In the last two days I have had calls from several people not realizing it’s 2010. Is there a real estate/mortgage time machine out there that people are finding and jumping into?
The first person wanted 100% financing on a $1,400,000 property that was going to be owner occupied with credit scores in the low six-hundreds.
Her premise was that the county had it worth $1,800,000 so she had “equity.”
(Note: lenders always took the lower of appraised value or sale price and never looked at what a county would assess a place for!)
Another occupant of the time machine was someone saying that they lived in a place outside Philadelphia a few years ago and wanted to see how to buy a place there now.
I was calling her at a New York phone number that was a land line home phone.
When asked if she had a job in the Philly area, she said no and I had to explain that she needed to buy it as an investor with at least 20% down. She said she would research more and hung up.
So, these two phone lets me know that the time machine exists but makes me wonder who’s in there with these people. Could it be the old Indy mac and Countrywide loan officers that took these types of loans?
Wow! Now we know where they are. They work at the Time Machine sales company.
Benn Rosales
July 14, 2010 at 11:10 am
Fred, we must find that time machine ourselves and go back! I miss indy and countrywide! Oh the good ol days! While we’re at it, we should probably grab some stock in the oil spill clean up sector. 🙂
Fred Romano
July 14, 2010 at 12:51 pm
You can count me in! I want a ride in that time machine of yours too 🙂
Joe Loomer
July 14, 2010 at 9:33 pm
Great post, Fred, it’s funny the differences in locations – in our area, tax values are typically much lower than FMV in one county (Columbia), pretty much accurate in another (Richmond), and irrelevant in others. That one line caught me – how different it is – and how hyperlocal real estate truly is.
To the thrust of the post I would say the number one issue my agents face these days is the oblivious approach to purchasing power – buyers believing just because they want to buy that their particular worthiness to purchase should not be a consideration.
Navy Chief, Navy Pride
Benn Rosales
July 14, 2010 at 10:00 pm
hey Joe, log out and just enter your twitter username, not the link or @