REALTORS TAKE DECISIVE ACTION IN ORLANDO!
I am so honored to have served as 2016 Chair of the National Association of Realtors (NAR) Diversity Committee.
Thank you 2016 President Tom Salomone for the opportunity to serve on your team!!! You are a true and inspirational leader and you know how to bring out the best from all of your fellow Realtors and others.
Our meeting in Orlando, FL was very productive!
However, this meeting was totally different for so many of our fellow Realtors and others who will benefit from the work done in Orlando, FL. Our 2016 Diversity Committee with so much help from our Multicultural Advisory Committee wanted to correct some long overdue protection for the LGBT and other communities who have been harmed for far too many years.
Our NAR Staff Executive Frederick Dexter Underwood provided skilled leadership to our committee. We were also truly Blessed to have Linda Rheinberger, a very supportive Committee Liaison and our very able Vice Chair Genie Birch. Genie will be the 2017 Diversity Committee Chair with Tim Hur, Vice Chair and Wendell Bullard as the 2017 Committee Liaison.
These dedicated Realtors chose the Recommendation below and gave me the honor of presenting the committee's Recommendation to our 2016 NAR Board of Directors for approval.
" That NAR support legislative and regulatory efforts in support of equal housing opportunity on the bases of sexual orientation and gender identity" was the 2016 NAR Diversity Committee original motion. We presented the above Recommendation to the NAR Executive Committee the day before the Board of Directors meeting. Our Recommendation was amended to include "and/or initiate" by the Executive Committee and both the original motion and amendment were approved unanimously by the Board of Directors on Monday, November 7, 2016.
Fellow Realtors we made history in Orlando!
Thursday, November 10, 2016
Tuesday, April 19, 2016
2016 CAR Sacramento Meeting
Gearing Up for Sacramento!
The past few days have been so educational and well appreciated as I and others get ready for our California Association of Realtors (CAR) Sacramento Board of Directors meeting. Our CAR committees are packed with enthusiastic & well informed Realtor members from all across California. Describing the range of committees and the skills of committee volunteers and staff would be in itself a major task! CAR Staff members are the very best! Their dedication to our industry is lauded regularly by CAR volunteers and a multitude of others in trade associations nationwide.
The Sacramento meeting is always filled with excitement. Our Realtor members receive the latest information regarding legislation, tools of the trade and the networking opportunities are super charged. It's a "family reunion" in it's own right. Seeing fellow Realtors, staff and other industry members is something to look forward to by all. I have been fortunate to attend both our CAR and our National Association of Realtor (NAR) meetings since 1994. You learn a lot of useful Real Estate related information by attending and interacting with peers.
Meeting with elected officials in their Sacramento office is an opportunity to discuss issues impacting our industry. Our Real Estate clients (Buyers, Renters, Sellers & others) are effectively represented by well prepared and informed Realtor members attending the Sacramento meeting and sharing opinions regarding legislation. Proposed legislation that is beneficial and/or harmful to home ownership will be discussed/debated in our sessions and with our elected officials. Our CAR Staff helps us prepare arguments in support of and/or against all proposed legislation that might impact housing in California. This meeting is also an opportunity to thank those legislators who have stood up with Realtor members fighting for the best possible answers for our housing needs.
Realtors who volunteer as Key Contacts for California elected officials are extra special. The Key Contacts often work behind the scenes before and after meetings to keep our elected officials informed on our industry needs. Key Contacts are the advanced team in many instances and they make the Sacramento meetings move more smoothly by taking the lead in the meetings with their assigned legislator.
"Money is the mother's milk of politics" is a simile well worth remembering! Our major donors are truly to be appreciated by everyone in our industry. Major donors pay the toll for our journey. Our Real Estate industry would be so very different if there were not major donors. Please consider making a commitment to yourself and our industry by signing up to be a major donor in Sacramento.
The 2016 CAR Realtor Action Fund (RAF) committee Tamara Suminski, Chair and our 2016 CAR President Pat "Ziggy" Zicarelli requests and should receive support from all of us. Moneys donated by Realtor members provide much needed resources. Our 2015 RAF Chair Winnie Davis broke records for monies raised and participation by Realtor members. We can repeat these triumphs in 2016 with your help. Our Region 23 (Pacific West & Tri Counties AORs) won the 2015 Jumbo award for biggest increase in participation and monies raised. Phil Hawkins, CEO constantly promotes Region 23 involvement in paying our fair share and more.
Prepared by:
Michael Teer, Broker
Teer One Properties, Inc.
www.miketeer.com
teer1broker@gmail.com
951-313-5168
"For Tier One Service - Call Teer One Properties"
The past few days have been so educational and well appreciated as I and others get ready for our California Association of Realtors (CAR) Sacramento Board of Directors meeting. Our CAR committees are packed with enthusiastic & well informed Realtor members from all across California. Describing the range of committees and the skills of committee volunteers and staff would be in itself a major task! CAR Staff members are the very best! Their dedication to our industry is lauded regularly by CAR volunteers and a multitude of others in trade associations nationwide.
The Sacramento meeting is always filled with excitement. Our Realtor members receive the latest information regarding legislation, tools of the trade and the networking opportunities are super charged. It's a "family reunion" in it's own right. Seeing fellow Realtors, staff and other industry members is something to look forward to by all. I have been fortunate to attend both our CAR and our National Association of Realtor (NAR) meetings since 1994. You learn a lot of useful Real Estate related information by attending and interacting with peers.
Meeting with elected officials in their Sacramento office is an opportunity to discuss issues impacting our industry. Our Real Estate clients (Buyers, Renters, Sellers & others) are effectively represented by well prepared and informed Realtor members attending the Sacramento meeting and sharing opinions regarding legislation. Proposed legislation that is beneficial and/or harmful to home ownership will be discussed/debated in our sessions and with our elected officials. Our CAR Staff helps us prepare arguments in support of and/or against all proposed legislation that might impact housing in California. This meeting is also an opportunity to thank those legislators who have stood up with Realtor members fighting for the best possible answers for our housing needs.
Realtors who volunteer as Key Contacts for California elected officials are extra special. The Key Contacts often work behind the scenes before and after meetings to keep our elected officials informed on our industry needs. Key Contacts are the advanced team in many instances and they make the Sacramento meetings move more smoothly by taking the lead in the meetings with their assigned legislator.
"Money is the mother's milk of politics" is a simile well worth remembering! Our major donors are truly to be appreciated by everyone in our industry. Major donors pay the toll for our journey. Our Real Estate industry would be so very different if there were not major donors. Please consider making a commitment to yourself and our industry by signing up to be a major donor in Sacramento.
The 2016 CAR Realtor Action Fund (RAF) committee Tamara Suminski, Chair and our 2016 CAR President Pat "Ziggy" Zicarelli requests and should receive support from all of us. Moneys donated by Realtor members provide much needed resources. Our 2015 RAF Chair Winnie Davis broke records for monies raised and participation by Realtor members. We can repeat these triumphs in 2016 with your help. Our Region 23 (Pacific West & Tri Counties AORs) won the 2015 Jumbo award for biggest increase in participation and monies raised. Phil Hawkins, CEO constantly promotes Region 23 involvement in paying our fair share and more.
Prepared by:
Michael Teer, Broker
Teer One Properties, Inc.
www.miketeer.com
teer1broker@gmail.com
951-313-5168
"For Tier One Service - Call Teer One Properties"
Thursday, January 21, 2016
OUR VETERANS NEED A FULL RANGE OF ASSISTANCE
OUR VETERANS NEED A FULL RANGE OF ASSISTANCE!
I spent a few hours yesterday at a Veterans Homelessness Field Hearing conducted in Riverside, CA. The committee was chaired by well meaning members of Congress and several presentations were made by service providers.
I raised my hand to speak a few times before accepting the fact that the "hearing" was not inclusive of the audience. We were basically there to "hear" and not provide opinions, etc.
We heard that Veterans were provided housing assistance or other needs from service provider A, B or C. Concern was mentioned that there needed to be a way that Veterans could be made aware of their "benefits" prior to being discharged. One speaker mentioned that Veterans might have to wait several months for their DD 214 or other documentation proving their service before they could receive help.
I found myself wondering if any of the presenters had served in the military or if they had forgotten some of the real world experiences of military service? I was ordered to report for basic training at Fort Leonard Wood, MO on June 12,1964. When I arrived I was given an orientation which made it clear that I was the property of the U. S. Army - period!
I also received the following and more:
1). Barracks (housing) assignment
2). Uniforms
3). Mess Hall (food) Privileges
4). Medical & Dental Care
5). Physical Training
6). M-16 Rifle
7). Range time
Having only a barracks assignment without the others would have been a disaster!
My time was managed by skilled commissioned and non commissioned officers from sun up to sun down and sometimes in between the two.
We were trained to defend our country and to operate as an effective unit for the next 8 weeks. We were all equal in the eyes of the Drill Instructor and the mess hall team. Eggs were prepared "over easy" for every body - no exceptions!
My enlistment was for 3 years. When my enlistment ended I just wanted to go home. I think a lot of others felt the same.
Sitting quietly and listening to the presenters yesterday, I could not help but wonder which of the 7 items noted above could I have not had and still have been a good soldier during my tours of duty in Germany, Vietnam and stateside.
I wondered if it would help if Veterans returning home from serving our country had the option of being assigned to an organization that could serve as a sounding board for their needs? What if there was a "half way house" available for housing, clothing, food , medical and dental care? The options provided by a lot of different organizations are worthy but do not cover or provide connections to many of the other critical needs for our returning heroes.
Let's pledge to work together to better coordinate and provide the needs of our returning defenders.
Respectfully,
Michael Teer, Broker
Teer One Properties Inc.
951-313-5168
teer1broker@gmail.com
www.miketeer.com
Sunday, March 23, 2014
Realtors Will Remain Viable
Cohesiveness, Education, Wealth and Power
I know that Realtors will continue to thrive regardless of the many attempts by others working to "pimp" our products and services. We bring to our communities and industry so many values. My friend Diana Bull has often stated and demonstrated " we give a 110 percent".
Realtor members bring Cohesiveness, Education, Wealth and Power plus several other attributes to our industry which in turn benefits our clients. There are unrelenting efforts to supplant our industry, improperly use our data for profit and other negative attempts to harm our clients and members on a daily basis.
Our cohesiveness is best demonstrated by our common use and support of the California Regional Multiple Listing Service (CRMLS). Data sharing allows us to represent our clients by offering to share compensation with fellow Realtors when they represent a qualified buyer with an offer acceptable to our seller. We also support our Pacific West, California and National Association of Realtors. We use standard forms and electronic lock boxes. Economy of scale has seldom been better achieved. Our work towards the common good has helped us move forward during many trying economies.
Opportunities for self improvement via education is truly a mainstay for our members. Pacific West, CAR and NAR offer competitive pricing and an array of classes. I must also mention the Certified Residential Specialist (CRS) educational offerings to the less than 3% of Realtors with this designation. 2014 CRS President Barbara DuDeck has published a list of classes for the year. There are education courses online and in the class rooms offered to our Realtor members.
Our support of the Realtor Action Fund (RAF) and other Realtor Party fundraising efforts brings collective wealth to our organization. Our membership truly understands the value of contributing and many have given thousands above the $148.00 "cost of doing business" often mentioned at our CAR meetings. We need these funds to help support our industry by electing and supporting those officials that understand our mission to protect private property. Fighting harmful legislation is a full time and expensive job. I am very proud to serve on the 2014 RAF committee chaired by Sharon Bowler and staffed by Lisa Edwards.
Power is the ability to choose. Many of us agree that you cannot negotiate from a position of weakness. Power allows us to say "no" when the options on the table are harmful to our clients and/or membership. An image showing the boxing gloves was well received by our members because we know that we must be prepared to fight for our clients and their right to enjoyment of their property.
Our Realtor members are also volunteers. Realtors are involved in their communities and often play leadership roles in non profit, government and other organizations in addition to service on Pacific West, CAR and NAR committees. 2014 CAR President Kevin Brown encourages, understands, and promotes the benefits of our members involvement in our communities.
Realtors provide the gateway to homeownership and are the mainstay for protecting the rights of our clients and members. We have the "nerve and sinew" to defend our organization and will continue to do so.
Michael Teer, Broker, CRS
Teer One Properties, Inc.
951-313-5168
www.miketeer.com
I know that Realtors will continue to thrive regardless of the many attempts by others working to "pimp" our products and services. We bring to our communities and industry so many values. My friend Diana Bull has often stated and demonstrated " we give a 110 percent".
Realtor members bring Cohesiveness, Education, Wealth and Power plus several other attributes to our industry which in turn benefits our clients. There are unrelenting efforts to supplant our industry, improperly use our data for profit and other negative attempts to harm our clients and members on a daily basis.
Our cohesiveness is best demonstrated by our common use and support of the California Regional Multiple Listing Service (CRMLS). Data sharing allows us to represent our clients by offering to share compensation with fellow Realtors when they represent a qualified buyer with an offer acceptable to our seller. We also support our Pacific West, California and National Association of Realtors. We use standard forms and electronic lock boxes. Economy of scale has seldom been better achieved. Our work towards the common good has helped us move forward during many trying economies.
Opportunities for self improvement via education is truly a mainstay for our members. Pacific West, CAR and NAR offer competitive pricing and an array of classes. I must also mention the Certified Residential Specialist (CRS) educational offerings to the less than 3% of Realtors with this designation. 2014 CRS President Barbara DuDeck has published a list of classes for the year. There are education courses online and in the class rooms offered to our Realtor members.
Our support of the Realtor Action Fund (RAF) and other Realtor Party fundraising efforts brings collective wealth to our organization. Our membership truly understands the value of contributing and many have given thousands above the $148.00 "cost of doing business" often mentioned at our CAR meetings. We need these funds to help support our industry by electing and supporting those officials that understand our mission to protect private property. Fighting harmful legislation is a full time and expensive job. I am very proud to serve on the 2014 RAF committee chaired by Sharon Bowler and staffed by Lisa Edwards.
Power is the ability to choose. Many of us agree that you cannot negotiate from a position of weakness. Power allows us to say "no" when the options on the table are harmful to our clients and/or membership. An image showing the boxing gloves was well received by our members because we know that we must be prepared to fight for our clients and their right to enjoyment of their property.
Our Realtor members are also volunteers. Realtors are involved in their communities and often play leadership roles in non profit, government and other organizations in addition to service on Pacific West, CAR and NAR committees. 2014 CAR President Kevin Brown encourages, understands, and promotes the benefits of our members involvement in our communities.
Realtors provide the gateway to homeownership and are the mainstay for protecting the rights of our clients and members. We have the "nerve and sinew" to defend our organization and will continue to do so.
Michael Teer, Broker, CRS
Teer One Properties, Inc.
951-313-5168
www.miketeer.com
Thursday, March 13, 2014
MISTAKES THAT ATTORNEYS CAN MAKE
PROBATES: MISTAKES
THAT ATTORNEYS CAN MAKE
01). NOTICE
OF SALE WAS NOT PUBLISHED OR POSTED.
02). COUNSEL
FAILED TO GIVE SPECIAL NOTICE, IF REQUESTED.
03). COUNSEL
FAILED TO GIVE OTHER NOTICES REQUIRED BY LAW.
04). AMOUNT
BID IS NOT AT LEAST 90 PERCENT OF
THE COURT APPRAISED (PROBATE REFEREE) VALUE OF THE REAL PROPERTY.
05). REAL
PROPERTY HAS NOT BEEN APPRAISED WITHIN ONE YEAR OF SALE.
06).
INVENTORY AND APPRAISAL ARE NOT ON FILE.
07). COUNSEL
FAILED TO OBSERVE LOCAL COURT RULES ON BROKER’S COMMISSIONS ON EXCLUSIVE
LISTING CONTRACTS.
08). COUNSEL
FAILED TO OBSERVE LOCAL COURT RULES REGARDING DEPOSITS.
09). COUNSEL
FAILED TO INDICATE AMOUNT BY WHICH BOND SHOULD BE INCREASED.
10). COUNSEL
FAILED TO COMPUTE THE AMOUNT OF FIRST OVERBID.
11). COUNSEL
FAILED TO STATE TERMS OF SALE.
12). COUNSEL
FAILED TO USE JUDICIAL COUNCIL FORMS.
13). COUNSEL
FAILED TO SET PETITION FOR CONFIRMATION OF SALE WITHIN 30 DAYS OF DATE OF SALE.
14). INADEQUATE
EFFORTS WERE MADE TO EXPOSE PROPERTY TO THE MARKET. *****
15). COUNSEL FAILED
TO APPEAR AT THE CONFIRMATION HEARING IF REQUIRED BY LOCAL COURT RULES.
16). COUNSEL
FAILED TO CONFORM NOTICE OF SALE OF REAL PROPERTY TO ACTUAL TERMS OF ON BID
RETURNED TO COURT.
17). COUNSEL
FAILED TO PUBLISH NOTICE OF INTENTION TO SELL REAL PROPERTY, IF REQUIRED.
18). COUNSEL
FAILED TO USE CURRENT JUDICIAL COUNCIL FORMS FOR SALES.
19). COUNSEL
FAILED TO STATE TERMS OF PERSONAL PROPERTY SOLD AS A UNIT.
20). COUNSEL
FAILED TO ATTACH LEGAL DESCRIPTION OF THE REAL PROPERTY TO THE ORDER CONFIMING
SALE.
PLEASE NOTE: THESE ARE JUST A FEW EXAMPLES OF THE
MANY COMMON MISTAKES MADE BY COUNSEL THAT MAY SERIOUSLY DELAY CONFIRMATION OF
THE SALE. THIS LIST WAS AMENDED BUT IS BASED ON ITEMS PROVIDED TO CALIFORNIA
PROBATE SPECIALIST (CPS) BY COURSE INSTRUCTOR JOE C. RAMOS. THIS DOES NOT REPRESENT ALL THE OTHER
POSSIBLE ISSUES THAT MAY OCCUR BUT SHOULD ASSIST ALL TOWARDS MANAGING THE
FILE(S).
*****MICHAEL TEER, BROKER, CALIFORNIA PROBATE SPECIALIST – ProbateSoCal@gmail.com - HAS OVER 30 YEARS REAL ESTATE SALES EXPERIENCE WORKING WITH PROBATE, CONSERVATORSHIP
AND OTHER (STANDARD, SHORT SALES, REO) REAL ESTATE TRANSACTIONS. PLEASE
CONSIDER TEER ONE PROPERTIES, INC. 951-313-5168 WWW.MIKETEER.COM FOR ALL YOUR REAL ESTATE NEEDS. OUR LISTINGS ARE PUBLISHED IN THE
CALIFORNIA REGIONAL MULTIPLE LISTING SERVICE (CRMLS) AND SOCIAL MEDIA.
MCT-03/09/2014
Friday, February 28, 2014
A FEW HOUSE KEEPING RULES FOR PROBATE TRANSACTIONS
Real Estate Education Training
THE CLOCK IS TICKING
Some agents are not focused on time lines outside those noted in the more familiar Residential Purchase Agreement (RPA-CA) and some agents are not familiar with the Probate Listing Agreement (PL) or Probate Purchase Agreements & Joint Escrow Instructions (PPA). I have received offers on the RPA-CA and have had to hunt down the buyer's agent to request that they prepare their buyer's offer on the Probate Purchase Agreement. I regret this situation because it means that I do not have a complete package for the Personal Representative to review for that buyer. I prefer to receive everything in a complete package with a pre approval letter, proof of funds and other items requested in the California Regional Multiple Listing Service (CRMLS) offering. Buyer's agents will want to know that their offer is time stamped to guarantee immediate review but this is not possible if the offer is incomplete.
I present offers with the above noted information when complete to the Personal Representative in the order that they are received. I also copy the Probate Attorney for their review, etc. The Personal Representative and Probate Attorney also prefer reviewing only those documents in compliance with the CRMLS offering and have been vetted by Teer One Properties for completeness.
Hopefully, the buyers agent's offer will be accepted and we are now moving forward. There are so many time lines and items to monitor with Probate offers. The key item that I want to mention at this point is the Probate Referee and the Lender's Appraisals. It is recommended that the buyer's agent and lender are familiar with Probates. Timely ordering and receipt of the lender required appraisal for the Buyer's loan is a must. A low lender appraisal may conflict with the Probate Referee's Appraisal.
Remember that all offers must be at least 90% of the Probate Referee's appraisal. A buyer securing an FHA, VA or other loan where an appraisal is required by the buyer's lender should be done BEFORE the Court Confirmation of the Sale or the buyer may lose their deposit for failure to perform. There are too many scenarios to note in this blog. Please contact me via email (ProbateSoCal@gmail.com) with questions and I will be happy to assist and/or help you find someone with the information you require.
My Certified Probate Real Estate Specialist (CPRES) instructor Joe C. Ramos repeatedly highlighted the need for the entire team being familiar with Probates. The Probate Attorney, Personal Representative, CPRES Probate trained Realtor, Lender and Escrow Officer must know the rules and time lines. I will offer more Probate Tips from time to time for those interested in buying or selling Probates. The more familiar everyone in the transaction is with the requirements the better.
Please visit my web site www.miketeer.com for additional information on Probate and other Real Estate information.
Michael Teer, Broker
Certified Residential Specialist
Teer One Properties, Inc.
(951) 313-5168
www.miketeer.comProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
"For Tier 1 Service - Call Teer One Properties"
Sunday, February 9, 2014
Probates, REO and Short Sales
Real Estate Education Time:
Emotionally Charged Experiences:
The Real Estate business has experienced many cycles since my initial licensing in 1983. Over the past 30 years I have sat down with families from many socio-economic groups experiencing so many wonderful events. I truly smile when I think about those times after handing the key to a first time buyer. That experience made them jump for joy and thank me over and over again for helping them in their journey to homeownership. Most Realtors recount those times with great pride. Young families often crave a back yard, pool and/or other amenities of homeownership. They may be fortunate to have Veteran or FHA Financing but some have saved the down payment and other costs over a period of many years. In either case, owning a home is the family goal that few other possessions can equal.
The past 6 or so years have been more of a challenge. There are still great memories of handing the key to a first time homeowner or helping an empty nester downsize to a smaller home. However, there is also the saddening entrance of other clients - those impacted by the REO (Real Estate Owned) and Short Sale economy. REO homes are basically Bank or Lender owned foreclosed properties. These transactions from time to time brought me face to face with the Cash for Keys and "underwater" homeowners who are leaving a home that they have lost. Some are now having to do a Short Sale because they can no longer afford the payments due to loss of income, etc. I sometimes hear from folks outside the transaction stating that in some cases the homeowner borrowed against the equity in their home. Some critics mention the home being used as an "ATM" for travel or other expenses. It does not mitigate the fact that the homeowner continues to pay for bad lending practices. Banks have been bailed out and are doing business as usual after making millions of bad decisions. The homeowner facing loss of home, poor credit/FICO scores, loss of income and other damage from this period will need to wait years before returning to their position of "credit worthiness".
However, the homeowners and others impacted by the poor economy will not see themselves doing business as usual for some time to come. Ironically, banks/lenders that were caught and fined by the government for bad practices continue to post negative remarks on their victims credit reports. This is really something that needs to be looked into by the government for the victims sake, as well as, to release those who were impacted from being denied future credit.
Realtors have always been there for clients needing emotional and objective Real Estate support. Probate sales often place the Realtor in the room with love ones having to sell the home of a departed loved one. Letting go of the place where they may have been raised is often a challenge. Childhood memories abound when they talk about the photos on the fireplace or tour the home pointing out those items that they believe make the home a real find for a new owner. These experiences can be filled with conflicting emotions. We try to calmly listen to all the wonderful memories being shared, as well as, give objective advice on our services. We know that no amount of money can make up for losing someone held so dear. Yet, we as professionals must give objective, honest and essential information to the survivors that will allow them to move forward and get on with their lives for those still in need of their love and attention.
We are moving forward with renewed hope for a better economy. Realtors are skilled and trained for all situations related to Real Estate but many like me prefer a balanced economy where the "educated and willing buyer meets the educated and willing seller"
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168 Cell
www.miketeer.com
ProbateSoCal@gmail.com
Emotionally Charged Experiences:
The Real Estate business has experienced many cycles since my initial licensing in 1983. Over the past 30 years I have sat down with families from many socio-economic groups experiencing so many wonderful events. I truly smile when I think about those times after handing the key to a first time buyer. That experience made them jump for joy and thank me over and over again for helping them in their journey to homeownership. Most Realtors recount those times with great pride. Young families often crave a back yard, pool and/or other amenities of homeownership. They may be fortunate to have Veteran or FHA Financing but some have saved the down payment and other costs over a period of many years. In either case, owning a home is the family goal that few other possessions can equal.
The past 6 or so years have been more of a challenge. There are still great memories of handing the key to a first time homeowner or helping an empty nester downsize to a smaller home. However, there is also the saddening entrance of other clients - those impacted by the REO (Real Estate Owned) and Short Sale economy. REO homes are basically Bank or Lender owned foreclosed properties. These transactions from time to time brought me face to face with the Cash for Keys and "underwater" homeowners who are leaving a home that they have lost. Some are now having to do a Short Sale because they can no longer afford the payments due to loss of income, etc. I sometimes hear from folks outside the transaction stating that in some cases the homeowner borrowed against the equity in their home. Some critics mention the home being used as an "ATM" for travel or other expenses. It does not mitigate the fact that the homeowner continues to pay for bad lending practices. Banks have been bailed out and are doing business as usual after making millions of bad decisions. The homeowner facing loss of home, poor credit/FICO scores, loss of income and other damage from this period will need to wait years before returning to their position of "credit worthiness".
However, the homeowners and others impacted by the poor economy will not see themselves doing business as usual for some time to come. Ironically, banks/lenders that were caught and fined by the government for bad practices continue to post negative remarks on their victims credit reports. This is really something that needs to be looked into by the government for the victims sake, as well as, to release those who were impacted from being denied future credit.
Realtors have always been there for clients needing emotional and objective Real Estate support. Probate sales often place the Realtor in the room with love ones having to sell the home of a departed loved one. Letting go of the place where they may have been raised is often a challenge. Childhood memories abound when they talk about the photos on the fireplace or tour the home pointing out those items that they believe make the home a real find for a new owner. These experiences can be filled with conflicting emotions. We try to calmly listen to all the wonderful memories being shared, as well as, give objective advice on our services. We know that no amount of money can make up for losing someone held so dear. Yet, we as professionals must give objective, honest and essential information to the survivors that will allow them to move forward and get on with their lives for those still in need of their love and attention.
We are moving forward with renewed hope for a better economy. Realtors are skilled and trained for all situations related to Real Estate but many like me prefer a balanced economy where the "educated and willing buyer meets the educated and willing seller"
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168 Cell
www.miketeer.com
ProbateSoCal@gmail.com
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