How do mortgage brokers and realtor's take advantage of home buyers? Are they similar to car salesmen or are they on...
56As with any business that requires a portion of trust from one party to another, you have a tendency to end up with some bad fruit in the basket. I believe that this is true in the housing industry today and might be one of the major contributors to the housing market crisis.
About 15 years ago there was this thing called the "Refi Boom" and everyone and their mother became a mortgage specialist. Problem with that is, training got diluted and people started shaving corners. Money was being made left and right and people just did not care. They were willing to pay for their sins later by exiting the market and leaving the clean up for the honest people.
About 10 years ago, the Realtors caught on to the point of the "Refi Boom" and decided to bring it over to the purchase world where it could better there business. And all of a sudden, everyone and their mother became a Realtor. Or at least tried to become a Realtor. And, as with the mortgage side, it got diluted and became an issue. Exit strategy was once again used and people were left holding the broom and dust pan to clean up the mess.
Now, with that said, it still goes on today were customers are taken for a ride by a Realtor or a mortgage professional who just does not care. With being in this industry for the length of time I have been in it and seen the kinds of treatment that I saw come out of it, it can scare a newbie away.
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Comments
JBatt, keep your head up. We all sat where you are sitting today.
It is amazing to see people with little to know training or education trying to council people on what is for most the biggest investment of their lives, their home! IMHO, those who take people for "rides" are not professionals in any sense of the word.
Rich, I believe that in everyone's opinion those people are not professionals. They are more like crooks and give us all a bad name.
As a full time real estate agent with my husband, for the past 12 years, I see it all. There are excellent, professional, experienced real estate agents who are worth their weight in gold. And, there are the agents who are in the business for all the wrong reasons. It's unfortunate that the old saying "one bad apple spoils the bunch" applies to our industry. The good agents have to work twice as hard to prove themselves and gain their client's trust.
I don't know how rigorous the training is in TN to become a real estate agent, but here in NJ where my husband and I operate, the training is pretty intense.
At any rate, we take a great pride in our business and treat our customers the way we want to be treated.
Andrea, personally I think it is a great idea to put agents through that type of requirement. I wish they did it in the mortgage business, but to be honest, I saw pizza delivery clerks writing mortgages the first week on the job.











JBatt says:
2 years ago
Thanks for your insight danni. As a newbie, you are right, it can be intimidating. I am excited to check out your blog links.
http://hubpages.com/hub/Helping-Hubber-Hands