Today is National Toasted Marshmallow Day.
On this date in history....
William Penn left England to sail to New World in 1682.
Jack Dempsey wins middleweight title in 1st fight with boxing gloves in 1884.
Hubert Cecil Booth patents vacuum cleaner in 1901.
1st German plane bombs above Paris, 2 killed in 1914.
Gen MacArthur lands in Japan in 1945.
US Senate confirm Thurgood Marshall as 1st black justice in 1968.
Hurricane David, kills 1200 in Florida, Domincana & Dom Rep 8/30 - 9/13, 1979.
1st recorded occurrance-comet hits sun (energy=1 mil hydrogen bombs) in 1979.
Yes, we've all been hearing about foreclosures and unfortunately, we are going to hear quite a bit more in the next couple of years to say the least. Just to give you an example, I get a weekly update from Freddie Mac as to their foreclosures available in my local area. I had not received one of these in basically a couple of years, but each week now I am religiously getting an email update and this list just keeps on growing and growing.
Not to pat myself on the back, but I guess I will and must say that I am proud of myself for never putting a sale before my clients best interest. I have never to my knowledge put a client into a situation where they could possibly lose their home because of changes in the environment.
I can even go as so far as stating that I would actually advise my clients of the risk of getting a something like a not only a 100% financing, but an adjustable-rate loan in addition. Not only could this be a bad decision, but we were not expecting rates to stay as low as they have. Granted, that's been accomplished due to the fact of other ensuing issues that have occurred.
I have always cautioned my clients to purchase within their comfort zone. Many would go to a Mortgage Broker who would tell them that they could afford x. Just because it says this on paper, can you really afford such? In most instances the answer is 'no' And, especially, when you take into account precarious loan situations.
It seems to have been the way of recent to buy as much home as you could afford. I don't know if was to better the Joneses or what. I've always stated that easiest way to hate your new home is to be living for it. If that is all you can afford and not having anything left for leisure activities, nevermind the essentials, then what was the purpose of purchasing that home?
I feel that it's an ethical and moral obligation that I have to my client. Maybe, I've lost some income due to this, but I'll tell you what - I sleep well at night!
Til tomorrow - Marc It Sold!
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