Short Sale/Foreclosure question

[SD Realtor]

UR not so sure I agree. I am a strong believer in personal responsibity. With regards to your point of view I have sellers who are selling short and are perfect examples of raw bad luck. They bought and many years ago then refinanced to remodel. Then last year both the husband and wife suffered medical injuries. His injuries forced him out of work while she is back at work after a few months of disability. To me this is simply a series of bad luck and not bad decisions.

Now the home on Chardonay up the street from me is not. They have the massive RV and the huge boat along with plenty of toys. This is nothing but sheer overconsumption. Is this a case of moral failing? Well I am not sure that is the correct word for it but it is not any different then running a credit card to the limit and not having the money to afford what you buy. If we cannot trust people with credit then what does that say about our society? One I believe could argue a case for moral failing.

I don’t classify them as evil… just stupidity. Maybe we do need to be a nanny state.

[socrattt]

[quote=urbanrealtor]

But sure, go ahead and soapbox about how mistakes are actually always intentional evil. [/quote]

I am right along side of SDR. I never said it was intentional evil. I don’t necessarily think greed is evil, but more human nature. All of us would like the finer things in life, but those with common sense know when they can afford it.

Again, we need to take responsibility for our own actions. If we continue to feel sorry for ignorance at what point does a person learn from their mistakes. That is this country’s biggest problem. We give to much and expect little in return. I am all about the giving part, but there is education that needs to go along side that giving!

[socrattt]

[quote=urbanrealtor]

But sure, go ahead and soapbox about how mistakes are actually always intentional evil. [/quote]

I am right along side of SDR. I never said it was intentional evil. I don’t necessarily think greed is evil, but more human nature. All of us would like the finer things in life, but those with common sense know when they can afford it.

Again, we need to take responsibility for our own actions. If we continue to feel sorry for ignorance at what point does a person learn from their mistakes. That is this country’s biggest problem. We give to much and expect little in return. I am all about the giving part, but there is education that needs to go along side that giving!

[socrattt]

[quote=urbanrealtor]

But sure, go ahead and soapbox about how mistakes are actually always intentional evil. [/quote]

I am right along side of SDR. I never said it was intentional evil. I don’t necessarily think greed is evil, but more human nature. All of us would like the finer things in life, but those with common sense know when they can afford it.

Again, we need to take responsibility for our own actions. If we continue to feel sorry for ignorance at what point does a person learn from their mistakes. That is this country’s biggest problem. We give to much and expect little in return. I am all about the giving part, but there is education that needs to go along side that giving!

[socrattt]

[quote=urbanrealtor]

But sure, go ahead and soapbox about how mistakes are actually always intentional evil. [/quote]

I am right along side of SDR. I never said it was intentional evil. I don’t necessarily think greed is evil, but more human nature. All of us would like the finer things in life, but those with common sense know when they can afford it.

Again, we need to take responsibility for our own actions. If we continue to feel sorry for ignorance at what point does a person learn from their mistakes. That is this country’s biggest problem. We give to much and expect little in return. I am all about the giving part, but there is education that needs to go along side that giving!

[socrattt]

[quote=urbanrealtor]

But sure, go ahead and soapbox about how mistakes are actually always intentional evil. [/quote]

I am right along side of SDR. I never said it was intentional evil. I don’t necessarily think greed is evil, but more human nature. All of us would like the finer things in life, but those with common sense know when they can afford it.

Again, we need to take responsibility for our own actions. If we continue to feel sorry for ignorance at what point does a person learn from their mistakes. That is this country’s biggest problem. We give to much and expect little in return. I am all about the giving part, but there is education that needs to go along side that giving!

[urbanrealtor]

Well I sort of agree with SD except that credit cards are not a fair comparison.
People were under the impression that the underlying assets (houses) were rising or remaining stable in the near term (as opposed to credit cards). While those of us with a broader knowledge of this saw pieces lining up for a fall, I think a lot of people really thought that taking out money was a safe bet. This was foolish (or “stupid” as Adam prefers to describe it). However, our thoughts on underpinnings of the market were not the “common sense” Socratt mentioned. If they had been (emphasis on the “common”), the current housing would have been somewhat mitigated I think.

I don’t seek to absolve poor decision makers from responsibility but just to point out that not everybody has our insight. If you find them foolish I will agree but I am not sure Socratt’s harsh words will be more “educational” than a BK or foreclosure on one’s credit. People suffer painful consequences for foolish mistakes (and appropriately so). That being said, I try not to be too judgmental here. Like I said in my first comment, I expect to be in the minority on this.

A question for Adam/SD: What percentage of buyers from the past few years would you estimate are upside down now? One of my friends has something like 70% of her client pool upside down. Just curious.

[urbanrealtor]

Well I sort of agree with SD except that credit cards are not a fair comparison.
People were under the impression that the underlying assets (houses) were rising or remaining stable in the near term (as opposed to credit cards). While those of us with a broader knowledge of this saw pieces lining up for a fall, I think a lot of people really thought that taking out money was a safe bet. This was foolish (or “stupid” as Adam prefers to describe it). However, our thoughts on underpinnings of the market were not the “common sense” Socratt mentioned. If they had been (emphasis on the “common”), the current housing would have been somewhat mitigated I think.

I don’t seek to absolve poor decision makers from responsibility but just to point out that not everybody has our insight. If you find them foolish I will agree but I am not sure Socratt’s harsh words will be more “educational” than a BK or foreclosure on one’s credit. People suffer painful consequences for foolish mistakes (and appropriately so). That being said, I try not to be too judgmental here. Like I said in my first comment, I expect to be in the minority on this.

A question for Adam/SD: What percentage of buyers from the past few years would you estimate are upside down now? One of my friends has something like 70% of her client pool upside down. Just curious.

[urbanrealtor]

Well I sort of agree with SD except that credit cards are not a fair comparison.
People were under the impression that the underlying assets (houses) were rising or remaining stable in the near term (as opposed to credit cards). While those of us with a broader knowledge of this saw pieces lining up for a fall, I think a lot of people really thought that taking out money was a safe bet. This was foolish (or “stupid” as Adam prefers to describe it). However, our thoughts on underpinnings of the market were not the “common sense” Socratt mentioned. If they had been (emphasis on the “common”), the current housing would have been somewhat mitigated I think.

I don’t seek to absolve poor decision makers from responsibility but just to point out that not everybody has our insight. If you find them foolish I will agree but I am not sure Socratt’s harsh words will be more “educational” than a BK or foreclosure on one’s credit. People suffer painful consequences for foolish mistakes (and appropriately so). That being said, I try not to be too judgmental here. Like I said in my first comment, I expect to be in the minority on this.

A question for Adam/SD: What percentage of buyers from the past few years would you estimate are upside down now? One of my friends has something like 70% of her client pool upside down. Just curious.

[urbanrealtor]

Well I sort of agree with SD except that credit cards are not a fair comparison.
People were under the impression that the underlying assets (houses) were rising or remaining stable in the near term (as opposed to credit cards). While those of us with a broader knowledge of this saw pieces lining up for a fall, I think a lot of people really thought that taking out money was a safe bet. This was foolish (or “stupid” as Adam prefers to describe it). However, our thoughts on underpinnings of the market were not the “common sense” Socratt mentioned. If they had been (emphasis on the “common”), the current housing would have been somewhat mitigated I think.

I don’t seek to absolve poor decision makers from responsibility but just to point out that not everybody has our insight. If you find them foolish I will agree but I am not sure Socratt’s harsh words will be more “educational” than a BK or foreclosure on one’s credit. People suffer painful consequences for foolish mistakes (and appropriately so). That being said, I try not to be too judgmental here. Like I said in my first comment, I expect to be in the minority on this.

A question for Adam/SD: What percentage of buyers from the past few years would you estimate are upside down now? One of my friends has something like 70% of her client pool upside down. Just curious.

[urbanrealtor]

Well I sort of agree with SD except that credit cards are not a fair comparison.
People were under the impression that the underlying assets (houses) were rising or remaining stable in the near term (as opposed to credit cards). While those of us with a broader knowledge of this saw pieces lining up for a fall, I think a lot of people really thought that taking out money was a safe bet. This was foolish (or “stupid” as Adam prefers to describe it). However, our thoughts on underpinnings of the market were not the “common sense” Socratt mentioned. If they had been (emphasis on the “common”), the current housing would have been somewhat mitigated I think.

I don’t seek to absolve poor decision makers from responsibility but just to point out that not everybody has our insight. If you find them foolish I will agree but I am not sure Socratt’s harsh words will be more “educational” than a BK or foreclosure on one’s credit. People suffer painful consequences for foolish mistakes (and appropriately so). That being said, I try not to be too judgmental here. Like I said in my first comment, I expect to be in the minority on this.

A question for Adam/SD: What percentage of buyers from the past few years would you estimate are upside down now? One of my friends has something like 70% of her client pool upside down. Just curious.

[SD Realtor]

As far as being under water with regards to the home being less then the mortgage balance… Hmmm… I would say at least 50% of them if not more. Yet they all were quite educated in the sense that I gave them my personal views on the market.

As far as not being judgemental I am way past that. Long ago I had decided that 95% of our population were morons so whether we call it poor judgement, stupidity, foolish behavior… it is all the same to me. I am not so sure I agree with playing the card that they were not real estate experts so they could not envision the crash. Bottom line is they did what they did because they were allowed to, encouraged to, prodded to by our society and our government.

The few people who did not fall into the trap are the ones who simply thought, “what if” and/or “maybe I shouldn’t buy something I cannot afford”. Rightfully those that stayed in thier means were smart. Wrongfully they thought they would reap severe benefits but all they got out of it was a nice savings pad that is slowly whittled away by inflation as well as an incredibly poor rate of return.

[SD Realtor]

As far as being under water with regards to the home being less then the mortgage balance… Hmmm… I would say at least 50% of them if not more. Yet they all were quite educated in the sense that I gave them my personal views on the market.

As far as not being judgemental I am way past that. Long ago I had decided that 95% of our population were morons so whether we call it poor judgement, stupidity, foolish behavior… it is all the same to me. I am not so sure I agree with playing the card that they were not real estate experts so they could not envision the crash. Bottom line is they did what they did because they were allowed to, encouraged to, prodded to by our society and our government.

The few people who did not fall into the trap are the ones who simply thought, “what if” and/or “maybe I shouldn’t buy something I cannot afford”. Rightfully those that stayed in thier means were smart. Wrongfully they thought they would reap severe benefits but all they got out of it was a nice savings pad that is slowly whittled away by inflation as well as an incredibly poor rate of return.

[SD Realtor]

As far as being under water with regards to the home being less then the mortgage balance… Hmmm… I would say at least 50% of them if not more. Yet they all were quite educated in the sense that I gave them my personal views on the market.

As far as not being judgemental I am way past that. Long ago I had decided that 95% of our population were morons so whether we call it poor judgement, stupidity, foolish behavior… it is all the same to me. I am not so sure I agree with playing the card that they were not real estate experts so they could not envision the crash. Bottom line is they did what they did because they were allowed to, encouraged to, prodded to by our society and our government.

The few people who did not fall into the trap are the ones who simply thought, “what if” and/or “maybe I shouldn’t buy something I cannot afford”. Rightfully those that stayed in thier means were smart. Wrongfully they thought they would reap severe benefits but all they got out of it was a nice savings pad that is slowly whittled away by inflation as well as an incredibly poor rate of return.

[SD Realtor]

As far as being under water with regards to the home being less then the mortgage balance… Hmmm… I would say at least 50% of them if not more. Yet they all were quite educated in the sense that I gave them my personal views on the market.

As far as not being judgemental I am way past that. Long ago I had decided that 95% of our population were morons so whether we call it poor judgement, stupidity, foolish behavior… it is all the same to me. I am not so sure I agree with playing the card that they were not real estate experts so they could not envision the crash. Bottom line is they did what they did because they were allowed to, encouraged to, prodded to by our society and our government.

The few people who did not fall into the trap are the ones who simply thought, “what if” and/or “maybe I shouldn’t buy something I cannot afford”. Rightfully those that stayed in thier means were smart. Wrongfully they thought they would reap severe benefits but all they got out of it was a nice savings pad that is slowly whittled away by inflation as well as an incredibly poor rate of return.

[Author]

Posts