Don't Listen to Suze Orman! Find Out Why...

Thank you for your  post pay your mortgage late hmmmm forced to give you a short sale hmmmm The bank is not forced to do anything at all....  interesting thought here force the bank to give you a short sale. How many that are responding to this post think you can force the bank to do anything???? My vote is NOPE NOT HAPPENING  and your vote is what??? Have a blessed day talk to you soon

Hi Markita,

What a great post, thanks for sharing this, wasn't aware that this type of mis-information is going out to consumers. 

As real estate professionals and licensees, we have an obligation to help educate, inform and empower consumers in a manner that serves and protects their interests. We hold a public trust that must be protected, so thank you for sharing the correct information from a lending standpoint.

Keep up the great work, love your videos, off the chain!

Dale-good luck with getting your price reductions on those REOs. Since banks are usually focused on the numbers and statistical/quantitative data, they tend to look for updated BPOs, monthly inspection reports and showing feedback as supporting documents to consider for price reductions.  Sometimes if you've had a low offer on the table, it might also help the decision makers when rolling out a new marketing plan and pricing strategy.

In addition, be sure to point out if the property is being maintained, grass cut, interior cleaned out, or if any additional damage/vandalism has occurred that would directly impact the value. You can't force them to lower the price, but present as much supporting materials and objective data as possible to help them make an informed, favorable decision. Best of luck!  

Suze Orman makes her money talking about your money, where is the success in that except being the biggest snake oil salesman out there. I have never agreed with her or her financial ideas.

I've seen many other "financial advisors" offer the same advice.  Right or wrong, it seems to be the way the game is played these days.

Question #1. Is it more likely to get a short sale approval if you stop paying or if you are totally current? Question #2. Will you be able to get a mortgage on your move up home after a short sale on your condo? If not, wouldn't you want to get your move up home before trying to short sale your condo? Doris#1. You are putting your personal moral judgment into what you think is a legitimate reason for a short sale. The bank will decide based what's in their best interest, not on what some people think is what's right and what's wrong in a moral sense.

I have heard her say things before that were outrageous.  But she is on TV!  She must know what she is doing!

Yeah, right...

WHAT?!? 

She's an idiot.  I applaud you for calling her out.  You don't tell people to pay their mortgage late and that "forces" the banks to take the short sale.  NO IT DOESN'T.  OMIGOSH I hope no one listens to her.

I had a buyer call me about representation and she started telling me that Suze Orman was her best friend -- not literally.  But, she listens to Suze Orman's every moronic word when it comes to real estate buying . . . is what the caller told me.  I said, "Well, if you want me to represent you then you have to listen to me and not Suze Orman.  Suze Orman has NEVER sold a home in Portland Metro before, she has NEVER represented a buyer in a real estate transaction in the Portland Metro area, she has NEVER read our contracts, she doens't know our inventory and she's not licensed in our State . . . I told the caller, I am, I have, I do . . . I closed the deal with this buyer in April, Suze Orman did not!  :-)

Suze is your typical TV talking head. She gets my blood pressure up and this advice is wrong on so many fronts. Thanks for calling her out Markita. The lady is just plain irresponsible.

I think Suze has a lot of good advice, but she seems off base on this one!  I hope you write her a letter and try to set her straight.  I would hate for someone to follow this advice.

Just had an agent in the Atlanta area tell my clients relocating to Houston(where I am), the same thing. They asked what I thought and I said what most of you said...intentionally doing something like that sounds like mortgage fraud to me and you might want to start looking for a different Realtor! The Agent wouldn't even discuss with them the option to lease their home out and said it would be a waste of time. They have never missed or been late on a payment, ever, something they are very proud of. Interesting that some agents(not AR agents i am sure) are giving advise like this, no regard for there future or credit, or the fact that it is just wrong! I am not farmiliar with the market there in atlanta but i cant imagine not even exploring their options! I told them to get a 2nd or 3rd opinion. If anyone in the Atlanta area sees this private message me. Maybe there is a referral here....

It just proves that not everyone knows everything!  Just because someone is on television and writes books does not mean they are correct about everything 100% of the time!

Many financial planners I know say that Ms. Orman is benefiting from a good publicist rather than solid information.

Hi Markita,

Good for you! What kind of advice is she giving out? If a licensed professional was giving out this type of advice I am sure they would be brought up before a review board on ethics violatoins. I guess in the world of TV all rules are suspended...

-Brent

p.s. Loved the video post

Oops...I have egg on my face!!!  I thought she was a comic and that her show was a satirical salute to what not to do!!

I never realized that any person with at least a kindergarten education would believe any drivel that drooled down her lip.

My bad!!

I agree with you.  I turned her off quite a few years ago.  Just because Oprah endorced her doesn't mean she has the answers.  Oprah has made stars out of Dr. Oz, Dr. Phil but in the case of Suze Orman she's wrong.  Everyone makes mistakes, even Oprah.

Markita, I agree with Richard #13 - you should have your own show! Your personality comes through on this video (way better than Suze's, might I add) and lets potential clients know who you really are. Well done, especially because I've never been a fan of hers either. Congrats on the feature!

Very interesting comments, and the reaction that you received from the AR community, Suze has helped a lot of families her website has the testimonials.To judge if Suze incorrectly adviced this phone in person I would have to listen to the interview.

Suze is pretty outrageous in my opinion, and thaks for calling her out.  Too bad she probably will not see your post and the comments.  Unbelievable to tell someone that and I hae spoken with people who were going to do that against my best advice.  Don't Do It!

Suze is in need of some serious help....and not just financial...in our opinion.