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86 Comments on Are YOU a Part of the Entitlement Generation?
I've had many visitors to my Open House ask me if the value of the home will increase - and they stress that they cannot buy the house unless I guarantee the value will increase. I give them a quick lecture and explain that no one can guarantee that. Some of these people want to live in the house for 20+ years -- I ask them why they need the value to increase -- are they anxious to pay higher property taxes?
Eric - Terrific post. Thanks for telling it like it is!
Sorry Eirc, big corporations walk away from losing investments all the time. I disagree. Why pay 2X as much for housing for you family for the next 30 years than you have to?
WAY TOO MUCH ENTITLEMENT THESE DAYS! It starts with simple back aches and can end in lifetime disability payments out of our paychecks. It starts with one Food Dispursement and Ends with Lifetime Food Stamps.
What really opened my eyes to this entitlement is working on a Church Mission Trip. There was a family who had been living in a trailor next to a old foundation. We came in and built them a new home. What was so very sad is that this family had 2 of the newest / biggest Pickup Trucks, several dogs and pounds upon pounds of dog food, 3-4 flat screen televisions with cable television, several video gaming systems with multiple games, each member - including the 14 year old youngest had cell phones, and the list goes on. So where in that families book did they get a new home entitlement?
Similar to loads of foreclosures.....and a continuing education teacher put this picture together well. There are those that look at home purchasing as a business deal, if the deal is no longer a good investment, its time to jump ship. Then there are those that are wise and "old school", the ones that know they signed on the dotted line, and know that in the long run this sinking ship is theirs alone to keep afloat.
Now like you said in the post, there are those that run into difficulty in the game of life, but please if I come over to negotiate a short sale.....I BETTER NOT SEE: New cars, top end appliances, electronics to the hilt, fancy cloths, and all the luxurys of life. O and if you invite me to your Summer BBQ where sushi / wine / cheese are served, you may be loosing my sign out of your yard!
Although I struggle with the entitlement mentality of our culture I am going to go counter the common theme on this one.
Thane's comment in #24 about there being no clause that says you can walk away from it. Actually there is. At least in California it is called the law and it makes it a non-recourse loan if it is a purchase loan. In short you can walk away. The lender knows that is a possibility when they make the loan.
Now I am a capitalist and absolutely disgusted with the assault on capitalism in this country. However, our government and big finance in this country have basically manipulated markets to the benefit of the elite and the detriment of many. This is not capitalism. I could write pages about the many ways this is happening but I think those on the right and the left know what they are.
Foreclosure, bankruptcy, and other such tools have a Biblical origin to keep us from economic enslavement. If an obligation can be legally disposed of it keeps lenders from making bad loans. Now it should also have some pain (which it does) for those doing the disposing so it is not an option taken lightly.
I have no problem (especially in this current economy) of people doing what is best for their family, even if it is strategic foreclosure. Oddly enough now that banks are working the Short Sales more prices are going up and it may help end this mess.
Eric,
I was reading more of the comments. By no means take this down. Although I came out counter to you I think it is a very good discussion with good points on both sides.
We are not idiots or savages; we are adults. Issues need to be discussed. I am really glad you posted this and by no means should you take my disagreement as a personal assualt or mean I am offended. I am actually symathetic to the idea there is a lack of responsiblity in this culture.
I like this a million times!!!!
I don't know....it depends. I can understand why some people do walk away. Depending on their lives/plans...good money after bad. We have bankruptcy laws in place for just these scenarios. I'm not judging.
I agree in general with the entitlement generation, and have made sure my kids understand that they are not owed anything. I also am amused when I hear the agents have violated their fiduciary duty by helping buyers buy in a high price period. Too funny.
Strategic foreclosure???, are these people willing to pay their lender extra if the value of their home goes up more than expected?
I think that many foreclosures are just a sign of low character, and when screening renters I often treat them as if they went through an eviction, unless they can prove circumstances beyond their control.
To me, these strategic defaults are a business decision. Plain and simple. If you cut your losses and stop paying, it is the bank's right to damage your credit, chase you down for the deficiency, or work out a deal. I have done private lending in the past and to me a partial payoff is far better than trying to foreclose and chase someone down in most cases.
Richard, I have many thoughts that I could put down on paper and don't want to offend anyone. However, I also feel that you have a right to your opinion...
For what it's worth, I do believe that so many people look at this as entitlement and can easily walk away. What happened to a home that one purchases for living with their family...
Not to offend anyone, as I am in California...but being from Pennsylvania, the east is much more conservative in so many ways and lifestyles...I am in my home here in Ventura County since 1998 and do not plan to move...
Yes, there are valid reasons for short sales, but I do know of many that are just not wanting to own up to the fact that their home's value has gone down.
What goes around does come around, and there are those that say when? We may not see it in our lifetime. People need to step up to their responsibility.
Enuf said.
Don't take your post down. Don't ever crumble to pressure about what YOU write on YOUR blog post unless you are violating the terms of service or COE. This is America. If someone doesn't like your post they should move on. This isn't a dictatorship or popularity contest. Good conversations here. We wouldn't have that if we all walked around like a big fat pussy cat.
From the comments you would like this attitude of entitlement is something new or relates just to real estate. NOT!
Very interesting comments about your post. A primary residence is NOT an investment, it is a liability when being financed.
Well said Eric, You have only voiced what some many of us have wanted to for a while now! Thanks
Glad to see it is still up and running:)
There is not a clause in the contract that says: "If you don't like or it doesn't increase in value, please just walk away."
The law states you can file bankruptcy and you can walk away per the LAW, but not per the contract. Yes, those are two different things!
It has become too easy for people to say "It isn't going my wayt, oh well, I'm out of here!"
I'm a part of Generation X, the generation immediately preceding the Entitlement Generation. =D
I'm also a proud Metro-Detroit native (Royal Oak) and very warm transplanted Dallasite. Most of my family is still in the Metro Detroit area. My uncle loves to buy homes in Macomb and Oakland counties to renovate and re-sell. He told me a few years ago - 2007ish - that people are just walking away from their homes. Sometimes, a person could qualify to buy something else without selling their existing home. They close, move in to the new house and just abandon the previous one. It will foreclose eventually, but the people don't care because they've moved on. It really shocked me. It felt like "playing the system."
There is certainly a different mentality these days than there used to be. And, I think as the younger generations continue to grow and bring about other generations this will continue. Times are a changing. -Kasey