Real Estate Blog - Am I rich or am I poor?

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Am I rich or am I poor?

Hmmm...was I rich or am I poor???

Customer's in this market are so confused...they thought they had their finances in order, until the debacle or 2005.

They had money in the bank...until they were mesmorized by the booming market and the sub prime lender's who...(well you know).

The "Get rich quick" didn't work...the get "rich" ended up getting them "foreclosed" it ended up ruining more people than I care to count.

So many people caught up in balloon mortgages...buying expensive cars, maxing out their credit card's to furnish their wonderful homes...in the rush of the 2005.

So,,,they may have been rich,,,now they are poor...evicted...living with relatives...sleeping in shift's...

Who is responsible...you will say it's they buyer...they fell for the frenzie...did they understand...you will say it's the lender...my comment's stop here...it may not be the lender with other extenuating circumstances...but BALLOON to WHAT RATE??? OMgoodness...come on now...

WHAT HAPPENED TO YOU?

http://www.KarenMonsour.com, cell 954-464-4194

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 03/11/2008 11:53 PM

Comments (6)

customers, market, confusion, get rich quick, foreclosures, balloon mortgages, rates, real estate, karen monsour

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6 Comments on Am I rich or am I poor?

MAR

2008

It's like all the poeple driving away from their foreclosed home for the last time in that 60K mercedes.

Rob,

Yes, It is amazing isn't it...as they are driving home to their million dollar mansion as they are driving away from the "ex-residence"....who's name was that home in anyway...the maid? That quick claim deed...yikes! Imagine the payoff...but do they even care?

It's truly shocking. But there's 3 people at fault: the lender (who knew the loan was borderline at best), the appraiser (whose high value was, politely, overly-optimistic), and the buyer (who had enough sense to know better but went along for the ride). This correction was necessary, but still does not make it any less painful for those neighboring properties being adversely affected by the foreclosures.

Karen, To many people want it now. I still get calls everyday from clients who want to buy expensive homes with no money down and no money in the bank. You mix that with easy money from lenders and you have a bad combination.

Angela,

It is shocking. I agree with you about the 3 people who are at fault! It's amazing how long it is taking to get answer's on short sales...

Matthew,

I'm sure you are right. Are they looking for tax deductions? I don't see any easy money out there right now...is there any?

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