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Growing My Business or Why Should I Stay In the Real Estate Business ?

By
Industry Observer TN LIC# 290452

There's been a lot of disappointment in the real estate business over the last decade.

 

You can't deny it.

 

 

http://technorati.com/lifestyle/article/homeless-children-karma-or-not/

 

The collapse of lenders, prominent banks.

 

Hundreds of mortgage brokerages shut down and loan officers in prison for deceiving and betraying borrowers.

 

Fraud for profit, fraud for housing, and much more to sour your appetite for this profession.

 

 

Subprime devastated millions of families, bankrupted them and put them in the streets.

 

 

Robo-signing scandal involving millions of fraudulent foreclosure documents.

 

 

Billions of dollars of misrepresentations of fair market value.

 

 

Thousands of closing attorneys, appraisers, mortgage brokers, loan officials, bank executives, real estate agents, straw buyers, and others sentenced for real estate fraud.

 

 

Real Estate Investors in prison for anti-trust violations and bid rigging at public foreclosure auctions.

 

HUD housing executives jailed for the misappropriation of funds for low income families.

 

 

The collapse of Lehman Brothers, Bear Stearns, AIG and others on Wall Street.

 

 

Hundreds of thousands of Realtors resigning from NAR.

 

 

Local real estate associations with declining membership rosters.

 

 

Regulatory boards revoking licensees for fraud and ethics violations.

 

 

Department of Justice indictments against NAR and other boards for anti trust violation.

 

 

Failed refinancing programs for distressed homeowners.

 

 

Predatory lenders skimming the equity from homes throughout this nation.

 

 

Bogus commitments from loss mitigators involving short sales.

 

 

Redlining.

 

 

Steering.

 

 

Hate crimes targeting minorities.

 

 

Predatory mortgage servicing practice with bait and switch interest rates.

 

 

Pay option adjustable rate mortgages.

 

 

Document switching tactics providing accurate documents to the seller and inflated bogus documents designed to swindle the lender with higher values.

(proceeds split by dirty appraisers and closing attorneys)

 

 

Fraudulent misrepresentations for loan qualifications.

 

 

The fabrication of a fraudulent credit history.

 

 

Fabrication of employment history.

 

 

Rapidly rising interest rates.

 

 

Loss of confidence in the secondary mortgage market and mortgage backed securities.

 

 

Tighter lending requirements and more restriction based on FICO scores.

 

 

Banks with less money to lend because of less interest in the secondary market because of failed subprime.

 

 

Unscrupulous mortgage bankers who swindled millions of families with predatory loans and only got a slap on the wrist.

(you know who I'm talking about)

 

 

Commercial real estate ponzi schemers duping investors of billions.

 

 

The deaths of Sarah Walker, Ashley Oakland and dozens of other real estate professionals over the last few years, murdered by merciless scum while on duty.

 

 

Blight, foreclosure, poverty, heartbreak.

 

An incalculable, immeasurable quantity of greed and fraud.

 

 

Why should I stay in the real estate business ?

 

 

Because someone needs me.

 

-David-

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Time&Temp Memphis

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Comments (16)

Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

David,

I stay in real estate business because I am trying to make a difference and like you said...buyers and sellers need my professional expertise.

Sep 03, 2013 10:25 AM
Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

David, this is an awesome post.  There are so many reasons to leave and so many reasons to stay.

Sep 03, 2013 10:48 AM
Dana Hollish Hill
Hollish Hill Group, JPAR Stellar Living - Bethesda, MD
REALTOR * Broker * Coach
Well that is one long list. Kind of depressing. Why am I still here? I'm in the business because I love it. There is nothing better than helping a buyer avoid a bad property or win a great one. I'm at an exclusive buyers agency, never get involved with dual agency and sleep well each night after long, busy, fun days. Who wouldn't love a job where every day is different than the last one?
Sep 03, 2013 01:27 PM
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

David, great post.  I'd like to add:

People taking out hundreds of thousands in equity and then walking away-- no IRS action for taxing the cash out money.

Agents short selling homes of agents in their office.  Some offices actually weathered the storm by getting paid to sell the homes of their agents; making money getting them in, and getting them out...

All the rent skimming, only to have the owner get up to $35,000 in cash for keys.

Oh, it has not been a good decade for real estate, the professionals who have endured and remained, and any honest person.

Heck, as a former loan officer for a major bank, I could've let Countrywide go another 6 months for a tenth of the salary that they paid Mr. Moz...

You're right, someone needs me and my services.  I love dealing with forthright honest people though, and those are who I seek out as home buyers and home sellers.

Sep 03, 2013 01:42 PM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

Thanks David for the perspective.  Reminds me somewhat of our Congress and WH!!  Yes, someone still needs our assistance and guidance, despite the fraudulent activity out there.   We do come across some fantastic folks in this business!!

Sep 03, 2013 09:34 PM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
David - it's amazing to read everything in your blog, and still come to the same conclusion: we do what we do because someone needs our help.
Sep 03, 2013 10:08 PM
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

David very good post. Helping people is so important for them and for you. If everyone did this we would be in a better world.

Sep 03, 2013 10:14 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

David  Love your posts .Lynn Friedman & I were discussing them at our meet-up in Philadelphia..I am suggesting this for a featured post

Sep 04, 2013 12:22 AM
Mike McCann Nebraska Land Broker
Mike McCann - Broker, Mach1 Realty Farm & Commercial Land Broker-Auctioneer Serving Nebraska - Kearney, NE
Farm & Commercial Property For Sale 308-627-3700

And perhaps needed now more than ever. It isn't getting any easier out there. And there are a lot more sharks circling than ever before.

Sep 04, 2013 12:40 AM
Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

David, the list can go on and on, but when remember "WHY" it is we do what we do, it makes everything worthwhile. Someone will always "need us," that alone can keep us going for the time being, despite everything.

Sep 04, 2013 04:41 AM
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

David, 

 

Your bottom line is so true.  Many ethical agents kept their noses clean and are still in the business and thriving.  But it is all about helping people and that is what we do.  

 

Kim 

Sep 04, 2013 11:59 PM
Dan Spencer
Aspen Lane Real Estate - Aurora, CO
Your Colorado Home Source

David,

 

 I am just starting as a Real Estate Broker and it was sad to see some of the ethic's of alot of agents. Thank you for your post 

Sep 05, 2013 04:07 AM
Kerrie La Guardia
ActiveRain, Community Manager - Kirkland, WA
Let it Rain!

They need you, especially during these tough times.  I like where your heart is at David.

Sep 17, 2013 04:51 AM
David Saks
Memphis, TN
Broker / Industry Analyst

Sep 29, 2013 07:34 AM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.
David: Thanks for the creative post. I liked it very much and wish you well in our contest. Stay tuned for the bigger winners at some point next week. Take care.
Oct 01, 2013 05:35 AM
David Saks
Memphis, TN
Broker / Industry Analyst

Thank you, Paul. It's an honor to participate. Best hopes for your continued success.

Oct 01, 2013 07:33 AM