[Daddys///M3]

Originally Posted by sheriff

"Bending over backwards", or @realtor enthusiasm is not my concern. What I find disturbing is the "average Joe", is willing to pay the standard 6% commission to a @realtor-----who can do NO more, or has access to NO more than anyone else. With a minimal amount of woodshedding, and research, the average citizen will easily become more proficient than all but a small percentange of the 18,000+ @realtors in LV Metro. Such a high commission for this minimal, and often questionable service only proves the phrase-----"there's a sucker born every minute".

Absolutely not true. Real estate professionals (as well as mortgage professionals) are privvy to many tools and resources of the trade that the general public has absolutely no access to. Furthermore, if you honestly think that the average citizen could become half as proficient as many RE agents are simply by doing some online research you are, again, sadly mistaken. I have seen what the pre-licensing study curriculum looks like. I have seen some of the questions on the test. I will tell you right now that being a knowledgable RE agent is no easy task, and unless you actually go through the 90 hr pre-licensing course there is no way that you will have even a small grasp on what a RE agents job consists of. It is a substantial amount more than CMA's and fill-in-the-blank contracts.

[sheriff]

Originally Posted by Chest Rockwell

Does the average Joe have access to enter a home into the MLS?

Yes........

[dynimagelv]

hmmmmm I didn't think they did....I thought that the MLS was restricted to GLVAR members only....

[sheriff]

Originally Posted by Daddys///M3

Absolutely not true. Real estate professionals (as well as mortgage professionals) are privvy to many tools and resources of the trade that the general public has absolutely no access to. Furthermore, if you honestly think that the average citizen could become half as proficient as many RE agents are simply by doing some online research you are, again, sadly mistaken. I have seen what the pre-licensing study curriculum looks like. I have seen some of the questions on the test. I will tell you right now that being a knowledgable RE agent is no easy task, and unless you actually go through the 90 hr pre-licensing course there is no way that you will have even a small grasp on what a RE agents job consists of. It is a substantial amount more than CMA's and fill-in-the-blank contracts.

The general public has access to any tool a "real estate professional" has. And yes, passing the national and state portions of the exam are QUITE easy, and filled with useless drivel.

[olecapt]

Originally Posted by bumpercar

But puffery which leads people into a buying decision that puts them $100k in the hole is sorta on a different level than P&G claiming that Tide gets clothes so bright they sparkle.

You suggest they should not promote buying RE because one might lose money?

As I said I to consider it a bit overly done. I often dislike NAR ads..they tend to oversimplfy complex matters. NAR will however argue these are sales ads and the media does not allow nuanced discussion. They will claim that should go on with your agent. And, if you pick a good agent, it will.

The ad I posted is a relatively current ad that I consider reasonable. A little puffery but some pretty reasonable views.

I would observe that those who bought resale in the second half of 2007 and did so wisely are in reasonable shape and will be fine in a couple of years. I would particularly include a thing NAR won't say...stay away from new build unless the builders are really hungry. YOu don't have a real market while the builder is in control.

[sheriff]

Originally Posted by dynimagelv

hmmmmm I didn't think they did....I thought that the MLS was restricted to GLVAR members only....

There is more than one "devious" way to use the system.

[Daddys///M3]

Originally Posted by sheriff

The general public has access to any tool a "real estate professional" has. And yes, passing the national and state portions of the exam are QUITE easy, and filled with useless drivel.

For someone who has openly admitted that they don't know much about real estate, you sure do claim to know quite a bit about real estate.

Regarding the general public's access to the tools and resources that RE professinals have, I will give you my name and in turn you can provide the forum with all of the information that you believe a RE professional could gather. These items are to include when I bought the house, who I bought it from, and for how much (this is the easy stuff so I'm sure that you will be able to find it). Also, how much I put down, what the rate on my current mortgage is, and what the principal balance is. I would also like you to point out to the forum how I hold title to my home. My name is Terry Day. Have at it.

Secondly, regarding the useless drivel that you say is quite easy to pass on the national and state exams, explain the difference between encumbrance and liens and how it affects transfer or reconveyance.

If you feel you are above this useless exercise then so be it, but your credibility is on the line here, IMO. If you cannot answer these "simple" questions then I feel that you have no business bashing an entire industry.

[Coop01]

Originally Posted by airics

so you are saying to this poster, he has to miss a payment before the lender will talk to them... even if he does talk to them, they are not going to renegotiate the loan after one payment missed... and when that one payment missed shows up on the credit report, he is screwed, his score will drop dramatically

That was my experience. I Paid for six more months then missed a payment and received an "automatic robot phone message" to call a "different" number "if there was a problem" within days.
Things may have changed in six months. Your mileage may vary. Different lenders may have different rules. I was willing to take the consequences.

[airics]

(sitting down with some popcorn and pop to see how this is going to turn out...) ok i am waiting for the response from sheriff... chop! chop!

[Coop01]

Originally Posted by olecapt

I generally agree with Coop...I would however strongly suggest trying to hang in there until the house bill runs its course. Should not be long.

The lenders are in a triage situation. They have limited resources for the task. They use a missed payment as a major indicator.

Some people are claiming some success. GreatDay in Phoenix who runs a relatively large office says he is having some good results.

The house bill may well provide an outlet and let people recover. Have to see the real product but it sounds rational. So, if possible try and hang in there. If not you may have to miss a payment. Stay owner occupied. You may find that non-owner occupied won't work when the thing gets done.

It is a sad situation Capt - and it will be years before all the pieces are put together and reconstructed to discover how this all went down.

I haven't dissected the bill passed by the house but on the surface it doesn't look all that helpful especially when they start adding amendments. The business of cities buying off the abandoned houses could be fraught with problems. I think it really only helps the lenders AGAIN! The new rules from FNMA allow a borrower to refinance up to 120% of the home value in certain instances. Hopefully to allow breathing room to folks that would stay in there homes until the value caught up with the mortgage. This is projected to help about 150,000 borrowers. Not a big amount but helpful to some.
Here's Bush's take on the bill. He said that he will veto it. Nevada's congressmen support it.

YouTube - Bush vows veto on housing plan