Singing In The $hit

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

Guys, honestly, aren't you tired of this? Banks are this and banks are that. At minimum they are stupid... They should not have given risky loans, they should have been more cautious; they were greedy ... And as a result – see what happened to the housing market.

We love to get together and bark at the banks. What a terrific target.

I have a small problem with that. There is a smell of real estate agents, who, like dogs, marked the territory.

Because the Banks did not deal with Buyers directly. Do you know who was initiating all these deals, bringing these deals to them? Yep, that was us...We were in a good company, but we were there...

Did we tell our customers that it could not always go up, and they could be for a big surprise? That they should not gamble and buy to flip? That with 5 year open ARM (I thhink that's  how it is called, but I may be wrong here) the increase was guaranteed, while their reselling it for $100K profit in 2 years wasn't? That stated income, stated assets was, well, not the best and safest way to invest? That there was and is a big difference between investing and gambling?

Oh, we did not know then...

True, I didn't. I was reading every Realtor Magazine watching for signals, for words of wisdom, for words of caution... There were none. NAR was pumping hype in every issue... I did not have 30 years in Real Estate behind my belt to be smart enough, or I simply was not smart enough...Many did not know...

But so did the banks...

Lets talk about us, not the banks.

Why are we barking? Because everyone else does it, and in doing so we forgot that we were right by the banks' side? That we were working closely? Look for blogs and articles of that era, we were not complaining. We were happy that banks were doing what they were doing. Nowhere could I find that banks were stupid for loaning right and left...

What changed? Only that they were caught, and we are smaller fish in the pond and nobody cares about us.

When we yell at banks for what they have done, how about looking in the mirror first?

Between us we know that we were right there at the front line facilitating all the things that we call wrong today. We were happy with the government for pressuring banks to lend indiscriminately, praising banks for being easy to work with... They helped us make money, and if they were screwing up people, so were we...

I am not saying that we were supposed to retire and not work during those times. I am not even saying that we need good spanking... All I am saying is that we need to stop pounding on our chest simply because today we are not the target.

A sparrow could not take the freezing cold any more. Singing in the $hitThe tiny bird succumbed, fell on the pavement and closed the eyes. A horse stepped over and dropped that big smelly thing right on the bird. And this horse$hit warmed the bird, it came back to life, made a hole in the pile, stuck its head out and started singing.

A hawk heard the singing and got the bird.

That's life. If you got into a pile of $hit, sit still, be happy, and do not sing.

P.S. I am not on a high horse. I am just tired of loud singing. We haven't cleaned the feathers yet...

* Image courtesy of jfinnirwin  via Flickr.com under Creative Commons license

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  1. Praful Thakkar 05/29/2011 02:58 PM
Topic:
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REALTOR LIFE
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Rainmaker
159,261
Suzanne Gantner
Sky Realty, Central Texas Real Estate - Round Rock, TX
GRI, E-Pro, SRES, SRS, ABR

Great analogies...seems like there are is alot of that going on in AR today.  It is still a funny story and you are right, we led the horses to water and some drank. 

May 29, 2011 06:12 AM #1
Rainmaker
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Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

The main reason I am upset with banks is because they took giant bailout money and are still treating the public like garbage.  I don't see many Wall Street bankers getting their houses foreclosed.  Instead it seems like all we see are record profits and giant million dollar bonuses.  While at the same time all the little guys in the economy are not getting bailouts.  The little guys are getting regulated out of business while Wall Street gets exempted.

May 29, 2011 06:22 AM #2
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

Hi Jon, I must say that was so very entertaining and the message at the end is certainly one we should all remember and never forget.  Well done Jon. There is a movie coming to HBO and from what I can tell it will be riveting. " To Big To Fail". Check it out and if you don't have HBO get someone to record it for you. I watched the interviews of it and it is stunning.

May 29, 2011 06:52 AM #3
Rainer
299,073
Jon Cagle
Northwest Community Credit Union - Eugene, OR
Lane County Oregon - Direct FHA, VA, USDA Lender

Jon, I love your blog! As a Lender I can say I have lived what you are saying. I have sat across from Realtors sitting with buyers and I am telling the buyers that the loan they want me to do is not good for them, yes they will get approved but in four months they will be eating beans and rice and in six months only rice. And the Realtor told me if I won't do the loan they will go to another Lender and they will do the loan! So they go! (of course this was back during the boom, not today)

When people say "Banks", who do they mean? Not all "Banks" are bad.

May 29, 2011 07:31 AM #4
Rainmaker
571,736
Karl Hess
Keller Williams Shore Properties - Barnegat, NJ
on The Jersey Shore

What Rob said.

May 29, 2011 09:14 AM #5
Rainmaker
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Mike Saunders
Lanier Partners - Athens, GA

Jon - very entertaining. As has been stated many times before, there is more than enough blame to go around. I get so tired of seeing those NAR, Now is a Good Time to Buy, Most People Make Money on their homes, yada, yada, yada, flyers.

May 29, 2011 09:14 AM #6
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Suzanne - we brought them to a slaughter house, and now we yell at the butcher, and we forgot that there is our fault, too

May 29, 2011 10:32 AM #7
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Rob - I am not. because even taking the money was forced  on them by the Feds, and when they said that they didn't (some did), they were forced to take.

So, why instead not be angry with the Feds?

May 29, 2011 10:34 AM #8
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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William - we have HBO (I guess  we have because thhis movie was on TV yesterday), but I did  not watch it. I did  not  think it was worth it. Will catch a rerun. Thanks

May 29, 2011 10:36 AM #9
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Jon - your story does not surprise me a bit. There was smell of green, and many were like drugged. Get more, and more, and more. Market is so good, that you can't go wrong. By today, sell tomorrow and you will never have to work again... And now same people are bashing Banks

May 29, 2011 10:39 AM #10
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Jon Zolsky, Daytona Beach, FL
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karl - what I answered to Rob

;-)

May 29, 2011 10:40 AM #11
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Mike - why are they so cheesy? these guys never have slow time and it is always sunshine on NAR's Universe

May 29, 2011 10:41 AM #12
Rainmaker
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Paul Walker
Equity Fifty Five Realty, LLC - Scott AFB, IL
Scott AFB IL Area Realtor

Very nice post Jon,

You used great analygies and points. There is certainly lots of blame to go around, starting with the Fed and Government policy of loose money. They let the trend of the low interest rates go on to long to entice home ownership, and then the greed to sell loans to investors willing to gobble them up. But you are right many a good agent got swept away with the high sweeping curve ball insisting that what went up, must continue to go up.

May 29, 2011 10:45 AM #13
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Paul - thanks. All we need is to be honest. Life is going on, but mistakes of yesterday are still mistakes, even if we are not caught, or sought.

But it does  not get us the  right to get on high horse and start blaming others. Thanks for understanding.

May 29, 2011 02:05 PM #14
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Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (800) 591-6121

I totally agree.

the only time anything ever gets screwed up is when people have hidden agendas.

Just put it out there and deal with it, and everything will be fine.

Unfortunately, there are still too many people who try to manipulate the system that causes all the grief and apprehension.

May 29, 2011 03:11 PM #15
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Ralph - I am afraid that we tempt them to try manipulating the system. The  whole short sale thing is manipulation, at least to a huge extent.

In many situations when people are losing their home, there is no need to scream for government intervention. So, if they will lose a 4 bdr villa (for two) and move to a two-bedroom apartment, what's the big deal?

May 29, 2011 04:02 PM #16
Rainmaker
235,088
Vadim Zolotarevskiy
FunCoast Realty & Management, LLC - Daytona Beach Shores, FL

That's a funny analogy. I think it is a very good advice. Some are doing it to shift the attention to a different target

May 30, 2011 04:18 AM #17
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Vadim - exactly

May 30, 2011 04:27 AM #18
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