MortgagesUndressed

Call the appraiser. This is Hell.

And this is Hell on wheels.

And these guys don’t have one chance in Hell.

And you thought Hell was hot.

Sit down and let me tell you about it.

Thanks again to Curtis Cragun for cool, and this time I mean cool, photos. Man this guy gets around.

That is the way it is with home financing. What it looks like may not be as safe as it seems.

Why do I harp on this so? In the hopes that you will take serious my efforts to get you to be careful.

In mortgage lending you hear I am an honest low cost lender. Or you hear all sorts of claims and buzz words. They imply “I wear the low cost hat”. I am not a cat I am a frog. You can trust me.

The truth isn’t in the hat you wear, it is in the paperwork. What you are really comes out eventually.

You the borrower must be responsible to see past the disguise. Take every precaution you can.

I write this with a little bit of fury in my mind. A few months ago I referred a follower to a trusted loan officer I knew in another state. The loan officer called me and said she was amazed, that she couldn’t match the offer of a local competitor. So our friend went with the loan officer in the frog hat.

A few months have gone by and this member of this faithful 25 has some money to reduce the mortgage balance. This time she took my advice and gave the loan officer I recommended a full interview.

Guess, what? The Cat, maybe I should say rat, that had the great rates sold our client an ARM. Now we see why the rate was unmatchable. An adjustable rate vs a 30 year fixed is not a comparison. It is a different product.

Guess what else, you the client are responsible to read what you sign. There is more than one cat to blame here. Larry Cragun.

Thanks To Rob for acknowledging our Satire: Keep Those Credit Card Balances High Please at MortgagesUndressed.

click here for this weeks complete Carnival of Real Estate Awards

February 19th, 2007 ·

Pittsburgh Homes Daily is proud to present the Valentine’s Week Edition of the Carnival of Real Estate.
I’d like to highly commend the 24 participants who submitted an article this week. It’s a good thing that you didn’t have to submit it in person, since much of the state was shut down by ice, snow, and closed interstates Tuesday through Friday (stranding some motorists for 24 hours on the road).

Worthy of the DINNER OUT AWARD, and posted on Valentine’s Day no less, is this week’s winner:

Allen Butler’s SPAC Disease Reaches Pandemic Proportions at the BloodhoundBlog.

Just a few steps behind were my other five favorite posts, sharing the DOZEN ROSES AWARD, and well worth the time to read them:

Silicon Valley Blogger for Why I’d Hire This Real Estate Agent at The Digerati Life.

Michael Price for Interview: Damon Pace - HomeHugg.Com at Mike’s Corner Web 2.0 For Real Estate Pros.

Cliff Jacobson for Apples And Oranges, The NAR And The Zillow, Whose Business Model Will Win? at WebHomeUSABlog.

Roberta Murphy for Home Pricing Dangers at LuxuryHomeDigest.

And for his ability to work Pittsburgh into a real estate discussion, Drew Meyers for Geeks and the Housing Market posted at Zillow Blog. We’re disappointed that we’re below average in Pittsburgh, though. You’ll have to send a representative to Geek Night to get the word out!

Receiving our BOX OF CHOCOLATES AWARD for making the trek are (in no particular order):

Sean Black for Rating & Reviewing Agents. An Interview with Niki Scevak, CEO HomeThinking.com at Trulia Blog.

Larry K Cragun for Keep Those Credit Card Balances High Please at MortgagesUndressed.

I was asked this by someone who thought he wanted to make the big bucks. I told him to not go into the business.

I have been asked this by many real estate agents. I have actually trained a few of them.

I was asked this by someone who thought they would be good at it. I encouraged him, but not the way he expected.

Here is a list of thoughts I have, which I may expand later.

Consumers, just know, it is easy to say you are a loan officer, it is easier to be a refinance loan officer than one who handles purchase transactions.

1- It is easier for a loan officer to become a real estate agent than a real estate agent to become a loan officer.

2- To those who think they would be good at this business, start with working for a bank. The training will be more concentrated as banks are managed better. That doesn’t necessarily mean that a bank is a better choice for you the client.

3- It helps to have a mentor. I mentored my grandaughter. She had the brainpower and the get up and go to become good. We worked on transactions jointly until she was comfortable, then she just came to me with questions, then she only came with issues, and now she is on her own. It isn’t easy to find a mentor as it takes from the mentors day.

4- Go into it for reasons other than how much money you can make.

5- Understand that their are peaks and valleys, be able to sustain yourself in those valleys, save money in the peaks.

6- Go get a finance degree in college first if you can.

7- Love numbers and math. I was always the guy who kept the bowling averages and baseball statistics on every team I played on or coached, in every league I bowled in. WHooee, I was in the all college bowling tournament. Who else do you know that lettered in college, in bowling? Larry Cragun

Bugs, watches, Oak Trees, and more. An Undressing video click here

At least it seems like under the table:

They want me to put a check in an envolope to give to the buyer after closing. Should I do that? I agreed to pay them $8000 for closing costs and the costs only came to $5500. They say I owe it. Do I?

First the easy answer: No No No to the envelope thing. No to anything like it. No to any compensation that isn’t shown on the HUD 1 closing statement.That is unless you want to commit a crime and feel like row row rowing your boat gently down the stream.

There is no excuse for this. That money could have bought the buyer a lower rate. It could still do that or reduct the purchase price. A pro would have watched their numbers.

Take note of who the lender was and remember never to do business with them. They could have anticipated this and given the buyer a lower rate. If they did this on purpose, even worse.

Determine if the Real Estate agents are in support of your doing this. Kiss them off if they are. Close your transaction and send them all on their way.

You now have two options: Lower the price or give them time to redraw the documents for a lower rate.

I have seen sellers in this postion, position to keep the money by acting up. If you take that option, shame on you and don’t email me again. Larry Cragun

Then stick with us baby, we can untie any problem for you.

PS: Why did I post this? Cause I am a kid at heart. Just ask the grandkids. Lar