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Old 03-30-2007, 09:15 AM
 
Location: Charlotte North Carolina
44 posts, read 156,408 times
Reputation: 16

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Quote:
Originally Posted by LauraZ View Post
Drew... the problem was the Beazer changed the numbers of their income once the papers were drawn up. The buyer was responsible only in that they didn't reread the papers to make sure the numbers were correct. Beazer is totally at fault... intentionally inflating the buyer's income so that they qualify. It's a travesty and Beazer should be shut down; otherwise I hope they eventually go out of business because the Observer has made this so well known... but lots of people don't read the paper. I don't recall hearing this on the news, but then again, I'm always walking my dogs when the news is on.
They also obtained mortgages on future income projections that were based on inflated incomes. Harrelson Automotive was indicted for doing this on a small scale back in May of 2005 on loans .
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Old 03-30-2007, 09:16 AM
 
Location: Charlotte
218 posts, read 187,683 times
Reputation: 43
Quote:
Originally Posted by mckjayson View Post
Charlotte epro could you please let me know what company you work for because I would love to do business with you if that is the case being in the business my self for many years I have yet to come across a realtor that will only take 3% and give back all of there bonus, and the point I was trying to make was that realtors are still taking there clients to companys like homelife and kb because of there bonuses I personally have lost many sales to these builders because of the realtor bonus and the funny thing is that the realtor would tell me that was the reason here is how the conversation would go do you have a bonus on this home, yes $1000, homelife is offering $5000, well we are offering $1000, they leave and then I follow up 1 to 2days later and it is oh they bought at homelife and if homelife is as bad as you and sandra say and realtors are telling there clients this then what could these people possibly be doing buying at homelife

I worked for Timothy Cline. I am still associated with them on a very part time basis. I took a full time position as in house SEO for a lingerie retailer in February.

I need to point out that our niche is investment properties. We only purchased spec homes that were not selling for them. They also were at least 8% off from the list price.

As for advising the client to stay away from Homelife... there is a very fine line Realtor's have to walk when doing this. We can give advice, but when they base the decision on "living 3 doors down from Aunt Betty", "being right next to work", or "this is my dream home"... the advice is is of little consideration. I don't think their construction is as shoddy as Beazer, but it's not "up to par." Homelife has some of the worst ratings a builder can get.

On a normal "arms length" sale, there is nothing wrong with a Realtor taking a bonus for performance. (i.e. bringing an offer within a certain timeframe designated by the seller, etc.) But in our niche it is a different story. Our clients range from the hobby investor (1-2 houses a year) to serious portfolio investors (5-20 houses a month). They are employing us to find them income producing properties. If we advise a client to buy a house that pays a 5-10k bonus on top of the 3% for investment purposes... that does not make sense. We state in our terms that we will only take 6% on a piece of property. So if we have a client buy a HUD home, which pays a 5% commission, then we only charge them 1% when they list it.

Your average homebuyer doesn't expect this, but your average real estate investor does.

I acknowledge that many Realtors have "steered" clients to the home with the biggest bonus. It's unethical and ILLEGAL. What builder do you work for?
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Old 03-30-2007, 09:50 AM
 
Location: Charlotte
218 posts, read 187,683 times
Reputation: 43
Quote:
Originally Posted by SANDRASELLSCHARLOTTECOM View Post

I spend my time with the Housing Oppurtunity Foundation and CRRA's Affordable Housing Program & House Charlotte trying to help people buy their first home.

I luckily am in a place in my life where I do not have to worry about money and can do what I enjoy most , helping people get a house. I grew up very poor in one of the richest places in the country, I know how people feel when they can't seem to get a head, the idea of owning a house seems impossible.

If you are in the Real Estate Businees why don't you register for the Affordable Housing Bus Tour so you can see for yourself . I'll even share my lunch with you
You're right on about Nehmiah and the other DPA type programs that have popped up, but I personally think all of these so called "affordable housing" programs in Charlotte are a JOKE!

They are "feelgood" type organizations that actually mask the real problem. Habitat for Humanity falls in with these groups as well.

In respect to the size of the affordable housing problem in Charlotte... they might as well not exist at all, because thats the level of impact they have.

In 2006, there were 25,000+ families in DESPERATE need of affordable housing. How many homes did Habitat for Humanity build that year? 43. That is only .1% of the need. Yet everytime they finish a house, the media is there, they have ribbon cuttings, and politicians show up talking about how wonderful it is. IT MAKES ME SICK!

If an epidemic broke out in Charlotte, and the health department only made vaccines for 43 people... would there be the same type of celebration? NO! Someone would get fired!

These organizations do nothing but give the ILLUSION that something is being done. They give politicians an avenue to show they "care about poor people", which in reality is the furthest thing from the truth.

If Charlotte really wants to solve the affordable housing problem, they need to get rid of all the WAY OUTDATED building codes and regulations. Example: manhole entrances to the sewers must be installed every 100yds or so. This mandate dates back to the 50s when it was layed out by the Army Corps of Engineers. The reason for it was so that the average man could climb down with 50 yds of pipe and be able to take care of any blockage problems. TODAY we have Roto-Rooter, which can do the job exponentially faster and has a much greater reach. It is totally unnecessary for developers to have to follow this. But it's code and they must. Installing a manhole and cover costs 3k-5k a piece! With one required every 100 yds... that adds up REAL QUICK. At the end of the day who ends up paying for it? THE HOMEBUYER!!!

There are many things just like this that could be done away with. It will never happen because it's not in the best interest of the politicians. Charlotte is such a "good ole boy" type city. All the construction deals and arrangements have been set for years. So and so's brother is a contractor, someone elses friend makes the covers etc. They get kickbacks from this, so are not going to allow anything to change that.

If you aren't friends with Hugh McColl, Smokey Bissel, Humpy Wheeler, Pam Seifert, or somone in the Harris family... getting something done in Charlotte can be quite difficult. If one of those 5 don't like it... IT WON'T HAPPEN!
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Old 03-30-2007, 03:00 PM
 
8 posts, read 15,732 times
Reputation: 10
Quote:
Originally Posted by SANDRASELLSCHARLOTTECOM View Post
One question as you seem to really dislike Realtors were you traumatized by one as a child
no I am just not very confident in an industry that you only need 72 hours of education to get a license and then you are legally allowed to help people buy possibly the biggest purchase of there lives most professions have a period of time where you are an apprentice for a few years for example an electrician, a plumber, I would think that helping someone buy a home is just as important as getting a pipe tightened correctly or putting in light fixtures (I have the utmost respect for these professions I am just making a point that Realtors get there ability to do business way to easy)
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Old 03-30-2007, 07:55 PM
 
Location: B-more to NC
225 posts, read 764,711 times
Reputation: 74
I don't know about affordable housing programs in Charlotte. I administer two such programs in Baltimore. Looking from the prespective of the buyer, these programs are a godsend. Sure politicians have a completely different focus. But you must realize that being able to buy a home is a wonderful thing for most who never thought they would realize the american dream.

Yes. There are predatory lenders out there. It's my job to prevent that from happening. The numbers are low because of other factors. Lenders are not willing to take a risk on these loans. My participants have credit scores that rival average working people. They lack the know how of homeownership. Yes, we provide monetary assistance and technical assistance to help them overcome the obstacles. But in every other why these families are just like you and I. I am proud when each and every family closes on a home. This country was not built all at once. At one time or another we all took baby steps to achieve what we have. Don't look down on these programs because the numbers don't bear out. Many families battle more than credit issues to become homeowners. This is not a joke to them

Nothing personal taken from the post, just wanted to present the other side of the coin. Low-income families have more to overcome than credit score. They have to deal with what society thinks. Would any of us bear up to the scrutiny?

Peace

Last edited by warden; 03-30-2007 at 08:43 PM..
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Old 03-31-2007, 03:45 PM
 
Location: Charlotte
218 posts, read 187,683 times
Reputation: 43
Quote:
Originally Posted by warden View Post
I don't know about affordable housing programs in Charlotte. I administer two such programs in Baltimore. Looking from the prespective of the buyer, these programs are a godsend. Sure politicians have a completely different focus. But you must realize that being able to buy a home is a wonderful thing for most who never thought they would realize the american dream.

Yes. There are predatory lenders out there. It's my job to prevent that from happening. The numbers are low because of other factors. Lenders are not willing to take a risk on these loans. My participants have credit scores that rival average working people. They lack the know how of homeownership. Yes, we provide monetary assistance and technical assistance to help them overcome the obstacles. But in every other why these families are just like you and I. I am proud when each and every family closes on a home. This country was not built all at once. At one time or another we all took baby steps to achieve what we have. Don't look down on these programs because the numbers don't bear out. Many families battle more than credit issues to become homeowners. This is not a joke to them

Nothing personal taken from the post, just wanted to present the other side of the coin. Low-income families have more to overcome than credit score. They have to deal with what society thinks. Would any of us bear up to the scrutiny?

Peace
Other side of what coin?

Of course I realize the importance of home ownership. My point was that these "programs" are useless in respects to the need. Thats great that you get a warm fuzzy feeling from helping people, but are you really accomplishing anything? My opinion is no. These programs actually make the situation worse. Why? BECAUSE THEY DON'T ADDRESS THE REAL ISSUE! Developers could shave at least 25% off the price of a house and still be 100% safe if the politicians would do away with all the outdated codes and regulations. They won't here in Charlotte because they benefit from all the existing arrangements. Charlotte's good ole boy system is dirty, period.

I FULLY understand the issues low income families have, and I NEVER made any statement that could be interpreted as I think I'm better or different.

You calling a DPA program "monetary assistance" is a joke. The reality is you collude with builders to help them sell more houses, and CHARGE them a FEE for doing so. No matter how you try to sugar coat it... that is what you are doing. FHA loans require a downpayment for a good reason. It's not done to make it hard on people.

Yes we all took baby steps.. what does that have to do with anything???

Don't look down on these programs because the numbers don't "bear out"??? Are you kidding me? LOL! Numbers don't lie. They are concrete proof that these programs are nothing but BS! Considering the EXTREME NEGATIVE impact these programs have had on the community, I will MOST DEFINITELY continue to look down on them. These programs have harmed way more people than they have helped! (i.e. All the people who had a downpayment, made their mortgage payments, and are now prisioners in there home because they cannot afford to sell due to all the DPA homebuyers bailing at the first sign of trouble, thus causing ABNORMAL depreciation in the neighborhood.)

Moderator cut: removed
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Old 04-01-2007, 07:27 AM
 
Location: B-more to NC
225 posts, read 764,711 times
Reputation: 74
Quote:
Originally Posted by Charlotte ePro View Post
Other side of what coin?

Of course I realize the importance of home ownership. My point was that these "programs" are useless in respects to the need. Thats great that you get a warm fuzzy feeling from helping people, but are you really accomplishing anything? My opinion is no. These programs actually make the situation worse. Why? BECAUSE THEY DON'T ADDRESS THE REAL ISSUE! Developers could shave at least 25% off the price of a house and still be 100% safe if the politicians would do away with all the outdated codes and regulations. They won't here in Charlotte because they benefit from all the existing arrangements. Charlotte's good ole boy system is dirty, period.

I FULLY understand the issues low income families have, and I NEVER made any statement that could be interpreted as I think I'm better or different.

You calling a DPA program "monetary assistance" is a joke. The reality is you collude with builders to help them sell more houses, and CHARGE them a FEE for doing so. No matter how you try to sugar coat it... that is what you are doing. FHA loans require a downpayment for a good reason. It's not done to make it hard on people.

Yes we all took baby steps.. what does that have to do with anything???

Don't look down on these programs because the numbers don't "bear out"??? Are you kidding me? LOL! Numbers don't lie. They are concrete proof that these programs are nothing but BS! Considering the EXTREME NEGATIVE impact these programs have had on the community, I will MOST DEFINITELY continue to look down on them. These programs have harmed way more people than they have helped! (i.e. All the people who had a downpayment, made their mortgage payments, and are now prisioners in there home because they cannot afford to sell due to all the DPA homebuyers bailing at the first sign of trouble, thus causing ABNORMAL depreciation in the neighborhood.)

Moderator cut: removed
I guess this is personal for you. It seems I got your knickers in a knot because I stated these types of programs do serve a purpose. Too bad Charlotte and the good ole boys are greedy. Not my fault or problem at the moment.

Affordable housing programs come in many different formats. Quite possibly your limited knowledge of those is the reason for this rant of yours. Guess what in case you didn't know? Habitatit for Humanity is a private non-profit agency. They are not connected to your local government. They provide homeownership opportunities through sweat equity and 100% interest free financing to families once they complete the program. Funding for these efforts is entirely through donation. Your city tax dollars do not fund HH. So if the Politicians are coming out for a photo op, you rate that on your own.

If you really knew anything about affordable housing programs, you would know for a fact that these families must make a downpayment of 3-5% just like everybody else. Most of these loans are FHA or a local government Community Development supported loans. Foreclosure rates are relatively low for these programs. Go the the HUD website and look it up.

Here are a few program you may want to look up before you down something you know very little about: Housing Choice Voucher Homeownership Program, Section 32 Homeownership Program, HOME Loan program (for developers in case you didn't know), CDBG and list goes on and on.

Could these programs help more people, YES. Talk to your state senator for more HUD dollars to get these programs more funding instead of ranting on a board where it does no good.

I' sure the moderator will close this post after this message so if you want to continue this conversation you can PM me. I find it highly amusing.

Last edited by warden; 04-01-2007 at 08:07 AM..
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Old 04-01-2007, 07:53 AM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,757,052 times
Reputation: 2109
As long as a civil tone, respect for differing opinions is maintained, and it stays relatively on topic it will stay open.

If it becomes a direct personal attack due to someones differing point of view on this subject then it will be closed.

Recently, Warden and ePro have both made excellent points regarding Affording Housing Programs. I'm hoping the discussion can continue.
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Old 04-01-2007, 07:59 AM
 
Location: B-more to NC
225 posts, read 764,711 times
Reputation: 74
On a second thought, Charlotte ePro, don't PM me. This argument is a no win situation. You have your viewpoints and I have mine. I appreciate a spirited debate. But, neither one of us will win this argument.

The underlying problem is Poverty. Our tax dollars have done nothing to reduce the need for many people in this country. We can talk about numbers and greedy politicians until the sky turns purple. But the reality is we are not just talking about numbers. We are talking about people.

Last edited by warden; 04-01-2007 at 08:09 AM..
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Old 04-07-2007, 09:44 PM
 
1 posts, read 1,907 times
Reputation: 10
Default The Beazer article: this is all about vendetta

The Observer article exposes the alleged illegal business practices of a few overzealous salespeople. Certainly, inflating income figures is not consistent with Beazer company policy, and to the extent Beazer employees broke the law intentionally, they should be prosecuted. But what of the individuals who executed those falsified applications? Should they not face similar federal charges, or do we look the other way, because after all, they were persuaded and misled by free pizza.

Interesting, of course is the attention paid to Beazer homes in particular. Not Pulte, Eastland nor any other builder specialzing in starter homes in the Charlotte area--just Beazer.

It is no coincidence that the Beazer Homes expose article was published only a few months after the Coffee Cup debacle. Could it be that the one-sided articles were nothing more than political payback for Beazer, who, only months ago, resisted the Observer's calls to designate the Cup a historic landmark?

It is clear that Beazer's business practices, in some very specific instances, were questionable, but these purchasers were not "sold a nightmare" but simply purchased more house than they could afford, and did practically nothing to modify their income and spending to meet their contractual obligations.
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