A couple of years ago the newspapers and TV stations told us daily about the escalating real estate
values. Especially if one owned gulf front property, it was like hitting the lottery. I guess that’s what you
call “shortsighted reporting” versus “in depth investigating”. Blind-sided by the insurance industry rate
hikes and over zealous mortgage brokers to lend no matter what. Well as we all know today, the truth and
reality of unregulated financial institutions and the mortgage industry hurt far too many people. I was
always surprised when hearing of those “loans” and for $100,000 or more and NOT having to prove
income and nothing down. The old saying “If it’s too good to be true…” fell upon many deaf ears.
Now the general public is being told of the great foreclosure and short sale market and the value that
may lie within. Again “If it’s too good to be true…” – RUN.
I’ve heard some say they will wait until the home goes into foreclosure and then they will get a better deal.
Not so. Disgruntled individuals and families, upset about loosing their home do some amazing things
before leaving. You’ve heard of homes being stripped of everything from outlet covers to showerheads.
Even taking porch screens to the recycler to get a few extra bucks, replacing furnace and air conditioners
with non-working models, or leaving dead fish in the ductwork. The damage left behind is usually far
worse than if you would have purchased the home before foreclosure. Plus foreclosures and short sales
are final. Like purchasing from an auction, there is NO protection after the sale. That’s a pretty BIG
gamble.
Owners loosing their home are upset, whether it was their fault or not to be forced into foreclosure. It is a
horrible feeling to loose a home and most wanted to stay if only they could get relief. Okay many goofed
and got caught up in bad mortgages and accelerated interest rates. Maybe some could afford to stay in
their home if the interest was wiped away for a time or that the insurance they ARE required to buy was
reduced to an acceptable amount. Some insurance rates went up three fold for gulf front properties. The
government (so far) took a different route and billions are directed to those that helped promote this
mess.
What’s going to happen in 2009? It depends upon which crystal ball your looking into. You need lots of
faith, experience of past markets and the know how in making the right decisions. When you’re at the
bottom, the only way out - is up.
values. Especially if one owned gulf front property, it was like hitting the lottery. I guess that’s what you
call “shortsighted reporting” versus “in depth investigating”. Blind-sided by the insurance industry rate
hikes and over zealous mortgage brokers to lend no matter what. Well as we all know today, the truth and
reality of unregulated financial institutions and the mortgage industry hurt far too many people. I was
always surprised when hearing of those “loans” and for $100,000 or more and NOT having to prove
income and nothing down. The old saying “If it’s too good to be true…” fell upon many deaf ears.
Now the general public is being told of the great foreclosure and short sale market and the value that
may lie within. Again “If it’s too good to be true…” – RUN.
I’ve heard some say they will wait until the home goes into foreclosure and then they will get a better deal.
Not so. Disgruntled individuals and families, upset about loosing their home do some amazing things
before leaving. You’ve heard of homes being stripped of everything from outlet covers to showerheads.
Even taking porch screens to the recycler to get a few extra bucks, replacing furnace and air conditioners
with non-working models, or leaving dead fish in the ductwork. The damage left behind is usually far
worse than if you would have purchased the home before foreclosure. Plus foreclosures and short sales
are final. Like purchasing from an auction, there is NO protection after the sale. That’s a pretty BIG
gamble.
Owners loosing their home are upset, whether it was their fault or not to be forced into foreclosure. It is a
horrible feeling to loose a home and most wanted to stay if only they could get relief. Okay many goofed
and got caught up in bad mortgages and accelerated interest rates. Maybe some could afford to stay in
their home if the interest was wiped away for a time or that the insurance they ARE required to buy was
reduced to an acceptable amount. Some insurance rates went up three fold for gulf front properties. The
government (so far) took a different route and billions are directed to those that helped promote this
mess.
What’s going to happen in 2009? It depends upon which crystal ball your looking into. You need lots of
faith, experience of past markets and the know how in making the right decisions. When you’re at the
bottom, the only way out - is up.
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