RE: Hard to feel sorry for Ed???? (Full Version)

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colliefan -> RE: Hard to feel sorry for Ed???? (6/13/2008 9:02:48 PM)

quote:

. That is NOT what I am. I am in business to find people homes who have preapprovals from a bank


Those evil mortage companies and banks will often "approve" customers for more home than they can afford. PS31 says she willl steer individuals away from a loan that could lead them into money problems. You are no different than those evil loan companies you despise. It is all about the $$$, isn't it.



relady -> RE: Hard to feel sorry for Ed???? (6/14/2008 1:59:15 AM)

quote:

PS31 says she willl steer individuals away from a loan that could lead them into money problems. You are no different than those evil loan companies you despise. It is all about the $$$, isn't it.
Wow, personal attacks. I guess if that's all you got....



colliefan -> RE: Hard to feel sorry for Ed???? (6/14/2008 4:43:29 PM)

quote:

Wow, personal attacks. I guess if that's all you got....


Not a personal attack at all; how can you decry the evils of those mortgage companies when your customers use these firms? Don't you explain to your customers the confusing terms in the mortgage industry.
Terms such as discount points, jumbo loans, ballon loans, the benefits and dangers of an ARM, and how to avoid paying PMI?

Don't you help them look for the best loan in the area? Do you help them look for things such things as first time buyer loans?

Other question; if an individual has purchased a home with no money down and then defaults on the loan, how can they lose a home? They have no equity to loose!



Jenny-Fair -> RE: Hard to feel sorry for Ed???? (6/14/2008 4:54:45 PM)

If I go to the furniture store and buy a new bedroom set with my Visa card, it isn't the responsibility of the salesperson there to explain to me that I really am going to be paying a lot of interest on my new furniture that could otherwise be avoided, and that credit card companies will sue me if I don't pay my bill, and it'll ruin my credit...so why would it be Relady's job to explain to her customers what THEIR contract with a totally different party is and should be?



colliefan -> RE: Hard to feel sorry for Ed???? (6/14/2008 5:00:01 PM)

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...so why would it be Relady's job to explain to her customers what THEIR contract with a totally different party is and should be?


Different job, she is REALTOR and has the job of selling real property. Anyone can do your job. She needs a licsense from the state. There are legal matters than must be followed. Things such as a title search.



Jenny-Fair -> RE: Hard to feel sorry for Ed???? (6/14/2008 5:03:40 PM)

Er, you don't even know what my job is, how can you know 'anyone' can do it? lol In any case, does the state which issues her license tell her she has to explain this stuff? I still don't understand why you think a realtor's job is to feed her customers financial pablum..I have never bought a house, but I simply cannot imagine doing so without researching my options, and I would not expect a third party to educate me or make my decisions for me.



colliefan -> RE: Hard to feel sorry for Ed???? (6/14/2008 5:27:21 PM)

This is from the REALTORs code of ethics'

quote:

In the interpretation of this obligation, REALTORS® can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, "Whatsoever ye would that others should do to you, do ye even so to them."


Given this statement, wouldn't it be incumbent for the REALTOR to explain the entire home buying process making sure her clients knew exactly the risks and benefits of owning a home?



Sophie11 -> RE: Hard to feel sorry for Ed???? (6/14/2008 5:38:01 PM)

Yes colliefan, but doesn't more responsibility lie with the homebuyer since this is going to be thier financial future on the line? Shouldn't the homebuyer ask questions and take the time to investigate all options before the purchase?



colliefan -> RE: Hard to feel sorry for Ed???? (6/14/2008 6:19:48 PM)

quote:

Yes colliefan, but doesn't more responsibility lie with the homebuyer since this is going to be thier financial future on the line? Shouldn't the homebuyer ask questions and take the time to investigate all options before the purchase?


yep. but the media has made the homebuyers out to be inocent victims.



Sophie11 -> RE: Hard to feel sorry for Ed???? (6/14/2008 6:22:23 PM)

quote:

ORIGINAL: colliefan

quote:

Yes colliefan, but doesn't more responsibility lie with the homebuyer since this is going to be thier financial future on the line? Shouldn't the homebuyer ask questions and take the time to investigate all options before the purchase?


yep. but the media has made the homebuyers out to be inocent victims.


Exactly. The entire concept of personal responsibility is unknown to so many people nowadays.



relady -> RE: Hard to feel sorry for Ed???? (6/14/2008 8:26:00 PM)

quote:

Given this statement, wouldn't it be incumbent for the REALTOR to explain the entire home buying process making sure her clients knew exactly the risks and benefits of owning a home
I do this. But I cannot possibly explain in detail all the aspects of the lending side of things. I am not a loan officer, if I act as one I could open myself up to all sorts of legal action. I don't know how much clearer I can be. I explain things to my buyers that are about the process of buying a home. But when it gets into the DETAILS of loan programs, I cannot tell them reliably all the DETAILS. They must talk to their lender about that.

And NOWHERE did I ever say ALL LENDERS ARE CROOKS. They aren't, there are some great honest ones and I have a few that I recommend to people who will listen to me. But ultimately, the buyer chooses the lender. It's their choice, not mine. I cannot force them to use my lenders.

And there are lenders that are crooks and are predatory. Those are the ones that should be in jail now. We have a couple here in St. Louis that are currently being investigated for misrepresentation of employment status and salary on several loans they made in 2000-2001. And if they did indeed do that, they should lose their business license, IMO.



relady -> RE: Hard to feel sorry for Ed???? (6/14/2008 8:32:48 PM)

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does the state which issues her license tell her she has to explain this stuff? I still don't understand why you think a realtor's job is to feed her customers financial pablum..
No, in fact if I act as a loan officer I could open up all sorts of potential legal action if I give bad advice. The financial aspect of buying a home nowadays is so complicated and there are so many loan products available that I cannot possibly know everything about that aspect of it. I have to depend on lenders to provide that. I don't know why lenders should be absolved of all responsibility, especially those that intentionally misrepresented products to their clients. If I have a responsibility to my clients, so do they.



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