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Unread 09-09-2008, 01:12 PM
 
5,974 posts, read 2,999,546 times
Reputation: 1614
Quote:
Originally Posted by Retiredcoach View Post
Have you noticed the stock market jumps the past couple of days? This is because the banks are being "bailed out" by all taxpayers. Please don't attempt to evoke sympathy for the banking industry ... one of our nation's most liberally financed recipients of corporate welfare.
What incentive do the banks have to play by the rules if when they are in trouble the taxpayer has to bail them out?
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Unread 09-09-2008, 01:25 PM
 
393 posts, read 670,516 times
Reputation: 279
Quote:
Originally Posted by DailyJournalist View Post
What incentive do the banks have to play by the rules if when they are in trouble the taxpayer has to bail them out?
EXACTLY! The banks made truck loads of money selling mortgages when the market was crazy, now that they are going bad, they get bailed out. Washington will tell you it's all about saving the homeowners, nothing could be farther from the truth. It's about saving the banks (Rich people backing them behind the scenes).
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Unread 09-09-2008, 02:02 PM
 
Location: Hope, AR
1,505 posts, read 1,909,340 times
Reputation: 240
Well, that's the way of the world, and the way it always will be. That's why people need to protect themselves by reading the fine print. And if you can't afford to buy, rent. Not everyone can own a home.

Quote:
Originally Posted by blackhillsdreams View Post
It's about saving the banks (Rich people backing them behind the scenes).
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Unread 09-09-2008, 03:29 PM
 
Location: Hernando County, FL
8,491 posts, read 10,318,566 times
Reputation: 5397
Quote:
Originally Posted by Retiredcoach View Post
Just one.... Now that you have progressed (or is it regressed?) from a real estate agent to a "house flipper", who will be able to buy your "flips' when the average joe residing in Florida does not make near enough money to afford the mortgage, the steep taxes, the HOA's, HOI , et al....??
I have always done both as the market warranted so there is no regression or progression, just adjustments.

There will be many who will be ready to buy the home I am currently working on. A 3 bedroom 2 bath pool home on 1.25 acres, priced about 25% below comparable listings and about 15% below recent comparable sales.

I can tell you obviously are not aware of the current market here so I will give you a little education. Insurance on the house is $715.00 for $250,000 in coverage. Taxes are around $3100. There is no HOA nor a CDD.

Taking those figures into account the total mortgage payment with escrows for taxes and insurance would be around $1,500 a month.
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Unread 09-09-2008, 03:41 PM
 
Location: Hope, AR
1,505 posts, read 1,909,340 times
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Is that per year? That sounds really low for the coast.

[quote=Mike Peterson;5197321]
Insurance on the house is $715.00 for $250,000 in coverage. quote]
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Unread 09-09-2008, 05:55 PM
 
Location: Pittsburgh, PA
1,107 posts, read 1,513,360 times
Reputation: 858
Quote:
Originally Posted by Mike Peterson View Post
I have always done both as the market warranted so there is no regression or progression, just adjustments.

There will be many who will be ready to buy the home I am currently working on. A 3 bedroom 2 bath pool home on 1.25 acres, priced about 25% below comparable listings and about 15% below recent comparable sales.

I can tell you obviously are not aware of the current market here so I will give you a little education. Insurance on the house is $715.00 for $250,000 in coverage. Taxes are around $3100. There is no HOA nor a CDD.

Taking those figures into account the total mortgage payment with escrows for taxes and insurance would be around $1,500 a month.
Mike,

Justified or unjustified, real estate agents have earned the auspicious reputations as the used car salespersons of the new century. Sorry, I would have a difficult time believing anyone of your trade without having all of the facts. Your post is emblematic of many in your profession... light on facts, heavy on fluff. Yep, a $1500 per month house payment might be a great deal for the family making $50000 yearly. They will run to you in droves because you say the house is worth more, because it is 25% below the price other RE agents have said their listings are worth. It won't matter that job security and paid medical benefits are the dreams of another generation. It won't matter that the their shrinking paychecks are being stretched beyond reasonable bounds for the food, clothing, utilities, and transportation. Mike, the pseudo real estate prognosticator, tells me its a great opportunity and therefore, it must be????

Too many home buyers have sacrificed their financial well-being and dignity to follow the whims (and greed) of realtors, bankers, and builders, and they have lost everything. And your posted professional response is "Wah, Wah, Wah" when one of your clients loses his home? I believe that your perspective is somehow diverted or lost.
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Unread 09-09-2008, 06:00 PM
 
Location: Hope, AR
1,505 posts, read 1,909,340 times
Reputation: 240
Welcome to America--everyone is out for themselves to make a buck at any cost. That's why you have to do your due diligence--nobody else owes you anything--you can't rely on realtors or anyone else to tell the truth and hold your hand.

Quote:
Originally Posted by Retiredcoach View Post
Mike,


Too many home buyers have sacrificed their financial well-being and dignity to follow the whims (and greed) of realtors, bankers, and builders, and they have lost everything. And your posted professional response is "Wah, Wah, Wah" when one of your clients loses his home? I believe that your perspective is somehow diverted or lost.
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Unread 09-09-2008, 06:03 PM
 
5,974 posts, read 2,999,546 times
Reputation: 1614
Quote:
Originally Posted by Retiredcoach View Post
Mike,

Justified or unjustified, real estate agents have earned the auspicious reputations as the used car salespersons of the new century. Sorry, I would have a difficult time believing anyone of your trade without having all of the facts. Your post is emblematic of many in your profession... light on facts, heavy on fluff. Yep, a $1500 per month house payment might be a great deal for the family making $50000 yearly. They will run to you in droves because you say the house is worth more, because it is 25% below the price other RE agents have said their listings are worth. It won't matter that job security and paid medical benefits are the dreams of another generation. It won't matter that the their shrinking paychecks are being stretched beyond reasonable bounds for the food, clothing, utilities, and transportation. Mike, the pseudo real estate prognosticator, tells me its a great opportunity and therefore, it must be????

Too many home buyers have sacrificed their financial well-being and dignity to follow the whims (and greed) of realtors, bankers, and builders, and they have lost everything. And your posted professional response is "Wah, Wah, Wah" when one of your clients loses his home? I believe that your perspective is somehow diverted or lost.
I blame this on the rediculously easy requirements to become a realtor in Florida and the state no requiring attorneys to be present for both parties at a closing. These so-called professionals take a weekend course and are supposed to advice people on the biggest purchase of their lives? Give me a break. Realtors should be required to at least have a Bachelors degree to be elgible to take a state real estate exam and felons should not be allowed to become real estate agents, period!
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Unread 09-09-2008, 06:16 PM
 
393 posts, read 670,516 times
Reputation: 279
Quote:
Originally Posted by DailyJournalist View Post
Realtors should be required to at least have a Bachelors degree to be elgible to take a state real estate exam and felons should not be allowed to become real estate agents, period!
I agree with you 100% on the comment about felons not being able to be RE agents, but a Bachelors degree as a requirement might be a little much. I would say there should be a minimum number of course hours required (way longer than a weekend of a few weekends), and some other criteria. As for a college degree, well, having a degree neither proves nor guarantees anything. It is first and foremost proof that the individual had the financial availability to go to college, either had parents willing to foot the bill, or could qualify for loans. It is not a guarantee of future performance, productivity, or ethical behavior.

I've known PLENTY of degreed folks who amazed me that they were able to tie their own shoes. Some had the absolute WORST work ethics I've ever seen. Let's not forget that large numbers of college kids primary focus is on drinking and partying.

Many people don't qualify for student loans (like me), didn't have parent's that would foot the bill (like me), but have good work ethics, a high IQ, and a solid professional track record (yep, like me).
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Unread 09-09-2008, 06:26 PM
 
5,974 posts, read 2,999,546 times
Reputation: 1614
Quote:
Originally Posted by blackhillsdreams View Post
As for a college degree, well, having a degree neither proves nor guarantees anything.
That may be so, but it does give the individual more to lose and eliminates the fly by night real estate agents that plague this state. A real estate agent should be required to have a college degree as is an accountant, lawyer, or certified financial advisor. It gives the profession more respect, as it becomes harder to enter the field. Lets not forget these realtors are not selling shoes they are selling a product in the thousands that will take the average person 30 years to pay back.
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