“The Subprime Blame Game: Where Were the Realtors?”

[bob2007]

I am not an agent or related to RE in any way, other than owning a home.

The original post is very time sensitive. Sometimes it is good to buy, sometimes not. However, the agent can’t and should not make the buy or loan decisions for the buyer because nobody knows what may happen (except for those on this list that claim to know).

I think it is a very likely possibility that if an agent discouraged a family from buying because they really could not afford it, they would get reported, sued, called racists if the family was a minority, etc.

The agent is there to market and sell the home. The buyer is responsible for their finances. The lending institutions are in the same boat as realtors with respect to declining an application. They need to blindly apply the current corporate policy otherwise it is discrimination.

So I fault the lending institutions for bad practice, but in the end buyer beware. There really is no other way.

[bob2007]

I am not an agent or related to RE in any way, other than owning a home.

The original post is very time sensitive. Sometimes it is good to buy, sometimes not. However, the agent can’t and should not make the buy or loan decisions for the buyer because nobody knows what may happen (except for those on this list that claim to know).

I think it is a very likely possibility that if an agent discouraged a family from buying because they really could not afford it, they would get reported, sued, called racists if the family was a minority, etc.

The agent is there to market and sell the home. The buyer is responsible for their finances. The lending institutions are in the same boat as realtors with respect to declining an application. They need to blindly apply the current corporate policy otherwise it is discrimination.

So I fault the lending institutions for bad practice, but in the end buyer beware. There really is no other way.

[NotCranky]

SDR I know your story,mostly by taking away the ten foot pole you were using to stay away from me and beating it out of you ,sorry ;).

I am not sure I would repeat what I have done with regard to withdrawing from the business completely(or cursing out mortgage people) .Maybe I was taking too much responsibilty? I could have helped a few sellers in my “circle of influence” . I didn’t farm (or pimp) at all not even passing out business cards. I guess I am still basically on the sidelines. There are a few listing I could go for,not sure I want to be stuck between reality and most sellers. The exposure to you, sdrealtor,bugs and the situations various posters are in, is great.

[NotCranky]

SDR I know your story,mostly by taking away the ten foot pole you were using to stay away from me and beating it out of you ,sorry ;).

I am not sure I would repeat what I have done with regard to withdrawing from the business completely(or cursing out mortgage people) .Maybe I was taking too much responsibilty? I could have helped a few sellers in my “circle of influence” . I didn’t farm (or pimp) at all not even passing out business cards. I guess I am still basically on the sidelines. There are a few listing I could go for,not sure I want to be stuck between reality and most sellers. The exposure to you, sdrealtor,bugs and the situations various posters are in, is great.

[bob007]

does the buyer have a realtor similar to the seller ?

[bob007]

does the buyer have a realtor similar to the seller ?

[Anonymous]

“Asking them to take on a fiduciary responsibility is “scope creep” ”

In other words, a Realtor representing you doesn’t actually represent you.

Instead of creating legal requirements that realtors would then have to straddle, against their own interests, perhaps it is easier just to legislate some truth in advertising. Congress gave up pretty quickly on making cigarettes healthy and pretty quickly settled for some big red text on the side of the box to the effect that “these things will kill you, eventually.”

The next time I turn on the tube and watch some likeable figure in a yellow jacket blather on about how he is my friend, perhaps there will also be something short and pithy flashing across the screen to the effect that “Realtors represent sellers and themselves, not you”. Perhaps not.

Rational expectations

[Anonymous]

“Asking them to take on a fiduciary responsibility is “scope creep” ”

In other words, a Realtor representing you doesn’t actually represent you.

Instead of creating legal requirements that realtors would then have to straddle, against their own interests, perhaps it is easier just to legislate some truth in advertising. Congress gave up pretty quickly on making cigarettes healthy and pretty quickly settled for some big red text on the side of the box to the effect that “these things will kill you, eventually.”

The next time I turn on the tube and watch some likeable figure in a yellow jacket blather on about how he is my friend, perhaps there will also be something short and pithy flashing across the screen to the effect that “Realtors represent sellers and themselves, not you”. Perhaps not.

Rational expectations

[NotCranky]

This is a rhetorical question Bob? There is such
a thing as a Realtor established designation for “buyer’s broker”. Generally speaking the agent for the buyer is just another agent who lists and sells and is seeking the commission as agreed via the MLS.

Buyers can also represent themselves in some types of deals or go directly to the agent whose sign is in on the property.

[NotCranky]

This is a rhetorical question Bob? There is such
a thing as a Realtor established designation for “buyer’s broker”. Generally speaking the agent for the buyer is just another agent who lists and sells and is seeking the commission as agreed via the MLS.

Buyers can also represent themselves in some types of deals or go directly to the agent whose sign is in on the property.

[Raybyrnes]

The problem in general goes back to an educational system that is broke. There is no way you should be able to leave high school without having learned basic finance.

We live in an indulgent society and unfortunately their are far too many people who choose to shift all responsibilities to other parties. They do not value the learning process. A realator should and I emphsize should be an instructor. They should help guide you and explain your options. They should help you transact business. I think by and large most do a good job. But they shouldn’t have to do all of your homework for you. They are not the one who makes the decision. People need to take ownership for their own actions.

“The realator told me to buy more house than I wanted. The mortgage guy qualified me for more money than I could afford.” Cmon.

[Raybyrnes]

The problem in general goes back to an educational system that is broke. There is no way you should be able to leave high school without having learned basic finance.

We live in an indulgent society and unfortunately their are far too many people who choose to shift all responsibilities to other parties. They do not value the learning process. A realator should and I emphsize should be an instructor. They should help guide you and explain your options. They should help you transact business. I think by and large most do a good job. But they shouldn’t have to do all of your homework for you. They are not the one who makes the decision. People need to take ownership for their own actions.

“The realator told me to buy more house than I wanted. The mortgage guy qualified me for more money than I could afford.” Cmon.

[Anonymous]

I just found this website a few days ago and found this quite facinating. I am from Toronto, but I have been to San diego may times. I was considering buying a house here in San Diego in 2000 but at that time the exchange rate were 1.55 cdn to 1 us for me to buy a home here for 700k and decided against it. After many years of regret, I came back last year and waiting for the market correction with cdn dollar 1.03 cnd to 1 usd. This is the first time in 50 years I believe. This makes it affordable for me to buy.

I have been looking at Zip Realty website for months and have been actively following the news and market. I had several calls from a San Diego Agent yesterday from San Diego from Zip Realty. He’s telling me that some of the market in San Diego is still appreciating in price and it’s a fantastic opportunity to buy now because the market have been corrected. He said San Diego is still hot, I should make my purchase now before the price goes up.

He told me that I should not listen to the news, it’s crap and this blog here… people do not know what they are talking about. (I found you all very insightfull and appreciate the information shared here very much since I am not local. This gives me a lot insight into the market. Thank you.). This makes me wonder.? If the market is so hot, why would he even bother to call me long distance to convince me? Shouldn’t he be swamp with buyers dying to get into this HOT market? He told me 1 million dollars doesn’t buy much now a day as it used to. This is the kind of agent that creates the housing bubble, subprime mortgage, an irreponsible agent that we are talking here that only look out to the number one man (himself and his commission). I am Canadian, it does not equal to stupid! I feel insulted and angry. I have been looking at the Zip Realty website and found that most housing price has not really corrected, a lot of people purchase their houses in 2005 and 2006 are at the height of the market and are still listing for a 100k+ profit. I mentioned this to the agent and he got angry with me and said I should not based my assumption on something that I don’t know. Infact, Zip Realty website listed the purchased price and the purchased date that’s how I know, thus, made that assumption. I am suppose to do listen to this agent who is suppose to work for me! Help! Any insight? Can anyone help direct me to someone more reliable and advise me on what area in San Diego is best for my investment? I am looking for a home!
My husband wants to buy a home in Irvine, Tustin, or Orange, but I like San Diego. Where would you buy???

thanks

abbey

[Anonymous]

I just found this website a few days ago and found this quite facinating. I am from Toronto, but I have been to San diego may times. I was considering buying a house here in San Diego in 2000 but at that time the exchange rate were 1.55 cdn to 1 us for me to buy a home here for 700k and decided against it. After many years of regret, I came back last year and waiting for the market correction with cdn dollar 1.03 cnd to 1 usd. This is the first time in 50 years I believe. This makes it affordable for me to buy.

I have been looking at Zip Realty website for months and have been actively following the news and market. I had several calls from a San Diego Agent yesterday from San Diego from Zip Realty. He’s telling me that some of the market in San Diego is still appreciating in price and it’s a fantastic opportunity to buy now because the market have been corrected. He said San Diego is still hot, I should make my purchase now before the price goes up.

He told me that I should not listen to the news, it’s crap and this blog here… people do not know what they are talking about. (I found you all very insightfull and appreciate the information shared here very much since I am not local. This gives me a lot insight into the market. Thank you.). This makes me wonder.? If the market is so hot, why would he even bother to call me long distance to convince me? Shouldn’t he be swamp with buyers dying to get into this HOT market? He told me 1 million dollars doesn’t buy much now a day as it used to. This is the kind of agent that creates the housing bubble, subprime mortgage, an irreponsible agent that we are talking here that only look out to the number one man (himself and his commission). I am Canadian, it does not equal to stupid! I feel insulted and angry. I have been looking at the Zip Realty website and found that most housing price has not really corrected, a lot of people purchase their houses in 2005 and 2006 are at the height of the market and are still listing for a 100k+ profit. I mentioned this to the agent and he got angry with me and said I should not based my assumption on something that I don’t know. Infact, Zip Realty website listed the purchased price and the purchased date that’s how I know, thus, made that assumption. I am suppose to do listen to this agent who is suppose to work for me! Help! Any insight? Can anyone help direct me to someone more reliable and advise me on what area in San Diego is best for my investment? I am looking for a home!
My husband wants to buy a home in Irvine, Tustin, or Orange, but I like San Diego. Where would you buy???

thanks

abbey

[Anonymous]

I am looking for a good agent like you please see my comment posted.

thanks

[Author]

Posts