When things go from bad to worse!

Gary, I recently sold my house in Edmond, Oklahoma, because I could sell it at a profit from my 2005 purchase, thank you Oklahoma, and my girlfirend and I have stepped it up and moved to another joint home. She was looking at all the stuff I had collected over the years, including over 4,000 LPs, multiple sound systems, and things I just wouldn't thow away. It was time to simplify. I had a renter in one of my houses who lost his job, but was doing well selling items on eBay and Craigs List. He hauled it to his house, and I have now received $6,000 and counting for my dumping stuff. We should tell people to check their garages, it could be the source of wealth. FYI, my Japanese, half speed master Rolling Stones box set that I bought for $150 back in the old days, just sold for over $1,200. Besides, it's all on my iPod.

Gary...  TLW makes a great point that I have seen many of times. The lack of responsibility amongst the average person is not what many of us would think it is. People do live above their means and will sacrifice some things over others. In several cases, not to pay bills and such, just to have toys. Even as Missy stated about the person owning a Hummer, yet they are going into foreclosure.

And then Charles points out a great thing....  there are midnight shifts.  Some people working 2 to 3 jobs. I believe that you need to do what you need to do in order to survive. Some people just complain that their hours have been cut and that's it. They don't seek other options. In all honesty, should we really feel sorry for them then?   Just curious.

Overall, not trying to sound harsh here or negative. You make some positive points in what some should consider. But some of these people are backwards and expect help then, just because the gov't is giving it all away in some cases. I just don't see us climbing out of that type of hole for several more years.  thanks for the post.

Excellent advice, Gary.  The main point is action not reaction to consequences.

Gary,

I think a lot of Americans are going through this.  In fact, "loss of income" not "job loss" is the #1 cause of homes going into foreclosure. 

It looks like you are doing a great job of consulting with your clients on their needs rather than just helping them buy and sell houses.

Wise adivce, Gary.  And you're right... things don't usually go from bad to worse.  It just seems that way occasionally.  Overall, most of us have more good days than bad ones.

Great advice, Gary.  Quite the word to the wise.  It takes a smart Realtor to realize that it's not always the Sell, Sell, SELL mentality that will win out.  You can bet that a client who hears you say to hold onto the house will definitely think of you when it is time to sell in the future.

It's amazing to see the shock that a client has when a trusted REALTOR advices to 'hold-off selling." As if they have seen a real live miracle happen. What's interesting is that many of us who have been building our practice for a long time, have come accross this situation and given this advice many a times.

Every time that I have done it (the most recent 4 months ago), I was thanked for my ethics and forethought.

To me its common sense. Then again, common sense is not common.

Gary,  Great advice!  It takes a good agent to show how they can keep their home instead of simply listing and selling it to feather your own nest.  If they want to keep it I believe it is our job to do what we can to help them stay in it.  You have many very good ideas that I will use to that end.  Thank you for the information.

Gary, it is so refreshing to see the ethicals stories of Realtors who really are working in their client's best interest!

I have been called an idiot on more than one occasion for not taking a listing, or refusing to sell a home to a client I knew would end up in foreclosure a year down the road! My goal has always been to create life-long relationships, not what I call transactional relationships!

Keep up the great work, and keep fighting the good fight!

I look forward to your next post!

- Harrison

Nice post today. so many people are hurting in this economy. Yes it often goes from bad to worse unfortunately.

Patricia Aulson/Portsmouth NH Real Estate

Sometimes that best thing is not to sell -  not now.  Many people are in panic mode but are not really in desperate straights.  You are giving good advice on this  - that is what we should do , not talk everyone into selling when there are other viable options.

Great Blog Gary and some really good suggestions.  Sell stuff.  Good Idea...

Lots of good advice here and there are some ways to keep things from going from bad to worse.

How refreshing to have a realtor who thinks first of the good of his client.  I'm sure you bought his loyalty for life.  And in todays economic times we can all do with a reminder to adjust to the times and pare down our standard of living before things go from bad to worse.

Gary, This is great advice for consumers. I hope things will improve in your market area.

Nice...really nice.  It's too bad that people get in these sits, but it is great for them to have an agent who does care. 

When you mention TOYS I am amazed at how many people rent an apartment but have snowmobiles, boats, dirt bikes, 4 wheelers...but no house.

Gary - Congratulations on the feature.  You make excellent points.  Several months back, I had a past client who had run up debt on the house (in the form of a second mortgage).  I also suggested liquidating the RV, and other toys that had been purchased during that period.  The family was able to sell most of the toys, pay off the second.  They then went on to refinance the first, with a much lower interest rates, and are once again financially comfortable in their home.

Good advice Gary.  So many people refinanced in the good years to buy those toys and now it is biting them in the behind.  Very good reminder for everyone.