Implied obligation......
What does that mean.......I believe that in our professional lives it means we are obligated to inform our clients about their options, and share with them our knowledge first and our opinions second. I believe that for the same reason our clients trust us, we are obligated to speak truthfully. I say this only because so often, people in our industry slant their answers to avoid the embarrassment of not knowing. They are not professionals, though you would never know it by the way they present themselves publicly. There is absolutely nothing wrong with saying; "I Don't know....But let me get the right answer for you."
I spent a great of time perusing Active Rain looking for opinion and/or philosophy that will inspire me at the age of 40. I realize that many of you are much older and some of you have a bit more experience or education. But what I find perplexing, is thread of complacency commonly noted among Real Estate Brokers and Agents. The complacency of which I speak is the overwhelming acceptance of unfair banking practices. As clients are led to lenders by Agents and Brokers alike, we are in essence passing our customers off to the very people that will enslave them financially for the next thirty years. With our endorsement of the lenders integrity our clients are never truly informed of their options.
Let me explain.......When was the last time you as a Broker or Agent shared with your clients the your knowledge of interest? Not Rate....Interest! Now I know that many Brokers and Agents will say....That's not my job....or We are not allowed to discuss financing.....Or my favorite.......We have classes that our First Time Home Buyers can attend for free to help them. STOP! I'm not talking about Terms of a Mortgage or even Fixed vs. Arm's. I'm talking about the concept of Compounded Interest. The charge for the average daily balance for the use of the money to purchase the home you are selling them, that will effect your client for the better part of their life on this planet.
The reason I ask is due to the obvious lack of proficient knowledge to even comment on this topic that is epidemic throughout the real estate community. I have read endless comments that possess arrogance and attitude of their supreme understanding of Neg Am/Option Arms, Arm's in general, Balloons and Acceleration/Heloc's. I have read blogs that call lenders, brokers and bankers snake oil salesman that sell only what their told to sell without the foundation of knowledge or the effect their product will have on clients. WOW! Do you realize how silly you sound when your not informed. I agree...some bankers are scrupulous.......So are some Agents.
BUT Somebody tell me that they understand interest and that they inform their clients truthfully. Tell me that before you offer your opinion about Mortgage Acceleration you really have a grasp. Tell me that you are not advising against something that could insure your clients financial stability for years to come..
Please comment......But not until you have done a tiny bit of research......Please!
I promised my Grand Father when I was young that:
I would not speak of which I was unaware as if I was........It was a good promise. He was a brilliant man!
Kirk Moore
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