Good News on the Housing Front!

[keegs]

If you want to know how to motivate RE agents, read FreakaNomics, very entertaining book, will answer other burning questions you may have, Like Why do most drug dealers live with their Mothers.
It really is a hoot, who says econ is a dry subject?

GB...for the answer to some questions some of you should be asking yourselves I recommend you check out "The Paranoid Style in American Politics" by Richard Hofstadter.

http://www.kenrahn.com/jfk/conspiracy_theory/the_paranoid_mentality/the_paranoid_style.html

 

[2manyrocks]

I sold a house at a foreclosure sale to a retired gentleman about two years ago. We went down to his bank to close the sale. They wouldn't notarize my signature to the deed because I didn't have an account at the bank. After keeping us both waiting for about two hours while the bank's underwriters decided if he was qualified to borrow money secured by his own CD in their bank, then the bank wouldn't loan him the money to complete the sale because one of their loan specialists said he had to have the beneficiary of his CD sign off on the loan documents. (It was his CD and he had set it up to have it paid to some family member if he died to avoid probate). Mind you, he could change the beneficiary at will because it was his CD. So I went to a law firm I knew to get my signature notarized while he withdrew the entire CD balance and then we closed the sale. He was so mad he was going to move all his accounts elsewhere.

It's not a criminal offense to be stupid.

One of the underlying assumptions in economics has to do with adversity to risk. If any system is geared so someone else bears the risk (ie, I get to play with your money for my potential reward but all the risk is yours), then people start doing really stupid things. It reflects on human nature itself.

 

[FallbrookFarmer]

I sold a house at a foreclosure sale to a retired gentleman about two years ago. We went down to his bank to close the sale. They wouldn't notarize my signature to the deed because I didn't have an account at the bank. After keeping us both waiting for about two hours while the bank's underwriters decided if he was qualified to borrow money secured by his own CD in their bank, then the bank wouldn't loan him the money to complete the sale because one of their loan specialists said he had to have the beneficiary of his CD sign off on the loan documents. (It was his CD and he had set it up to have it paid to some family member if he died to avoid probate). Mind you, he could change the beneficiary at will because it was his CD. So I went to a law firm I knew to get my signature notarized while he withdrew the entire CD balance and then we closed the sale. He was so mad he was going to move all his accounts elsewhere.

It's not a criminal offense to be stupid.

One of the underlying assumptions in economics has to do with adversity to risk. If any system is geared so someone else bears the risk (ie, I get to play with your money for my potential reward but all the risk is yours), then people start doing really stupid things. It reflects on human nature itself.

Used to have an acquaintance, back in Chicago, who bought a bank after making a lot of money in the trucking business, He was interviewed by the Chicago Tribune about how unusual it was for a trucker to get into the banking business, He gave a quote that I think should be posted in the lobby of every financial institution in the country. He said "If you want to make a banker, give me a monkey and a three piece suit" So now that I have insulted the entire banking community. My apologies to those in the Bonobo community.