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Old 07-19-2008, 04:37 PM
 
Location: Salem, OR
10,929 posts, read 18,588,347 times
Reputation: 6859

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Quote:
Originally Posted by bentlebee View Post
It seems that I have met really different realtors because I have sit there with the realtor next to me and found it very uncomfortable and we decided not to say anything to avoid a very weird moment, but thinking back, we would never do it again and we don't even have a mortgage.
It is odd, which is why good agents aren't typically there.

Quote:
Originally Posted by bentlebee View Post
Many people are complaining in news articles that realtors have referred them and because of that they thought they could trust the mortgage broker...
Crappy agents make crappy referrals

Quote:
Originally Posted by bentlebee View Post
Also many builders are having their own mortgage companies and only going through them would have given these buyers a closing discount.
This is true.

Quote:
Originally Posted by bentlebee View Post
Many new construction buyers had realtors who were sitting at the title company and hearing how the mortgage papers were explained and were sitting there to act in the best interest of their clients...I'm not saying realtors are fully to blame, but I guess sometimes you should have scratched yourself behind your ears thinking how are these people ever going to pay for this.
I don't think many is the word here. A few would be a better choice. This did occur for a FEW.


Quote:
Originally Posted by bentlebee View Post
How many buyers were helped by their realtor to put the closing cost into the offer price so they wouldn't have to pay the closing cost out of pocket. In a couple of deals I had the request from the buyers agent to make the contract price higher to do so....was that the best advise or was it better to go for a lower priced house. If a buyer can't afford the closing cost that must have said something about their financial situation.
I've asked for closing costs for people that were in good financial standing. Sometimes paying down points makes more sense. If I can get a seller to pay points for my buyer, you bet I'm going to do it. Closing costs covers many things.

Sometimes homes have ugly carpet, and the buyers want to change the flooring right away. By incorporating the closing costs into the deal, they can change the flooring before moving in. Just because it's not how you would do business doesn't mean that their isn't a valid or good reason for another buyer.

Quote:
Originally Posted by bentlebee View Post
How many realtors knew appraisers who would apprais a house higher than others and always would call them instead of the once would come up with more reasonable appraisels.
In most states agents have nothing to do with appraisals.

Quote:
Originally Posted by bentlebee View Post
Well I guess we only have clients who are to blame and the professionals are all angels, but still there are thousands and thousands who are in the middle of a mess......financialy and as some realtors are saying you need good advise, because there is more to buying a house than to list them and a realtor will help you through every step of the way.
You know, you would get hounded less if you didn't generalize so much. Really, it is a serious flaw in communication style. Of course there are crappy agents who do a horrible job for their clients, and there are clients who are trying to hard to keep up with the Joneses who don't listen to sound advice from anyone. But they are extremes.

There is no group that is "angelic" with our current housing situation, but I have told people not to buy a house since I thought it was a terrible purchase, and they did it anyway. The fact is that it is the client's money and they are free to make money off of it, or throw it out the window. It is theirs to do with as they please. All I can do is guide and advise.
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Old 07-19-2008, 04:52 PM
 
Location: Hernando County, FL
8,489 posts, read 11,195,790 times
Reputation: 5397
Quote:
Originally Posted by bentlebee View Post
It seems that I have met really different realtors because I have sit there with the realtor next to me and found it very uncomfortable and we decided not to say anything to avoid a very weird moment, but thinking back, we would never do it again and we don't even have a mortgage. If you were paying cash why were you talking to a mortgage broker? That does not make much sense.

Many people are complaining in news articles that realtors have referred them and because of that they thought they could trust the mortgage broker...Please post some of those articles because I read many articles about this and it is not often at all that I see that sentiment. Even if they did get referred it is still up to them to know their finances and what they are signing. Did they just blindly sign because they did not know how to read, no, they just bit off more than they could chew thinking they could refi later.

Also many builders are having their own mortgage companies and only going through them would have given these buyers a closing discount.Once again, no one forced the buyer to use these lenders. If they did because of the closing discount with out looking at how much everything else was it is their fault.

Many new construction buyers had realtors who were sitting at the title company and hearing how the mortgage papers were explained and were sitting there to act in the best interest of their clients...I'm not saying realtors are fully to blame, but I guess sometimes you should have scratched yourself behind your ears thinking how are these people ever going to pay for this.Sitting at a closing table is not the time for looking at rates and payments. That should have all been done before and not by the Realtor. Once again, how is the Realtor to know how they are going to pay since we do not get involved in their finances. They could have $5 million dollars in the bank.


How many buyers were helped by their realtor to put the closing cost into the offer price so they wouldn't have to pay the closing cost out of pocket. In a couple of deals I had the request from the buyers agent to make the contract price higher to do so....was that the best advise or was it better to go for a lower priced house. If a buyer can't afford the closing cost that must have said something about their financial situation. I always try to roll closing costs into my purchases and do as high as I can go on financing whether it be 95% or 100%. What does this say about my financial situation? Absolutely nothing. I just choose to use my cash in other areas. For you to insinuate anything else is ridiculous.

How many realtors knew appraisers who would apprais a house higher than others and always would call them instead of the once would come up with more reasonable appraisels.Realtors do not choose appraisers. Lenders choose appraiser and as has been mentioned most Realtors are not involved in that end of the process.

Well I guess we only have clients who are to blame and the professionals are all angels, but still there are thousands and thousands who are in the middle of a mess......financialy and as some realtors are saying you need good advise, because there is more to buying a house than to list them and a realtor will help you through every step of the way.Yes, the majority of the blame is on the buyer. They signed all the papers stating what they would repay and at what rate. There are always some unethical people in every industry but some people just want to blame evryone but themselves.
filler....
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Old 07-19-2008, 08:01 PM
 
Location: State of Superior
8,018 posts, read 8,236,427 times
Reputation: 2229
After this big mess is over , look to see Builders start to " carry their own paper " so to speak. There will be one stop shops. When the need arises , someone will always be innovative. The need is now , for a lot of people , who , are having a hard time getting a loan. I know a lot of people who can not get loans for houses, and , some of them , are quite well off. For the self employed , home loans , have all but dried up. Without the ease of lending , the housing problem will go on for a long time.
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Old 07-19-2008, 08:35 PM
 
Location: DFW - Coppell / Las Colinas
18,339 posts, read 17,071,151 times
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Problem is most major builders are in serious financial situations and can't afford to become lenders or tote the notes.

The Home Builder Implode-O-Meter - tracking the home building industry implosion
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Old 07-19-2008, 09:24 PM
 
15,630 posts, read 20,759,203 times
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To SilverFall: I'm talking about most realtors in our area which is the New Tampa area which has many new construction communities build in '04, '05, '06 in which what I descibed occured, it could be that no where else than here and Califonia this was happening, sorry I never mend to talk about the whole USA, but for sure it happened here.

To Mike Peterson: the reason I spoke with a mortgage broker was because realtors kept telling us how stupid we are to pay cash ( so we could buy more properties, we were told, which could make sense) and wanted to convince us to take a mortgage. We are always open for good advise and went along to meeting 2 different mortgage brokers. One was later reported to the BBB and by the way the reginal manager of a builder was later fired due to a few things that had to do with this and another mortgage they tried to force on a client after that client was denied by Countrywide but their sales rep. tried to have the client sign an ARM with another mortgage broker which was invited to their sales office.

In this area many realtors used to work with the same mortgage brokers and appraisers. Makes me think....also that many of them are in financial trouble...I'm not blaming realtors, I think many involved could have done a better job. Why are so many realtors in my area having foreclosures them self and own many homes and didn't do even a good job for them self...greed? Or didn't they have the knowledge themself...sad...but are these people qualified to advise others?
In every builders office that we came the sales rep. were telling us how many homes they owned, probable a local thing with the housing market as it was, probable different than where most of you are.
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Old 07-20-2008, 08:30 AM
 
Location: Hernando County, FL
8,489 posts, read 11,195,790 times
Reputation: 5397
Quote:
Originally Posted by bentlebee View Post
To Mike Peterson: the reason I spoke with a mortgage broker was because realtors kept telling us how stupid we are to pay cash ( so we could buy more properties, we were told, which could make sense) and wanted to convince us to take a mortgage. We are always open for good advise and went along to meeting 2 different mortgage brokers. One was later reported to the BBB and by the way the reginal manager of a builder was later fired due to a few things that had to do with this and another mortgage they tried to force on a client after that client was denied by Countrywide but their sales rep. tried to have the client sign an ARM with another mortgage broker which was invited to their sales office.

I know, I always call my buyer stupid, it makes them like me that much more.
The stories you tell are so out there that either you have had every unethical or unlawful thing done to you by a Realtor that possibly could happen.
How does all this happen to one person?


In this area many realtors used to work with the same mortgage brokers and appraisers. Makes me think....also that many of them are in financial trouble...I'm not blaming realtors, I think many involved could have done a better job. Why are so many realtors in my area having foreclosures them self and own many homes and didn't do even a good job for them self...greed? Or didn't they have the knowledge themself...sad...but are these people qualified to advise others?
In every builders office that we came the sales rep. were telling us how many homes they owned, probable a local thing with the housing market as it was, probable different than where most of you are.You most certainly did blame Realtors in quite a few other posts. Every type of occupation has people that are being foreclosed on now. Did you think Realtors would be immune? And it stands to reason since Realtors are in the industry they may be affected on both sides. They own some investment homes and sales slowed so they are not making as much money. A lot of this is just common sense. Maybe if you just stopped with the bashing and looked sensibly at these things you would realize it.
filler...
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Old 07-20-2008, 11:28 AM
 
15,630 posts, read 20,759,203 times
Reputation: 6621
I have no clue why it happened to us, but at least we were smart enough never to go forward sign a mortgage as was presented to us, we are blamed for not sending our realtor sending out of the room, but also think she should never have stayed and hear all our private financial info. We learned our lesson.

On the other thing you write I can only say that we were surprised that so many people working in real estate were investors them self, from the sales rep. to the construction managers to the realtors, even higher up in the building companies and people working for the developer. Very understandable, every one tried to earn some money, which at one time was very easy. But what I don't understand how some of them and actualy a large amount of them bought these homes with ARM's and no money down and as many as they could get their hands on....are these the people who should give others advise? Because IMO this was waiting for bad things to happen which happened and to be honest I'm not feeling sorry for them at all.
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Old 07-20-2008, 11:35 AM
 
Location: DFW - Coppell / Las Colinas
18,339 posts, read 17,071,151 times
Reputation: 17247
A large part of our Asian / Indian community that has gotten into the business in the last few years has gotten their real estate & mortgage licenses. They want to make a profit at both ends.

I would feel a conflict of interest and always want my clients to have the expertise of a professional lender at arms length of the transaction.
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Old 07-20-2008, 11:39 AM
 
15,630 posts, read 20,759,203 times
Reputation: 6621
Quote:
Originally Posted by Rakin View Post
A large part of our Asian / Indian community that has gotten into the business in the last few years has gotten their real estate & mortgage licenses. They want to make a profit at both ends.

I would feel a conflict of interest and always want my clients to have the expertise of a professional lender at arms length of the transaction.
Does that mean they only got their license to act as a realtor for their own properties or are they working for a broker to help others as well?
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Old 07-20-2008, 11:46 AM
 
Location: DFW - Coppell / Las Colinas
18,339 posts, read 17,071,151 times
Reputation: 17247
Usually they have a RE brokers license and are independent of any firm so they don't have company rules. I'm sure it does help their community buy a home & get a loan which is an unknown concept to many Indians and foreign immigrants.
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