Forum Post: real estate agents and bankers abound in local movement.
Posted 12 years ago on Dec. 24, 2011, 7:24 a.m. EST by DYLANDIRT
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Can't see that they are the problem. http://www.facebook.com/occupycoachellavalley
The realtors can't blame the bankers any more than the horse can blame the cart for where it goes. Appraisers weren't forced into anything. It was the nature of the lob to go with the flow. Get the check and keep your realtor happy. When we, ourselves, talk of occupying the Rose Bowl 1 day and blowing our money in the casinos the next day. I've never seen a more out of touch movement.
This response and a number of others there have me convinced that there are many more involved in OWS who are or were formerly earning a living in real estate and allied industries (ie:real estate agents/brokers, loan officers, appraisers, title representatives, escrow officers,processors, construction workers/contractors) We're here and the ethical among us lived through and were at the edge of what happened:
http://www.facebook.com/occupycoachellavalley
Judy Riale As a real estate broker for over 20 yrs, I watched in horror as the BANKS created new "product" to sell. That was low doc/no doc, low FICO OK, Option ARMS, Zero to 5% financing with 2nd mortgages to make up the shortfall. In some cases, you could get 110% financing! If you could fog a mirror, you could buy a house. The BANKS made up these terms, not the Buyers. The banks didn't care because they sold these loans like hot potatoes, even before closing. And many people bought into the American Dream, because they were told they "qualified". . Any appraiser who didn't go along with the scheme was cut out, and paperwork for title was sooo sloppy it was worthless. This is kinda like a drug dealer selling shit that might kill you. There was no quality control. Nope, you can't blame it all on the Buyers, they were sold a bill of goods by snake oil salesmen (the Banks). Homes historically were to LIVE IN, not a "Market". There was no "conspiracy" among agents and appraisers. Appraisers work on a fixed fee, under tight guidelines. They were as surprised at soaring house values as anyone. They were used to the 3-6% annual appreciation for years and years, before the tidal wave of greed by the banks. RE Agents always were salesmen first. It's the nature of the job, whenyou work on commission. For years, I advocated a fixed fee as a real estate consultant. You pay an accountant to do your taxes. He has a fixed fee, and it doesn't matter if you owe, or get a refund. Here's a story you won't find yet in the media. Almost ALL second mortgages (including home equaty loans) are now not worth the paper they're written on. The equity has been wiped. They are being settled at around 5K, in a short sale, no matter what the balance is, because the banks that hold these 2nd loans are now unsecured debt collectors. As John Paul says, check out all your options, preferably with an attorney. As far as ethics and moral obligations, banks are "walking away" from residential, and especially commercial property without losing a night's sleep. To them, it's a "business decision". Blaming the banks is the right thing. They're the Main Shuffle! Yesterday at 1:17am · 1