I am Seeing Tears from the Seniors

That is really sad and I know it is difficult for you.  It does not seem fair that they work so hard and are losing about 30% of their original purchase price and yet the like you say the younger people who could not really afford a house are walking away, not too conderned about their credit, because they have time to recoup from it.  I feel for you!

Oh my gosh.  This brought tears to my eyes.  I just moved my mother to Huntsville from Nashville last month.  She too sold for a bit less than she thought she would be able to.  It is hard on her, knowing she will never make it back.

I feel so badly for the seniors and do wish I could help all of them.  Heartbreaking, to say the least.  Hang in there and good for you, being such a kind human being!

There are so many sellers young and old who are facing this dilemna.  While the younger seller may have the advantage of many more years ahead of them to recoup their losses and the opportunity to rebuild again, our seniors are the ones who have worked their fingers to the bone and are suffering the hardest from this economy and real estate market. 

I find myself getting very emotional when I'm with a senior couple who are faced with such uncertainty and make sure I tell them honestly what profit if any or loss they may face if they sell.  I would much rather prefer it if they can stay in their home if at all possible.

I never thought I'd see the day when I thought it just might not be a good idea to pay off a house or put a lot of money down. Pretty sad.

I'm in the Manufactured Home Industry. Talk about TEARS? I've seen enough tears t fill up a swimmimg pool. One of your commenters commented on how old folks can spend more in their last six monthes than they did their entire life. I've gotten a belly full of that. Right down to the state taking anything of value for a grant that takes care of a dying senior and allows the survivor to stay in the home until their death but that and what's left of their social security is it. Many of these once very proud and prosperous folks go out of this world as indigents. It is very very sad.

I do alot of short sales, what is even worse is when a senior has maximized the equity in their homes, just scrape by, can't make the monthly payments and needs to short sale their home to avoid foreclosure, I feel terrible, now we know we can't rely on social security.

It is very sad -- we see it all the time and it is not seeming to get better.

Hi Ed and Cindy -- It's a national shame that this housing mess has unfolded the way it has and especially more so when innocent people who have done the right things all their lives are also now under extreme stress.

So sad!  I know Michigan has been hit hard!!!  My two neighbors are from Michigan.  I feel blessed to be in the Austin, Texas Metro Area market which is only slightly off and predicted to completely rebound.  I have a seller who lost a lot of money in their retirement account.  He really needs his home to sell for TOP dollar.  I wish we as REALTORS could control the market but we can only help our clients get the most money in the shortest time for the current market in the particular city and market area the property is in. 

Ed & Cindy,

Working and living and age restricted (55+) communities I see and hear about it every day.  It's a very sad situation.  Having a lower price, staging the home and the house still cannot sell because people who want to buy the house needs to sell theirs.  It's a revolving problem.  

Many seniors need to move due to health reasons.  A reverse mortage will not help if the senior is no longer capable of physically taking care of themselves or they need to go into an assisted living facility.

This economy and housing market leaves no prisoners behind that's for sure. I cannot tell you how many time I have sat across that very table watching the tears flow. It's sad and it makes me angry. My grandmother, who lived through the depression , never owed a dime in her life, never in credit card debt, is now with end stage COPD and fighting the bill collectors and her home so she can be and die in her home where she wants to be. I have called every debt consolidation business in the book and they can't help her. She is on a fixed income with more going out than coming in. She has maxed out every credit card to pay her mortgage including lines of credit that the banks kept giving her even while knowing she was on fixed income. Because my grandmothers credit score never dipped below an 800 ( and that is putting it mildly ) for years the banks extended her whatever she wanted without even asking. Now, today in times of trouble she did what she never did and swore she would never do. Used all her resources until there is no more. Bail-Out ? Where is hers. She can't even get her mortgage re-worked and her home is worth 1/2 of what she paid.

The ones who built a home for cash years ago and stuck with it are not losing money on their sale.  They paid $38000 lived there for 55 years and are selling for much more.  The ones who moved around are seeing the big loses. It affects us all and it is sad to sell a home due to health issues etc.  The govt has an answer for everything - don't they?

This is indeed a tough time to deal with some of our customers. Unfortunately bad things happen in down market times, but we surely do not have to enjoy it.

We are seeing these tears almost daily now.  Our friends, our associates our customers and clients alike.  We all need to stand together and help those in need during these tough times.

There are countless organizations proividing help to those of us in need at a local level.  We need to support these organizations and we need to spread the word that "some help" is there for all of us. 

It's like night and day between the 2 different generations.  A sad story that's happening all over the country.  They are probably worried too if it gets worse!  Maybe 40K is just the start for them.

Edand Cindy - That's truly sad.  I thought everyone at the closing table was supposed to be happy.  Unfortunately, I think things are going to get quite a bit worse, before they get better.  The people in power right now are making all the wrong moves, doing the same kinds of things that prolonged the last Depression.           

Wow this is sad Ed. I have not experienced this YET. I hope that I do not have to either. Good luck though