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(English) Honesty Is the Best Policy

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5 comentarios
  1. Philip
    Philip Dice:

    I disagree with what you wrote or at least the way turned a phrase. You said «Buyers must insist that the loan officer determines the amount of mortgage they can actually afford. » This is not a lenders job. The lenders job is to determine the amount of money they wish to lend and the risk they wish to take. I have always put a budget into the hands of my clients with the simple explanation that the lender will determine your buying power, you will determine what you want to spend and what you feel you can afford. Your post makes it sound as though the principals in these transactions weren’t complicit in the problem. Further you suggest that a lender act as a financial planner. Buyers took huge risks, buying properties they thought they could sell in 2 years for big profit. Many times with the help of my real estate peers.

    Yes as real estate agents we all found our buyers «creative solutions» when asked, but I always challenged my clients to ask themselves if this really is a worthwhile risk.

    It’s time to properly mete out blame. I tire of hearing people demonize one specific group related to the housing industry. Let’s face it greed doesn’t recognize job title.

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  2. Evelene Thayer
    Evelene Thayer Dice:

    Your profile is very inspiring. I am not in Real Estate myself (my daughter is) but I am venturing on a new course of «Inspirations» for seniors. My daughter Cher Brundage Realty USA (former owner of American Country Realty) is my inspiration. When it comes to integrity and knowledge she is beyond reproach. I know that I may sound prejudiced but that is also the way she is preceived by most. I personally think she would make a great motivational speaker. At 78 I have been crowned Ms Texas Senior Classic 2010. Our motto is «Changing the image of ageing». As one to another, I would like to the opportunity to meet you if you are ever in the Dallas area.
    Sincerely,
    Evelene Thayer

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  3. Steve Harney
    Steve Harney Dice:

    @ Philip,

    Great points! I should have been more specific in my comment about lenders. What I meant to say is that buyers should demand that the lenders let them know what they are truly qualified to borrow. Then, it is up to the buyer to determine how much they can afford. As I travel the country speaking to thousands of agents each month, more and more are telling be that they put a deal together on a pre approval from a lender and later find out the buyer isn’t fully qualified.

    As far as your comment that I «demonized one particular group», I can’t agree. I said buyers lied, loan officers looked the other way, agents tried to influence appraisals, sometimes appraisers were influenced and that sellers were happy about it. I’m not sure who I missed.

    Thanks for caring enough to comment and for being passionate about our industry.

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