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  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] How Realtors Destroyed the Economy
  • Date: Sat, 18 Oct 2008 08:14:10 -0700 (PDT)

Imagine the world of hurt a similar couple would be in today, if they did the
same as you 6 months ago. There would be no buyer for the city house.

There will be large fortunes made in real estate from people with a 25 year
outlook on real-estate. In some areas, there are simply no buyers. Supply
and demand will catch up and there will be true giveaway property sales. The
only caveat is gov't involvement. ....bobford


--- On Sat, 10/18/08, Lynn Wigglesworth <lynnw1366 AT hotmail.com> wrote:

> From: Lynn Wigglesworth <lynnw1366 AT hotmail.com>
> Subject: Re: [Homestead] How Realtors Destroyed the Economy
> To: homestead AT lists.ibiblio.org
> Date: Saturday, October 18, 2008, 9:03 AM
> Bob; I agree. When we bought our farm, we already owned a
> house in the
> city. We told the bank that the farm was a "vacation
> home". There's no
> way we could afford two mortgages on my husband's
> income (I was home
> with young children), but they let us do it. They let us
> get into
> mortgage debt that it was clear my husband's income
> couldn't cover.
>
> If we'd told them that as soon as we owned the farm, we
> planned to sell
> the city home, my husband quit his job, and move to the
> farm with no
> job, they never would have given us the money. As it was,
> it worked out
> because we were sensible and paid down the mortgage on the
> farm with the
> proceeds from the city house. We worked hard to pay down
> the mortgage
> further so we didn't need an outside job (on a bitter
> note, that just
> added to the equity in the farm that I had to pay my ex
> half of when we
> divorced).
>
> Lynn Wigglesworth
> Tioga County, PA
>
> bob ford wrote:
> > That is a good video explanation of 'one' of
> the causes of the housing bubble. But the narrators
> conclusion that the realtors are the sole cause, and that
> the banking enterprises are blamesless ,is just plain wrong.
> >
> > he's right, the bankers didn't show the
> customer the house, they didn't sell the customer the
> house. But, the banks make the rules. If the realtor
> 'salesman', is aware that his customer can not
> qualify for a more costly house --that no banking
> institution will buy the paper-- then , then salesman is not
> going to waste his time showing that house; there would be
> no commission.
> >
> > I'm not that fond of realtors, as a group. Thought
> I have met and done business with some fine individual
> realtors. The fact remains, the person (the bank) who
> 'buys the paper', does set the rules. And, the
> derivative bomb, was just a d*mn scheme, for hedge funds and
> investment banks to multiply profits off each (including the
> badly papered) sale.
> >
> > When I bought my house, my realtor was a true
> professional. I qualified to buy a much more expensive
> house than the one I bought. But, my wife had found the
> house we liked , in the right neighborhood; at a price I
> told her I was willing to spend. There were things other
> than paying for a house, for which I wanted to allocate
> funds.
> >
> > The realtor didn't try to push a more expensive
> house on us even though the banks would have bought more
> paper. And, when I bought this house , banks were much more
> careful with lending practices. During this bubble, banks
> let realtors know they would buy almost anything.
> >
> > Realtors are professional salesmen, not professional
> baby-sitters. They sold as much as they could to make the
> biggest possible commissions; but only because the banks let
> it be known that they were buying all paper.....bobford
> >
> >
> >
> >
> > --- On Sat, 10/18/08, Clansgian AT wmconnect.com wrote:
> >
> >> From: Clansgian AT wmconnect.com
> >> Subject: [Homestead] How Realtors Destroyed the
> Economy
> >> To: homestead AT lists.ibiblio.org
> >> Date: Saturday, October 18, 2008, 7:08 AM
> >> It was just a matter of time until someone said
> it:
> >>
> >> http://uk.youtube.com/watch?v=Hv9hSLtEwOM
> >>
> >> (It's a YouTube video, so 'caveat
> miror' for
> >> dial-ups)
> >>
> >>
> >> James
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