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1003s.com
3368 Posts |
 Posted - 08/12/2008 : 10:38:09 AM
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I talked with a rookie realtor the other day that just made me laugh.
She said, she was getting calls from people she sold houses to, complaining they
were not able to REFI.
And she went on to tell me, had the buyers used her LO referral, they would not
be in this mess. I was told how she would never push buyers to over extend,
it was those LO's charging lots of points, that encouraged her buyer,
to put no money down.
Anyone know where I can get a good deal on a pair of hip boots?
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VVance
2489 Posts |
Posted - 08/12/2008 : 10:41:36 AM
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| Check back with her in a couple of months...to see if she is still in Real Estate. Or, is she on of those with a spouse who makes enough money to pay the bills and support her hobby? |
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kbaker
910 Posts |
Posted - 08/12/2008 : 10:44:22 AM
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Send in the "A" Team.
http://lh4.ggpht.com/_ZK7AfgoDsgw/RoSHi_S8NjI/AAAAAAAAAW0/mJH2gUPDj44/Bad+Superhero.jpg |
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CoolMtgGuy
3720 Posts |
Posted - 08/12/2008 : 10:47:41 AM
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Probably the latter ... so many of them are.
quote:
Originally posted by VVance
Check back with her in a couple of months...to see if she is still in Real Estate. Or, is she on of those with a spouse who makes enough money to pay the bills and support her hobby?
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gsgroupinc
2035 Posts |
Posted - 08/12/2008 : 10:51:13 AM
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| You have to love the REALTOR who has been involved in 8 sides their whole career and knows more than the LO who does 8 transaction a month. I LOVE THAT!!!! |
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Scrooge McDuck
8851 Posts |
Posted - 08/12/2008 : 11:30:23 AM
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imagine of the people had put money down? what a waste that would have been.
i think its better to be upside down w money in the bank, then to have put money down and lost it to declining values. money in the bank at least gives you options hang in there for a bit til this thing goes by. |
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bestbet123
1577 Posts |
Posted - 08/12/2008 : 11:35:57 AM
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| Most realtors,and stress most,are complete losers,except for the ones i work with.(just in case they read BO) |
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benjamin
2297 Posts |
Posted - 08/12/2008 : 11:50:32 AM
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Scrooge, you are right. Money is a tangible asset, equity is not.
You can spend money if it is in the bank. Negative equity is a concern.
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SoCalRay
2698 Posts |
Posted - 08/12/2008 : 11:54:46 AM
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The Realtors I have talked to have their head in the sand mentality or they are on that river De Nial
They do not want to be honest with their listings about the drops in value because for the last 7 years they told them values always go up. |
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downtime
228 Posts |
Posted - 08/12/2008 : 12:09:10 PM
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For the life of me I think the biggest con of all is how real estate agents have somehow skated away from being the #1 culprit in this mess.
They found the buyers. They found the houses, they sold the houses. They did whatever they could to sell the houses.
Yet its the borrowers, brokers, lenders, appraisers and even the guvs fault. Everyone except the most obvious people .
THE REALTORS. |
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bestbet123
1577 Posts |
Posted - 08/12/2008 : 12:18:18 PM
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What he said.....realtors and joke should always be in the same sentence.
quote:
Originally posted by downtime
For the life of me I think the biggest con of all is how real estate agents have somehow skated away from being the #1 culprit in this mess.
They found the buyers. They found the houses, they sold the houses. They did whatever they could to sell the houses.
Yet its the borrowers, brokers, lenders, appraisers and even the guvs fault. Everyone except the most obvious people .
THE REALTORS.
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gsgroupinc
2035 Posts |
Posted - 08/12/2008 : 12:23:18 PM
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quote:
Originally posted by downtime
For the life of me I think the biggest con of all is how real estate agents have somehow skated away from being the #1 culprit in this mess.
They found the buyers. They found the houses, they sold the houses. They did whatever they could to sell the houses.
Yet its the borrowers, brokers, lenders, appraisers and even the guvs fault. Everyone except the most obvious people .
THE REALTORS.
I get a call yesterday from a REA asking me to do a loan that have been denied already FHA. I asked why she could not tell me she just wanted me to get it closed. Still waiting for that call back. |
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assassin17
4179 Posts |
Posted - 08/12/2008 : 12:28:38 PM
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To this day I still have realtors telling me that they don't care how it gets done, just "be creative and don't blow it".
Realtors are scum, no cleaner than anyone else in the industry. |
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SoCalRay
2698 Posts |
Posted - 08/12/2008 : 12:32:33 PM
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| Realtors have way better lobbyists then we do |
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Scrooge McDuck
8851 Posts |
Posted - 08/12/2008 : 12:37:41 PM
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quote:
Originally posted by assassin17
To this day I still have realtors telling me that they don't care how it gets done, just "be creative and don't blow it".
Realtors are scum, no cleaner than anyone else in the industry.
they dont sign the 1003, or understand the potential consequences of a misfire. |
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SoCalRay
2698 Posts |
Posted - 08/12/2008 : 12:39:55 PM
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Missed this one back in May - The NAR settled with the DOJ
JUSTICE DEPARTMENT ANNOUNCES SETTLEMENT WITH
THE NATIONAL ASSOCIATION OF REALTORS
Settlement Will Result in More Choices, Better Services and Lower Commission Rates
For Consumers
WASHINGTON — The Department of Justice announced today that it has reached a proposed settlement with the National Association of Realtors (NAR) that requires NAR to allow Internet-based residential real estate brokers to compete with traditional brokers. The Department said the settlement will enhance competition in the real estate brokerage industry, resulting in more choice, better service, and lower commission rates for consumers. NAR has agreed to be bound by a 10-year settlement to ensure that it continues to abide by the requirements of the agreement.
In September 2005, the Department’s Antitrust Division filed a civil antitrust lawsuit in U.S. District Court in Chicago, against NAR challenging policies and related rules that obstructed real estate brokers who use innovative Internet-based tools to offer better services and lower costs to consumers. The Department said that the policies prevented consumers from receiving the full benefits of competition, discouraged discounting, and threatened to lock in outmoded business models. The case was scheduled to go to trial in July 2008 before Judge Matthew F. Kennelly.
If approved by the court, the proposed settlement would require NAR to change policies and adhere to certain conduct remedies to resolve the Department’s competitive concerns.
Under the terms of the settlement, NAR will repeal its anticompetitive policies and require affiliated multiple listing services (MLSs) to repeal their rules that were based on these policies. NAR will enact a new policy that guarantees that Internet-based brokerage companies will not be treated differently than traditional brokers. Under the new policy, brokers participating in a NAR-affiliated MLS will not be permitted to withhold their listings from brokers who serve their customers through virtual office websites (VOWs). In addition, brokers will be able to use VOWs to educate consumers, make referrals, and conduct brokerage services. Such brokers will not be excluded from MLS membership based on their business model. NAR will report to the Department any allegations of noncompliance. NAR also has agreed to adopt antitrust compliance training programs that will instruct local Associations of Realtors about the antitrust laws generally and about the requirements of the proposed settlement specifically.
"Today’s settlement prevents traditional brokers from deliberately impeding competition. When there is unfettered competition from brokers with innovative and efficient approaches to the residential real estate market, consumers are likely to receive better services and pay lower commission rates," said Deborah A. Garza, Deputy Assistant Attorney General of the Antitrust Division. "In addition, under this settlement, NAR will foster compliance with the antitrust laws by educating its members and its 800 affiliated MLSs."
NAR is a trade association of more than 1.2 million residential real estate members who operate in local real estate markets nationwide. In almost every area of the country, brokers have organized MLSs through which they share information about homes for sale in their community. Brokers regard MLS participation to be essential to their ability to compete, and virtually all brokers participate in a local MLS. More than 80 percent of the approximately 1,000 MLSs in the United States are affiliated with NAR. NAR oversees rules governing how its affiliated MLSs operate.
The Department’s 2005 antitrust lawsuit challenged NAR policies adopted in 2003 and 2005 that obstructed competition from brokers providing residential brokerage services via the Internet. One way that brokers use the Internet to provide brokerage services to their customers is through password-protected Internet sites, known as VOWs. VOWs allow a broker’s customers to search real estate listings themselves instead of relying on a broker to conduct searches for them. Delivering listings via the Internet enables customers to control their search process and educate themselves about the real estate market in their area on their own schedule. These VOWs have allowed brokers to be more productive, and some VOWs have passed these efficiencies on to consumers in the form of lower commission rates to home sellers and rebates to home buyers.
The first rule challenged by the Department required MLSs to permit traditional brokers to withhold their listings from VOWs by means of an "opt out." NAR does not permit brokers to withhold their listings from traditional broker members of an MLS. Many local MLSs adopted NAR’s policy before NAR suspended its policy during the Department’s investigation. In one market in which the MLS adopted the policy, all brokers withheld their listings from the one VOW in the community, which was then forced to discontinue its popular website.
The second rule prevented a broker from educating customers about homes for sale through a VOW and then referring those customers (for a referral fee) to other brokers, who would help customers view homes in person and negotiate contracts for them. Some of the VOWs that focused on referrals also passed along savings to consumers as a result of increased efficiencies. Collectively, NAR’s policies prevented consumers from receiving the full benefits of competition in the residential real estate industry.
The proposed settlement, along with the Department’s competitive impact statement, will be published in the Federal Register, as required by the Antitrust Procedures and Penalties Act. Any person may submit written comments regarding the proposed final judgment within 60 days of its publication to John R. Read, Chief, Litigation III Section, Antitrust Division, U.S. Department of Justice, 450 Fifth Street, NW, Washington, DC 20530, 202-307-0468. At the conclusion of the 60-day comment period, the court may enter the proposed final judgment upon a finding that it serves the public interest.
More information on the Department’s efforts to preserve competition in the real estate industry can be found on the Antitrust Division’s Competition and Real Estate Web site at http://www.usdoj.gov/atr/public/real_estate/index.htm.
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velecico
3997 Posts |
Posted - 08/12/2008 : 2:50:12 PM
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REALTURD should be the term , and I am one LOL |
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bestbet123
1577 Posts |
Posted - 08/12/2008 : 3:48:29 PM
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you said it,but i have to agree,can't stand them,well most of them.(not my realtors,they are great!)
quote:
Originally posted by velecico
REALTURD should be the term , and I am one LOL
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DRB
176 Posts |
Posted - 08/12/2008 : 3:53:48 PM
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| As much as realtors complain about LO's, I've never seen a realtor complain about the commission check that we USUALLY make possible. With a mortgage, very few commission checks for realtors. |
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BankNegotiator
171 Posts |
Posted - 08/12/2008 : 6:16:53 PM
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As a Realtor, I have to say that it seems that many of the problems that arise come from lack of experience on both the part of the agent and the LO.
I try to make sure that I contact LOs before structuring deals for submission. Often times buyers don't know what the heck they are doing.
My recent chagrin over buyer's confusion concerning seller's concessions and DPA is a big one. So many buyers get just enough info from their LO to be dangerous to themselves.
They get a Preapproval Letter (or they don't) and they feel empowered and run around looking at homes and trying to put offers in during the heat of the moment and the agent has nothing on which to structure the deal.
Seems that if we all improved our communication skills things would be easier for all. |
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FLMike
517 Posts |
Posted - 08/12/2008 : 7:37:11 PM
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I had my Realtors license for a few years and let it go, I couldn’t believe the mentality that Realtors have. I came from an automotive background, we actually had to use are brain for a living or it could get someone killed. I started off in property management and one agent didn’t think it was worth it to drive 30 miles to show a rental property for only $200.00. I told her I would be more then willing to collect $200.00 for a hours work.
Then I got into Real Estate sales, because I hated property management, it wasn’t much better and decided to get into the mortgage business after being convinced by a friend of mine that’s been in the business for years, only to learn that I wasn’t wrong about Realtors. There’s only a hand full of Realtors that’s worth their paycheck and it’s extremely hard to find the good ones.
The majority of the Realtors I’ve run across only seem to care about their paycheck and not the clients needs, very sad. They feel that they’ve earned their paycheck but Mortgage Brokers don’t deserve our fee.
I’ve had Realtors back stab me so many times I lost count. SoCalRay, you’re totally right, they have the lobbyist and we don’t, shame on us. Like I’ve said in the past, we Mortgage Brokers are way too friggen lazy and that needs to change. Until we do, we will suffer the consequences...
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1003s.com
3368 Posts |
Posted - 08/12/2008 : 9:55:22 PM
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Mike,
while I won't despute your claim that many mortgage brokers
are lazy. With the MLS, and realtors so often selling
listings of other offices, realtors have many more
logical business reasons to interact.
I have been to mortgage broker trade shows,
that were filled with 20-somthings,
that seemed to be there, more on the prowl for dates,
than any legitimate business reason. Also, the realtors trade
groups, do __not have their efforts challenged by banks and mortgage
bankers, and realtors, and consumer groups, all at the same time,
as mortgage broker groups often do.
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FLMike
517 Posts |
Posted - 08/12/2008 : 11:44:52 PM
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quote:
Originally posted by 1003s.com
Mike,
while I won't despute your claim that many mortgage brokers
are lazy. With the MLS, and realtors so often selling
listings of other offices, realtors have many more
logical business reasons to interact.
I have been to mortgage broker trade shows,
that were filled with 20-somthings,
that seemed to be there, more on the prowl for dates,
than any legitimate business reason. Also, the realtors trade
groups, do __not have their efforts challenged by banks and mortgage
bankers, and realtors, and consumer groups, all at the same time,
as mortgage broker groups often do.
I agree and had to laugh at the prowling for date’s part of your post, very true on both sides of the fence and I might be guilty as charged as well … lol.
Nevertheless, Mortgage Brokers have been taking an unjustified betting lately. We have an uphill battle that isn’t being handled property on any level, state or federal. Realtors, on the other hand, are much better represented and we seem to be fast a sleep at the wheel with our local representatives that should be addressing the key issues on the state and federal levels. Well, at least here in Florida.
Until we all realize that we need to unite as one professional group and smarten up we will always be behind Realtors and that’s a sad thought, they might be dumb, but they’re not stupid. I think it’s the get rich quick guys in our profession that’s holding us back, the ones that don’t realize that this isn’t a get rich quick business and we’re all in this for the long haul. If we can ever get to the point we well make it…
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KHufford
6002 Posts |
Posted - 08/13/2008 : 01:27:34 AM
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The sad thing abou this is...most Realtors have to go through more classes and licensing than most LO's...so just think about how many idiotic LO's there are vs. Realtors...
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Scrooge McDuck
8851 Posts |
Posted - 08/13/2008 : 06:01:38 AM
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the worst part about realtors having MLS, is that they dont use it. or barely use it. they use about 10% of its capabilities to actually benefit the client. there is a ton of data in that system, and i only know 2 realtors that actually use it.
the 2 realtors are my brother, and the guy who taught him. both send me deals, and both loev working with me. |
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1003s.com
3368 Posts |
Posted - 08/21/2008 : 1:39:05 PM
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quote:
Originally posted by FLMike
quote:
Originally posted by 1003s.com
Mike,
while I won't despute your claim that many mortgage brokers
are lazy. With the MLS, and realtors so often selling
listings of other offices, realtors have many more
logical business reasons to interact.
I have been to mortgage broker trade shows,
that were filled with 20-somthings,
that seemed to be there, more on the prowl for dates,
than any legitimate business reason. Also, the realtors trade
groups, do __not have their efforts challenged by banks and mortgage
bankers, and realtors, and consumer groups, all at the same time,
as mortgage broker groups often do.
I agree and had to laugh at the prowling for date’s part of your post, very true on both sides of the fence and I might be guilty as charged as well … lol.
Nevertheless, Mortgage Brokers have been taking an unjustified betting lately. We have an uphill battle that isn’t being handled property on any level, state or federal. Realtors, on the other hand, are much better represented and we seem to be fast a sleep at the wheel with our local representatives that should be addressing the key issues on the state and federal levels. Well, at least here in Florida.
Until we all realize that we need to unite as one professional group and smarten up we will always be behind Realtors and that’s a sad thought, they might be dumb, but they’re not stupid. I think it’s the get rich quick guys in our profession that’s holding us back, the ones that don’t realize that this isn’t a get rich quick business and we’re all in this for the long haul. If we can ever get to the point we well make it…
While your thinking about the long haul, makes perfect sense, it's somewhat
non-typical of the industry in general. |
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meagherr
332 Posts |
Posted - 08/21/2008 : 2:07:41 PM
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Scrooge,
I would hope that your brother loves working for you!! 
I had to say it...
quote:
Originally posted by Scrooge McDuck
the worst part about realtors having MLS, is that they dont use it. or barely use it. they use about 10% of its capabilities to actually benefit the client. there is a ton of data in that system, and i only know 2 realtors that actually use it.
the 2 realtors are my brother, and the guy who taught him. both send me deals, and both loev working with me.
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clarenceworley
4232 Posts |
Posted - 08/21/2008 : 2:12:51 PM
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Today-
Them: Loan has been turned down by x,y,z, and fannie Mae, here's a 1003 don't call the borrower..
Me: Why did x,y,z et all tunr down file
Them: don't worry about it.
Me: Good luck. |
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