Comments on: Snow Job http://www.creativeclass.com/_v3/creative_class/2008/10/24/snow-job/ The source on how we live, work and play Wed, 07 Dec 2011 18:10:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: hayden fisher http://www.creativeclass.com/_v3/creative_class/2008/10/24/snow-job/comment-page-1/#comment-6741 hayden fisher Fri, 24 Oct 2008 22:24:20 +0000 http://www.creativeclass.com/_v3/creative_class/?p=4484#comment-6741 That's partially because getting a real estate license is almost easier than getting a driver's license. Same thing with the mortgage brokers; and contractors; and speculators. All of these amateurs and crooks out there unchecked with a feeding frenzy cooked-up with Fannie and Freddie accepting anything and Wall Street more than happy to package it up pretty and sell it off.... are we surprised by the outcome??? THINK OF A WILD TORNADO with Fannie and Freddie sucking-up every junk loan and get-rich-quick scheme like an old school Hoover vacuum... The UNWINDING of this mess will not be pretty but there are lots of silver linings too....[i'll save those for a later day] That’s partially because getting a real estate license is almost easier than getting a driver’s license. Same thing with the mortgage brokers; and contractors; and speculators. All of these amateurs and crooks out there unchecked with a feeding frenzy cooked-up with Fannie and Freddie accepting anything and Wall Street more than happy to package it up pretty and sell it off…. are we surprised by the outcome??? THINK OF A WILD TORNADO with Fannie and Freddie sucking-up every junk loan and get-rich-quick scheme like an old school Hoover vacuum…

The UNWINDING of this mess will not be pretty but there are lots of silver linings too….[i'll save those for a later day]

]]> By: Elizabeth M http://www.creativeclass.com/_v3/creative_class/2008/10/24/snow-job/comment-page-1/#comment-6737 Elizabeth M Fri, 24 Oct 2008 17:37:55 +0000 http://www.creativeclass.com/_v3/creative_class/?p=4484#comment-6737 The "shady" real estate agents out there also added to the trouble. With our recent house purchase, we had to deal with a seller's agent who encouraged her clients to take on a mortgage that they would never be able to manage - e.g. 100% financing and a two-year arm. Result: a short sale. Many of her clients are not English speaking and much of what they learned about their real estate investment was filtered through her... in whatever manner she wanted them to hear it, as long as it benefited her and her commission. Agents like this who were just trying to make a quick buck and cash in on the real estate boom of a few years ago are now scrambling because business isn't as easy as it once was. And, unfortunately, a lot of their ill-advised clients are the ones who are suffering most. Perhaps I'm naive and much of the real estate biz is like this and we were just incredibly lucky to have an agent who was on the up and up. The “shady” real estate agents out there also added to the trouble. With our recent house purchase, we had to deal with a seller’s agent who encouraged her clients to take on a mortgage that they would never be able to manage – e.g. 100% financing and a two-year arm. Result: a short sale. Many of her clients are not English speaking and much of what they learned about their real estate investment was filtered through her… in whatever manner she wanted them to hear it, as long as it benefited her and her commission.

Agents like this who were just trying to make a quick buck and cash in on the real estate boom of a few years ago are now scrambling because business isn’t as easy as it once was. And, unfortunately, a lot of their ill-advised clients are the ones who are suffering most. Perhaps I’m naive and much of the real estate biz is like this and we were just incredibly lucky to have an agent who was on the up and up.

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