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Why the personal attacks? My facts are correct, an attorney is required to have an extensive higher education and a real estate agent does not, if you are in the industry then you know most are high school graduates that took a weekend course. I am sorry, but I think I will trust my legal questions and investment to a person that devoted years to studying the law.
If anyone made a personal attack on this thread it was you...If you want to know the truth, I understand the contracts better than general attorneys and a few RE attorneys I've run across. I wouldn't mess with them in a court of law about laws but I know the RE process better than any RE attorney I've met.
But if you pay for advise and another person get paid (commission) for selling you the contract which a mortgage is IMO, shouldn't the standards not be very high since many people have a hard time understanding it in the first place.
just because someone has a higher degree does NOT make them so smart. I've been to doctors who don't know better, same w/ accountants, and attorneys.
You know who's out for your own best interest, yourself only! In today's times, no one knows your own personal situation better than you only. You have to do your own research and be comfortable with what you are doing. If someone tells you something be it a doctor, lawyer, or a realtor, you have to just double check the information to make sure it's accurate. It's not that all of them are giving bad advice, sometimes they are thinking along a different line than you are.
I'm not completely following all your posts. The original link is about mortgage brokers right? So what does that have to do w/ real estate agents? Why are you connecting the two fields?
I'm sorry for whatever happened to you. Could you explain exactly what happened to you that you are so upset? What did this realtor felon exactly do. I understand he shouldnt have been given a license but did he do to other people?
Yes, but I'm not going to speak for other people although I'm aware of people with similar experiences.
I put this thread up on the mortgage forum at first and because I posted it another forum CD decided to remove the other one and leave it here, IMO they should have removed this one and keep it on the mortgage forum.
Because I was to not as naive as the realtor thougth and neither was another person I know, she didn't scam us as she thought she could, actually she did a transaction on her previous home that might be legal or illegal, I don't know which one, but it showed it wasn't smart and now she is facing foreclosure on both properties, her primary and her formal property. A person who is convicted of fraud and grand theft should not be able represent others in transactions of properties in which large amount of money are handled and people trust to get good advise. Emotionally it is the hardest for the people involved and luckily not financially we were scammed because we were smart enough, but what about other people, we don't know all the facts of others....we trusted a person with a licence given by the State....well we know better now!
just because someone has a higher degree does NOT make them so smart. I've been to doctors who don't know better, same w/ accountants, and attorneys.
You know who's out for your own best interest, yourself only! In today's times, no one knows your own personal situation better than you only. You have to do your own research and be comfortable with what you are doing. If someone tells you something be it a doctor, lawyer, or a realtor, you have to just double check the information to make sure it's accurate. It's not that all of them are giving bad advice, sometimes they are thinking along a different line than you are.
Recently there was an issue with a plastic surgeon who was kind of endorsed by Oprah on tv. She was telling the viewers and ordiance how good he was, etc...than he turned out not to be licensed and more.....
Can we blame the people who went to this doctor for not checking more...maybe yes, but since a famous person endorsed him on tv that made him look even better. Right now people are suiing him and Oprah for this. I'm not sure what is going to happen next but certain things can make a person look more trust worthy and IMo a State license stands for something....well taht changed IMO. Of course there are better professionals and worse professionals and a license doesn't make them better but it stand for trust. Which was very well descibed by the mortgage broker in the CNN clip....he stated that it made his license worthless if they don't do what they say they do and that is background checks!! Why should a professional even pay to obtain a license and why are we told to check on a company or professional by checking the license if this hasn't happened in the first place.
To people who now are talking about stock brokers is not making any sense, since I'm not aware of felons among themand have no expeirence what so ever with them although I know one who has 350 people working for himand is making a lot of money and is a great guy who helps many other people, but on the professional field, I have no clue.
The facts are that I have proof of a 3 x convicted felon and now the over 4000 mortgage broker felons....facts, let's keep it to the facts...if you have proof of other professionals, feel free to share the info so we will be warned.
We all know that some people do their job better than others.
A speeding ticket is your own fault if you get one.
But if you pay for advise and another person get paid (commission) for selling you the contract which a mortgage is IMO, shouldn't the standards not be very high since many people have a hard time understanding it in the first place.
I understand you have to do some due dilligence but the wording is for most people who didn't study this field, very hard to understand and a license should mean that the person can be trusted more than unlicensend people.
Signing documents you don't understand also shifts the responsibility to the buyer. Is it difficult.. YES! Shoudl it be clearer and easier for borrowers... YES!
But, whether its difficult or hard it is up to someone signing a contract to understand what they are agreeing to. Whether it is a job offer, medical waiver or real estate purchase. As you said its a huge financial decision that people are making that could affect their entire lives, isn't it worth the time to get some books at the library and learn what you are getting into?
Stock brokers, CPAs, attorneys, doctors, pharmacists and many other professions have rigorus licensing and standards. We see fraud, corruption and deceit in all of those fields as well. A license is the first step (and it should be harder to get in the mortgage industry, I agree) but its only one step. As long as there is greed there will be problems... it is up to a client to take responsibility and ask the important questions.
The problem is, how many people really even cared to ask their lender how many years experiences, what education, licensing or training they had? Did anyone get referrences and check to make sure the person was honest?
Most consumers asked "what rate do you have" and "how much can you qualify me for"? As long as the market was hot, many did not care how well the lender knew their job... all they cared was how cheap the service was. The entire industry became about price. When that happens, of course the standards for loan officers and real estate agents goes out the window... any fool that can open a door or quote a 1% rate can rack up a sale.
Now these same customers who put price #1 are realizing that maybe a little more money for good advice goes a long way. It still leaves the question on how to make sure the advice is good... but if people interviewed their loan officers and learned what training, education, licesing, memberships and work history they had it would be a start. Everyone always says lowest price might not be the highest quality or best value, but then they base one of their biggest financial decisions on price alone and expect that the only difference between one lender and another is cost.
well I guess because this all is coming out and me myself having had this experience, I and hopefully other people will do so in the future.
I'm lucky to never had a mortgage in my life and because of my families past we have a harder time trusting other people....which is maybe not a nice thing, but it helped me in other times....
I really hope people will ask more questions and ask for more credentials and check backgrounds or at leat in Florida we can easily access the public records which I now do on a regular base.. A license means not much to me anymore, the public records and even checking on education backgrounds, can help.
If anyone made a personal attack on this thread it was you...If you want to know the truth, I understand the contracts better than general attorneys and a few RE attorneys I've run across. I wouldn't mess with them in a court of law about laws but I know the RE process better than any RE attorney I've met.
It doesnt matter how much "You" say you know about contracts. You are not a licensed attorney so you have no authority to give legal advice.
It doesnt matter how much "You" say you know about contracts. You are not a licensed attorney so you have no authority to give legal advice.
I wonder how he will defend that statement in a court of law.
Legal advise is for the lawyers...trying to sell a house is for realtors or FSBO.
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. A license means not much to me anymore, the public records and even checking on education backgrounds, can help.
