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

[NotCranky]

While were on the topic of good weather and loonies…A siesta on the porch sounds good about right now.

[NotCranky]

While were on the topic of good weather and loonies…A siesta on the porch sounds good about right now.

[djrobsd]

What I love the most, is my original realtor who pressured me all the way to the loan document signing (even when I got cold feet and told him I didn’t think I would be able to afford the payments) called me a few months ago saying he would be “happy” to help me do a short sale.

If that’s not scum of the earth, I don’t know what is. The way I see it, realtors who already made their commission when you bought the home should be HELPING their clients sell the home, even if it means selling it for 1% commission instead of 3%, but you know, they have this attitude, why bother wasting time on a low commission sale. And sure, to most sellers in trouble, that 2% might not make any difference… But for some it does.

I take responsibility for signing the loan documents, and buying my house, but I still put a lot of trust in my realtor, and he told me every story in the book back then “well I know this seems a little bit high, but once you get some equity you can re-finance, or sell this house and move into a better one with the equity.”… Of course, that’s what they all said back then… And hey, we believed them… Now we have to own up to our mistake and take responsibility.

[djrobsd]

What I love the most, is my original realtor who pressured me all the way to the loan document signing (even when I got cold feet and told him I didn’t think I would be able to afford the payments) called me a few months ago saying he would be “happy” to help me do a short sale.

If that’s not scum of the earth, I don’t know what is. The way I see it, realtors who already made their commission when you bought the home should be HELPING their clients sell the home, even if it means selling it for 1% commission instead of 3%, but you know, they have this attitude, why bother wasting time on a low commission sale. And sure, to most sellers in trouble, that 2% might not make any difference… But for some it does.

I take responsibility for signing the loan documents, and buying my house, but I still put a lot of trust in my realtor, and he told me every story in the book back then “well I know this seems a little bit high, but once you get some equity you can re-finance, or sell this house and move into a better one with the equity.”… Of course, that’s what they all said back then… And hey, we believed them… Now we have to own up to our mistake and take responsibility.

[Raybyrnes]

When did you realator buy his home? Does he rent? Do you think he had inside knowledge of the downturn or that you were going to struggle financially with the home? How long has he been in the real estate business? Does he have clients that bought 7 or 8 years ago and are singing his praises?

Timing is a bitch. It can make you seem like a hero or a goat. He might still be scum but I unless you feel that he was banking on you going into short sale positiot I would think that he falls into the same category as every other realtor at the moment who has sold a home to a willing buyer from 2003 to 2007.

What you you really need to do is figure out what your losses are going to look like, explore loan modification, or start to tap into an investor in the form of a family member or a roomate and see if they can’t help subsidize the cost until the next upturn or until you financial situation changes.

By my standards the realator did his job. He sold the home. Unfortunately that was to you. Your hope might be that he is as competent with others.

I don’t presume you want Rustico marketing your home telling every portential buyer not to buy and how unfavorable the market is at the moment. No knock on Rustico.

[Raybyrnes]

When did you realator buy his home? Does he rent? Do you think he had inside knowledge of the downturn or that you were going to struggle financially with the home? How long has he been in the real estate business? Does he have clients that bought 7 or 8 years ago and are singing his praises?

Timing is a bitch. It can make you seem like a hero or a goat. He might still be scum but I unless you feel that he was banking on you going into short sale positiot I would think that he falls into the same category as every other realtor at the moment who has sold a home to a willing buyer from 2003 to 2007.

What you you really need to do is figure out what your losses are going to look like, explore loan modification, or start to tap into an investor in the form of a family member or a roomate and see if they can’t help subsidize the cost until the next upturn or until you financial situation changes.

By my standards the realator did his job. He sold the home. Unfortunately that was to you. Your hope might be that he is as competent with others.

I don’t presume you want Rustico marketing your home telling every portential buyer not to buy and how unfavorable the market is at the moment. No knock on Rustico.

[NotCranky]

I don’t presume you want Rustico marketing your home telling every portential buyer not to buy and how unfavorable the market is at the moment. No knock on Rustico.

Actually I think a seller with good agent has perfect rights to get as much as they can,short of fraud, from any buyer, GF or not. I consider that a level playing field.
Representing a buyer and telling them the kinds of things DJROBSD was told by his agent and mortgage broker is tilting field. These are the very things I cursed a few mortgage brokers out over. The lies about being able to re-finance in the future,with a 3 year prepayment penalty no less,an exploding arm in the mix, while the market was getting more and more obviously set to crack and we were at all time historically low interest rates and teaser rates were used to qualify. That is just wrong. I call that person a menace to society.If he had three half walnut shells and a pea and was taking fools on the street he would have been arrested. As I said before equal blame goes to the buyer who is a menace to himself and hopefully will learn .

I was had when I was young(er) but luckily it was only over a car, which I paid off. It was a Nissan Sentra and I paid $14,000 for it. Ouch. It took a while before I could go on a car lot without wanting to knock someone’s teeth out.

[NotCranky]

I don’t presume you want Rustico marketing your home telling every portential buyer not to buy and how unfavorable the market is at the moment. No knock on Rustico.

Actually I think a seller with good agent has perfect rights to get as much as they can,short of fraud, from any buyer, GF or not. I consider that a level playing field.
Representing a buyer and telling them the kinds of things DJROBSD was told by his agent and mortgage broker is tilting field. These are the very things I cursed a few mortgage brokers out over. The lies about being able to re-finance in the future,with a 3 year prepayment penalty no less,an exploding arm in the mix, while the market was getting more and more obviously set to crack and we were at all time historically low interest rates and teaser rates were used to qualify. That is just wrong. I call that person a menace to society.If he had three half walnut shells and a pea and was taking fools on the street he would have been arrested. As I said before equal blame goes to the buyer who is a menace to himself and hopefully will learn .

I was had when I was young(er) but luckily it was only over a car, which I paid off. It was a Nissan Sentra and I paid $14,000 for it. Ouch. It took a while before I could go on a car lot without wanting to knock someone’s teeth out.

[VoZangre]

Three Card Monte…

got roped in midtown Manhattan when I was drunk and 17 yrs old…. never forgave nor forgot… $30 meant a lot to me back then in 84…

My input is meagre- EVERY SINGLE TIME you feel pressured by someone do do something that you do not want to do financially… who themselves will benefit whether or not it hits the fan later… insult them as elegantly as possible to their face.

Of course, my condolences to those who bent to the pressure and are paying a high price.

Gen’rally I am a pacifist.. but now and again I think the punch in the teeth is about an appropriate an action as can be thought of.

Rusty- $14k for a Sentra…sheesh… ouch! Takes a man to admit such things.

[VoZangre]

Three Card Monte…

got roped in midtown Manhattan when I was drunk and 17 yrs old…. never forgave nor forgot… $30 meant a lot to me back then in 84…

My input is meagre- EVERY SINGLE TIME you feel pressured by someone do do something that you do not want to do financially… who themselves will benefit whether or not it hits the fan later… insult them as elegantly as possible to their face.

Of course, my condolences to those who bent to the pressure and are paying a high price.

Gen’rally I am a pacifist.. but now and again I think the punch in the teeth is about an appropriate an action as can be thought of.

Rusty- $14k for a Sentra…sheesh… ouch! Takes a man to admit such things.

[JWM in SD]

“”well I know this seems a little bit high, but once you get some equity you can re-finance, or sell this house and move into a better one with the equity.”… Of course, that’s what they all said back then… And hey, we believed them… Now we have to own up to our mistake and take responsibility.”

No, you believed him, most of the people posting here would not have believed him. Therein lies the difference and the primary reason why we were virtual heretics 2 years ago. This example is emblematic of how dangerous things have gotten in the realm buying a house. Relative to income and resources, it is a huge decision and not to be taken lightly. Rustico, you mention getting ripped off on a car. That is several orders of magnitude less than what FBs are going through now. Remember, you are talking about leveraging your future income….FUTURE INCOME. Money you haven’t even made yet when one decides to get into a mortgage. Sometimes, I think people don’t understand intuitively until they get laid off and they realize that that income stream is not a guarantee in most cases…certainly not in the private sector.

[JWM in SD]

“”well I know this seems a little bit high, but once you get some equity you can re-finance, or sell this house and move into a better one with the equity.”… Of course, that’s what they all said back then… And hey, we believed them… Now we have to own up to our mistake and take responsibility.”

No, you believed him, most of the people posting here would not have believed him. Therein lies the difference and the primary reason why we were virtual heretics 2 years ago. This example is emblematic of how dangerous things have gotten in the realm buying a house. Relative to income and resources, it is a huge decision and not to be taken lightly. Rustico, you mention getting ripped off on a car. That is several orders of magnitude less than what FBs are going through now. Remember, you are talking about leveraging your future income….FUTURE INCOME. Money you haven’t even made yet when one decides to get into a mortgage. Sometimes, I think people don’t understand intuitively until they get laid off and they realize that that income stream is not a guarantee in most cases…certainly not in the private sector.

[NotCranky]

Rusty- $14k for a Sentra…sheesh… ouch! Takes a man to admit such things.

I was a boy when it happened. 19.

I am just saying we screw up were are going to be angry at with those huckster’s that help us do it. I never had problems with the concept of future income stream after paying 1/5 of my enlisted man’s salary on that car for most of my six year tour in the navy. I guess in retrosprect it was a good lesson.

I fired my first mortgage broker 9 days prior to closing escrow for refusing to put my rate and terms in writing. I paid the seller $100 a day for going over the agreed escrow and the learning curve has been good since.BTW Many of these mortgage brokers have an MBA or other finance related degree.Even if they don’t, the owner or the directors do. I don’t excuse someone,who on the one hand,holds himself up as superior because of an education,usually in order to attract business, but then sets ignorant people up for financial disaster.

Yes JWM I agree that at least 95% of the posters here are more sophisticated in finacial matters, by a long shot, than the average FB or me for that matter. That is part of why I can’t understand the frequent statements of antipathy and why people are not up in arms with the FED and the hucksters. The FED’s and the Gov. lack of oversight and building of a pyramid scheme ,set loose on the ignorant GF’s to the ruin of a stable housing market. The smart people caused you not to be able to participate in an economy with regards to reasonable housing, in a location where you can find the best work suited to your education, not the ignorant ones.

I do really understand why most people here are not making too big of a fuss. They understand that they couldn’t influence things one way or the other.However, if we are going to blame the FB’s ,not for their own demise, but for the destruction of a sane market than we are helping the responsible parties avoid the criticism they so deserve and rubbing salt in the wounds of people that, to some degree, are unfortunate.

[NotCranky]

Rusty- $14k for a Sentra…sheesh… ouch! Takes a man to admit such things.

I was a boy when it happened. 19.

I am just saying we screw up were are going to be angry at with those huckster’s that help us do it. I never had problems with the concept of future income stream after paying 1/5 of my enlisted man’s salary on that car for most of my six year tour in the navy. I guess in retrosprect it was a good lesson.

I fired my first mortgage broker 9 days prior to closing escrow for refusing to put my rate and terms in writing. I paid the seller $100 a day for going over the agreed escrow and the learning curve has been good since.BTW Many of these mortgage brokers have an MBA or other finance related degree.Even if they don’t, the owner or the directors do. I don’t excuse someone,who on the one hand,holds himself up as superior because of an education,usually in order to attract business, but then sets ignorant people up for financial disaster.

Yes JWM I agree that at least 95% of the posters here are more sophisticated in finacial matters, by a long shot, than the average FB or me for that matter. That is part of why I can’t understand the frequent statements of antipathy and why people are not up in arms with the FED and the hucksters. The FED’s and the Gov. lack of oversight and building of a pyramid scheme ,set loose on the ignorant GF’s to the ruin of a stable housing market. The smart people caused you not to be able to participate in an economy with regards to reasonable housing, in a location where you can find the best work suited to your education, not the ignorant ones.

I do really understand why most people here are not making too big of a fuss. They understand that they couldn’t influence things one way or the other.However, if we are going to blame the FB’s ,not for their own demise, but for the destruction of a sane market than we are helping the responsible parties avoid the criticism they so deserve and rubbing salt in the wounds of people that, to some degree, are unfortunate.

[VoZangre]

the Curvature of Learning…

Piggs is great for me cos on the event horizon house purchase looms… many educated and even eloquent folks here post and my ignorance has a little dent in it now…

Rustico has some very salient points…

“I don’t excuse someone,who on the one hand,holds himself up as superior because of an education,usually in order to attract business, but then sets ignorant people up for financial disaster.”

“he smart people caused you not to be able to participate in an economy with regards to reasonable housing, in a location where you can find the best work suited to your education, not the ignorant ones.”

BINGOx2.

It DOES piss me off, but I am attempting to funnel that anger into smarts and a desire to make sure I know what I am doing when the time comes…

Voz

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