Inman Roughs Up Realtors Lenders and Appraisers
NO VIDEO SHOWING TODAY. WHAT HAPPENED?
Brad is many times a paid prostitute. Whatever news buys him a few more $5.00 subscribers…
Today, everybody is claiming they are victimized. You’re buying a house. Grow up.
Imagine you are the bank, the realtor or the appraiser and that you have a know it all borrower in your face. See? you haven’t a clue….Yeah, I thought so…..
When I read that article I checked multiple times to make sure it was in fact written by Brad Inman and was surprised to find that it was. In his own words, I’m CUTTING THE CRAP and have canceled my subscription. It’s slowly become just another overconfident, pride filled sensational news feed that I can do without.
I’m happy to say that I have never bought into Iman. I truly believed that he was just trying to make money off the real estate industry and sounds like I am right. Inman News needs to cut the crap!
I have worked with buyers and sellers for 32 years. I have always explained the process and any documents that my client needs to sign. I go to all my signings to be sure that the client understands their final papers. I do work on commissions only. (As someone said in an earlier comment, when I buy a car, no one tells me how much money the salesperson makes) Our settlement statements do tell how much the commissions are for the transaction. One unique part of the real estate business is that I have to carry E & O insurance in case someone wants to sue the company and take more than the commission made on a transaction in some cases. Fortunately I have not had that happen because I work to do a great job for my clients.
I recently learned that many of the Wall Street based businesses that will buy the home from the seller charge large fees up to 7.5% of the price of the home as well as repair estimates. They then work directly with the buyer and do the financing with no appraisal, bearing no liability for the transaction with lack of disclosure. These companies provide to the seller the comps which are generally low, thus stealing from the unsuspecting owner that owner’s equity! Realtors cannot do this because they are licensed and have a code of ethics and laws that can create liability for themselves and their company.
This becomes more heinous than what happened in the mortgage meltdown in my opinion. Rich people stealing from the unsuspecting public that has no recourse against the big Wall Street folks. They have worked very hard to take the money made in real estate transactions and steal a good portion of America’s equity in their homes which is a multi-trillion dollar equity!
There are Realtors and lenders who don’t do a great job for clients, but they certainly don’t rip the owners and buyers off! They have no shame!
I would love to rant about Mr. Inman, but since I don’t know him, I will just move on to this thought. If the lender, RE agent and appraiser are useless then where exactly does the new also very knowledgeable 30 something go for information. Hmmm Zillow with a 67% rate of success on their zestimate or to Opendoor and Zillow or Redfin who will buy their home for less than market and charge them 12 to 17% in fees without full disclosure, that aren’t commissions (Wink Wink). Let me see, Fannie, Freddie, HUD and VA will rely upon these good folks for all the deals. Hmmm what could possibly go wrong with this theory. Oh that should end well don’t you think. Oh yea as an appraiser I have been called all sorts of names, so I am use to individuals like Mr. Inman. Wonder who will bail out the GSE’s when this thought process doesn’t go well. Thanks to Frank and Brian keep up the good work gentlemen.
I used to read Inman and stopped. This is probably why. That being said I disagree with some and agree with some of the statements. I don’t feel we “rush” to closing, I just feel that technology today makes everyone want to rush….but BECAUSE the lending process has gotten overwhelming, the two do not mesh. I AGREE that the lending process has gotten crazy and I actually TELL my clients upfront that they may feel overwhelmed at times, but it’s a process. Clients who have owned homes 20+ years ago will see a totally different process…too many papers with duplicate clauses and too many tight, tight regulations on what is provided for underwriting and investors. There DOES need to be some change. As for appraisers, my problem is there is no oversight for them and there are too few appraisers. I DO wish the appraisal process could be overhauled.
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