Kathy Wall

Short Sale vs. Foreclosure – Ethical Considerations
January 28, 2010 · Kathy Wall · 5 Comments

I have recently begun thinking a lot about the ethical considerations of short sales and foreclosures.    Please believe me when I say that I am completely empathetic with those people who are losing their homes because they were  tricked into going for one of those terrible loans or because they have lost their job.   That being said, I question the ethical decision making process in a lot of  other cases.   Just a couple of examples:

We hear stories all the time about people who bought second, third and fourth homes using those crazy interest only, “pay what you want, when you want to” loans.    They all thought that they were going to be land barons, making big bucks on the rentals or buying the property, fixing it up and flipping it for a huge profit. 

Now, the homes that they bought in Fresno, Sacramento, Lodi….heck, all over the country… are no longer worth what they paid for them and, because of the economy, they can no longer require the high rents they were getting in the beginning.    In many cases, the owners can still afford to make the payments, but now don’t want to because they feel the value is not there, so they simply walk away from the properties.      That seems wrong to me.   Read more

Julie Cleland

Some People Would Sell Their Grandmother!
September 22, 2009 · Julie Cleland · 4 Comments

SeniorEither that, or try and sell something to them.  This was the first thought that went through my head when a fellow agent handed me a flier an elderly friend received with an offer to sell them a copy of the deed of trust on their home.  As with most things…one should always read the small print and if it seems too good to be true, it probably is.

 In all fairness, this particular notification did print in very large letters that the program was not endorsed by the government.  In addition,  they went so far as to say that one doesn’t actually need what it is they are selling, a copy of your deed,  to prove home ownership.  While their “fine print” was actually legible and clear, many offers don’t always come with such warning.     Read more

Claudia Tringale

Turn that movie in on time!
September 9, 2009 · Claudia Tringale · 5 Comments

Credit PathWhen working with Buyers I always get asked about how they can boost their credit scores especially when trying to qualify to purchase their first time home.  My 13 years experience in the finance industry spanning from retail banking, credit, to mortgage brokering has taught me to not to take your credit history for granted.  A lot of folks don’t understand that something miniscule as not paying your movie rental collection can come back to truly haunt you on your credit report; and thus prevent you from buying a home sooner than later. 

 For instance, just recently I had a new buyer pre-approved for a loan, and we discovered that he actually can not start looking for a home until early next Summer.  He had to correct a major derogatory item on his credit report beforehand.  I told him to please not feel defeated!      Read more