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Thought They Were Gone

With all this hoopla going on with the subprime loans I would hope the real estate agents and mortgage lenders helping people get into a home they can't afford would dissappear. I have a property listed and just received an offer via fax with no notification call. The offer is for 100% financing with a 7.5% credit back and a 10.9 initial interest rate. Why would a real estate agent ( I am not using the word professional) waste their time and effort to add to the forclosure statistics. This is for sure a forclosure waiting ot happen. Not having an offer on this property for 3 weeks I of course called the selling agent and mortgage broker. I asked for a letter from the bank approving a 100% loan with 7.5% credit back, asked to see a copy of the good faith deposit check and a little more information. Both the mortgage broker and real estate agent said the will fax me the requested information. That was 3 days ago. Why would they waste their time and give our industry a black eye. Makes me sick. Sorry just had to get it off my chest.

Posted by Lee Ginsburg on 11/13/2007 12:22 AM

Comments (4)

4 Comments on Thought They Were Gone

NOV

2007

Put up or shutup, Letter of Approval or move on to next buyer, good job Lee!!

With the economy and the quantity and quality of buyers some agents are trying to survive and doing thing they know are wrong but they do it because they are desperate and in the long run they will on survive but they are thinking about tomorrow not next month or next year let alone if the buyer might go into default in 6 months or a year. They are hoping they don't become a statistic. Thanks for your post.

Hi Lee

I see this is your first post on Active Rain. Congratulations!! I just wanted to welcome you to a fantastic Real Estate Industry Network! Welcome aboard, I hope you'll continue to blog, and invite others. Wishing you all the best here and in your business.

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Hello Lee,

Welcome to active rain, it's a great online community, Enjoy!

Leo Namiot

Benchmark Mortgage

Connecticut & Florida Mortgage Specialist

http://www.leolends.com/

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