The '61-'71 Dodge Sweptline Truck Forum #26

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Subject:		Re: Scottsdale Auction Results!!!
Name:		FrankyB
Date Posted:		Jan 21, 08 - 2:16 PM
IP Address:		75.50.175.231
Email:		dodge0saurus@yahoo.com
Message:		More than just the home owner reads the fine print. There are many people involved in the transaction. During a purchase, the buyer's real estate agent has the opportunity to review the loan and it is mandatory that either the escrow officer or the lawyer (depending on the state) also review it and explain it to the borrower. In the case of the refi, there is still an escrow officer involved (or lawyer depending on the state) that WILL go over the details of the loan. Although boring to read, I would think it would be a priority for a borrower to read through the contract even if none else does. If they don't understand something, are they prevented from asking questions? No there are not. Fact. There is no situation (that I'm aware of) where it is a case of big business policy to pull one over on the borrower. It is usually a case of an (new to the business) eager employee (in conjuction with the borrower) to lie to the underwriter. BTW, I don't need a bank to tell me what I can afford or not afford. I look at the expense and as an adult can understand what I can afford or not. The borrower hopes the underwriter doesn't "catch" the fabricated "stated income" or "stated asset" crap they are telling them. It occurs to me when I go up to Pismo Beach or any other recreation facility... I look around and see THOUSANDS of people driving 100k RV's towing slews of brand new quads etc and wonder how they can afford it... Equity lines baby! I pull in with my old Power Wagon and old dirt bike and I must look like the poorest guy there! Final note: I'm a real estate broker in Los Angeles and I advise (like many of us do) for my clients not to get too creative in their financing. I advise against interest only loans and short term adjustibles only to fall on deaf ears. Most people think they can always worry about it later or that their situation can only improve. Very adolescent thinking if you ask me. There's a new way of thinking these days and it's not good. It's much easier to take huge risks, pretend later that you couldn't understand the contract and blame everyone else around you. yeah, it's the banks fault... better yet, it's Bush's fault!!
Replies:
Re: Scottsdale Auction Results!!! by patrick · Jan 21, 08 - 7:48 PM Re: Re: Scottsdale Auction Results!!! by Gordo · Jan 21, 08 - 8:35 PM Re: Scottsdale Auction Results!!! by FrankyB · Jan 21, 08 - 9:27 PM

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