There is a growing epidemic in the real estate community. In fact, it has spread so far and wide that if you are in real estate and aren't infected with it, you are in the minority. But before we pull back the curtain and expose the smoke and mirrors that is the real estate photography of today, let's take a trip down memory lane.
Remember when lying was a problem in lending? I mean, it's not anymore, but remember when it was? Like in 1968 when they wrote the Truth in Lending Act? Or what about 2004-2008, pre- real estate bubble? It's almost as if lenders would say anything to close a loan, or lend money to just about anyone? After all, once the loan closed, the home buyer was in the hands of the bank and no responsibility remained with the agent that "sold" the loan. Many lenders figured out if they could cloak certain line items here, make light of information over there, they could talk there way right through a maze of financial details, qualifications, points, disclosures, and simply make sure that loan closed. It's the ABC of deal making. Always Be Closing. Ultimately, that flood of dishonesty created a melt down and yielded more regulation. I know that kind of stuff doesn't happen anymore, I was just reminiscing.
223 down, 593 words to go... Continue Reading »