog Attended Rain Camp

Elva:

Today I was on the opposite side of the same situation.  It was Foreclosure sale Tuesday here in Texas, too!.  I had 10 days to stop the sale and I got it done.  We have a month reprieve and time to sell the home. 

I'm sorry you couldn't help your client,  but you did your best.  They were lucky to have a dedicated agent who really cared. 
1:10am • #24
1 Featured Post

The emotional toil can sometimes get to you, especially if you allow yourself to care and get involved emotionally with the clients.
1:13am • #25
1,125,220 Points 90 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I am a CDPE as well, and the calls that come in -- the hopeless situations -- can really get you down.
6:30am • #26
156,683 Points 1 Featured Post

Hey Elva, what mattered most was where your heart was in this situation.  You did you best for your clients and that is all that matters.  Keep your head up!
7:45am • #27
308,789 Points 11 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Elva,

I am so sorry for your clients.....and although I have never been in your situation....I can only imagine the absolute frustration....you have done YOUR best....hang in there...sounds like lots of folks could really use your expertise....and with each transaction we learn more and more how to help our clients....
9:32am • #28
109,882 Points 8 Featured Posts Called Shot Master

Yes, there is plenty of blame to go around & I have spewed my share of venom about this situation over the last 2 years in lots of directions.  But, at the heart of this disaster are PEOPLE with lives, jobs (or jobs lost), children, aging parents, cats & dogs, and DREAMS.  That is the cost, the devastation and the heartbreak and no matter who is to blame the result is the same. 

Thanks to all the REALTORS out there who care enough to try to help...
10:41am • #29
565,608 Points 29 Featured Posts Outside Blog Attended Rain Camp

Elva, That's a tough situation. You have to know that you've done your best. Those folks were blessed to have you going up to bat for them.  Hang in there. Unfortunately, you won't win every battle.
11:50am • #30
187,378 Points 3 Featured Posts Called Shot Master

Great post Elva! That fact that you're sad about your client's situation shows that you actually care about them! 
12:21pm • #31
240,011 Points 16 Featured Posts Attended Rain Camp Called Shot Master

Lawrence Yun, the Chief Economist at NAR raised another point of view.  How many of us Realtors are guilty because we convinced our clients to "buy just a little bit bigger home?"
12:59pm • #32
1 Featured Post

Elva, Think of all the people you have been able to help.  We as Realtors can only do so much, but you have done so much in the pass.  I chuckle when a friend says, "It must be so much fun driving people around and seeing cool houses." They do not realize we are social workers, financial planners, and most of all "mothers" to those we work with.
1:54pm • #33
299,600 Points 9 Featured Posts Attended Rain Camp

I'm overwhelmed by these responses. What an outpouring of support! I do appreciate you all.
4:05pm • #34
243,259 Points 6 Featured Posts Outside Blog Called Shot Master

Elva, Hang in there, you did the best you could!  It doesn't always work out, some lenders are better to work with than others.  I have found that people always want just a little more house/nicer house, etc. than they can afford..... IF you borrow up to the limit the banks allow it leaves NO room for any emergencies! 
5:20pm • #35
120,436 Points 9 Featured Posts Outside Blog Attended Rain Camp

You did your best and that is all a person can ask. We need more people that care about the people and not just a commission check. Tomorrow will be a better day.
9:46pm • #36
196,611 Points 34 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Elva, I sympathize with your clients. The short sale process has to get better. Agents need better training and banks need better systems. I'm hoping that the amount of short sales coming on the market is going to persuade the banks to streamline the process. Although their version of streamlined and any sane person's version of streamlined will most likely be two very different things. All the best and I look up to you for being a good person and trying to help.
10:29pm • #37
FEB
04
2010
452,806 Points 81 Featured Posts Called Shot Master

Elva - The government could do a better job of "encouraging" banks, especially those that we, the taxpayers, helped stay in business, to speed up the short sale process.  And I'm long past the blame game, just looking for solutions to some huge problems.
10:51am • #38
299,600 Points 9 Featured Posts Attended Rain Camp

Solutions!! That's the new name of the game. Who's got solutions? I still don't clearly understand why the process gets so bogged down.
4:27pm • #39

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Elva Branson-Lee, CDPE - South and East Metro ATL - Short Sales

Best Atlanta Short Sales

Ellenwood, GA

More about me…

Solid Source Realty GA

Address: 772 Pointe South Pkwy, Jonesboro, GA, 30238

Office Phone: (770) 475-1130 x 8988

Cell Phone: (678) 855-5238

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Author Bio: Elva Branson-Lee, CDPE, CIAS, IMSD, is the Executive Team Leader of the Best Atlanta Short Sales Team, Atlanta's premier short sales specialists. She is also the author of "Avoid Georgia Foreclosure."



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