The sad side of real estate.
My boyfriend and I decided to show our appreciation for the beautiful weather we had the other day by taking a drive, and we headed east towards Wabasha. We followed Hwy 61 north along the river, passed through Lake City, and ended up in Red Wing. While going through Lake City, we took a short detour to drive by a home I sold just about a year ago, to a couple that moved up here from Florida. I kept in touch with them after the closing, and we even had dinner with them after they got settled in.
A few short weeks later, while on vacation, I received a call from "Mike" and for the next hour, listened to him tell me about his break-up with "Stacey." He told me that he wanted me to put the home up for sale, as he was planning to return to Florida. He seemed genuinely distraught over Stacey's hasty exit from their home, and I found myself doing my best to console him (while also trying to figure out how I was going to sell his house in a timely fashion so that he didn't lose everything he had...which included another home in Florida that he had yet to sell). I was shocked to hear all the dirty laundry that was their relationship, and felt bad that I'd played any part in this sad story.
Knowing that he was going to be upside down at the closing table, we discussed his options for selling. The home had been for sale for almost a year before they purchased it, and while very nice & in good condition....I knew it was going to be a hard sell this time around too, unless he was able to discount the price significantly...and he certainly wasn't in the position to do that. We made tentative plans for me to meet him at the home as soon as I was back from vacation, and we said goodbye. After I returned, I drove out to Lake City, put my sign in the yard, a keybox on the door, and before I'd even turned in the listing the next day, I had a message that all was well with Mike and Stacey, and that they were going to work things out. Whew! What a relief...although I anticipated this may be a short lived reconciliation.
For the next 6 months, I emailed them occasionally to see how things were going. Slowly, the emails came to a stop and when I tried calling, received a message that the number had been disconnected. I drove out to the home one day (curiosity got the cat!), and found it vacant, and obviously abandoned. I was sick to my stomach. I have since tried to contact both Mike & Stacey, and finally received an email from Stacey, informing me that Mike had moved back to Florida and that she had no way to contact him (I'm not sure I believe this). As the house was only in his name (they were not married), she was able to walk away without the financial worry that poor Mike is now experiencing. I contacted the lender who I'd referred them too and he was able to check to verify that payments were no longer being made, and that the home was in foreclosure. I tried locating Mike in Florida but, as he has a very common last name, was unable to locate him.
Today, driving by the home, I saw that it is still sitting vacant, although it is not yet up for sale. I'm hopeful that Mike has made peace with the past year of his life, and that he is working towards re-establishing himself back home in Florida...but I fear that it will take him many, many years to dig himself out of the hole that he's found himself in.
This is the sad side of real estate for me. Seeing relationships crumble, homes abandoned, and finances in ruin...I don't witness it often, but when I do, I just ache for the people involved.
Foreclosure rates are extremely high...read more about the problem at CNNMoney.com. If you find yourself in mortgage default, take action now to prevent a foreclosure of your home!
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