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Since 1/2 the entire process is about making sure the buyer can qualify for a loan, does "buyer's financing fell through" like mean "yeah, because the bank doesn't loan on houses that should be torn down and failed Appraisal"?

Are there THAT many buyers will bad credit wasting everyone's time paying combined about $1000 or more for Inspections and Appraisals knowing their credit stinks or trying to buy a house way out of their range?

When I was doing some Home Repair during RE transactions the Seller or their agent would hand me the Inspection or Termite Report paid for by the buyer and "that is your copy, keep it" the first couple times I asked if they need it back, and I even passed it on to fellow tradies in their was some issue in the report more up their ally they might do for the new owner.

very substandard movie and really not even about anything, mostly a low grade car chase

very disappointed and hoped for much better from Speilberg

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>>3011239 >>3011346

I had one agent for a house, been on market for over a year with 33% price drop, that fell out of Pending tell me "they didn't have an official inspection, they saw some stuff they didn't like but I don't know what it was". How does that make any sense?

Prior to Closing, are they required to "disclose" but NOT tell you the disclosure was the reason it fell out of Pending? Do they get to "bury" the original reports they got from previous would be suckers and re-word stuff to sneak it past you?

Is there some legal trick going on that even after a buyer emails a seller's agent a report and exchange a few emails about issues that the seller's agent can legally pretend they "never saw that" when dealing with the next sucker? If everything is going through a buyer's agent is there some "professional courtesy" among agents to carefully word everything such that the seller's agent isn't on the hook to "disclose" to next sucker?

much better "Disclosure" movie
its got Demi as a sex maniac and its near perfect prediction of the Morgan Stanley case with the Jeet. :)

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>>3011111

its a business infested with w*men and the devils foot soldiers in their earthly embodiment
what did you expect?

>>3011094
When I tried to buy a place the lender would not approve the loan because the AC side of the HVAC was broken. This was disclosed by the seller up front so everyone knew this going in. Only when I tried to buy the place did it become an issue. The seller stated they would not make any repairs or changes to the house before the sale so my lender declined to issue a loan. The seller inherited the place and was nearly underwater on the loan so they didn't want to spend anything on it. The next buyer after me got it, which was a shame but it happens.

Basically the thing happened with another place that had out of compliance roof jacks and a breaker panel that was put in when that was future technology that a small town blue collar worker didn't quite understand yet. They couldn't touch the code with a ten foot pole and the seller refused to make the upgrade so my lender declined the loan.

Why did I go with that lender? It was a Veterans Affairs loan and required no down payment and no PMI but their inspection requirements were tighter than most places. Third times the charm though. Found a fixer upper that had some issues my lender didn't like but the seller agreed to fix a few things before the sale and we closed the deal.

>>3011104
https://www.youtube.com/watch?v=1qsSwDtfFFk&t=3504s

YOU NEED AN AGENT BECAUSE OF THEIR PROFESSIONAL KNOWLEDGE AND EXPERIENCE AND THE PROCESS IS SO COMPLEX AND YOU WILL NEVER FIGURE IT OUT.

I'm just barely poking around on Zillow and calling a few agents.
This video is claiming "YOU NEED TO HAVE RECEIPTS FOR ANY REMODEL AND RECEIPTS FOR THE APPLIANCES OR YOU WONT BE ABLE TO COMPLETE A HUD/FHA, ETC NEW U.A.D. 3.6 APPRAISAL!!!" 39:50 mark

There is no spot on the 3.6 for any 'receipts', for anything. IIRC there is a "other comments" section but mostly not. The Appraiser just has to "know" to what vague general level the kitchen or bath has been "updated" or "not updated".
Claiming UAD 3.6 needs receipts is like saying DMV needs you to be a high school grad to get a DL. Its a non-factor and they couldn't care even if they wanted.

First thing I hear from these big time youtuber agents I happen to know the slightest thing about and they are not just wrong but full of seriously harmful FUD and misinfo.

So now you got any homeowners who believe this video panicking thinking they can't sell their house due to lack of receipts, or "retcon" fake receipts (committing real crimes) or WTF.

>>3011106
>It was a Veterans Affairs loan
It's that. A lot of sellers don't even want to deal with VA buyers because they have so many stupid restrictions.

>>3011117
a perfect McMansion can be missing carpet in one of 6 bedrooms (because let new owners pick) and it will flat fail any Govt backed loan because "no durable surface flooring".

But AFAIK shitty semi-stained worn out carpet in every room is OK as long as its not an actual "heath risk".

>>3011094
This is some hot garbage ESL posting

>>3011124
no one in my senpai has been ESL for at least 5 generations and last college English class I got an A from a famously tough prof who graded on the curve, olde school.

he even recommended me for scholarship for writing, but I woulda had to become an "English major".

>>3011131
When did they stop teaching people to capitalize the first letter in a sentence? That was still on the curriculum when I went to grammar school. Maybe it is now in one of the later classes in the English Major degree you skipped out on.

>senpai
Someone got filtered.

>>3011097
The seller's agent has an incentive to /not/ know about things. There's a ton of required disclosure stuff in most states. Stuff like the presence of asbestos, lead paint, black mold, or previous meth production. Those can be nightmarishly expensive to clean up. There's also things like "the basement floods every spring for 2 weeks" and various other seasonable things. If you as the seller's agent get caught knowing about those things without disclosing them, you can be sued buy the buyers. That liability is contingent upon you withholding information though, so if you don't /know/ that information, there's no liability.

Naturally, a lot of sellers are going to lie about shit like this because it's not easy to catch them, and all the real estate agent wants is to close things. I've bought several places that had fairly obvious problems that the seller's pretended not to know about. In multiple instances I was able to contact people who were previously under contract and had backed out and get proof that the seller's knew about stuff (generally that they'd received a copy of the inspection report and then failed to convey info in it during the sale). It's not a trivial lawsuit, but fraud like that is one of the things that can include attorney's fees, so it's basically free money for doing a little digging.

>>3011122
This kind of stuff is the gimmick that lets you block section 8 tenants even when it's illegal to discriminate against section 8. Just have something obvious that will fail the section 8 inspection. Section 8 won't pay for the unit, and that means the tenant needs to qualify independently, which they never will. It's not illegal discrimination because the government cannot compel you to make the unit compliant with section 8 requirements.

Obviously it's more complicated than that, but that's the general gist.

>>3011239
good info on Section 8.
I used to a be carpenter in The Projects and the units were kinda scabby but absolutely needed to meet certain specs. One of the things they didn't have was garbage disposals. I've only seen two major cockroach infestations and both were where the LL refused to install a GD, but I digress.

How did you find the prior "under contracts"?

>>3011131

You don't write like you're white, Anon, that's for sure.

Tone seems brown. Youre a shit writer.

>>3011244
Garbage disposals are a horrible idea in general, but even worse in a rental. They leak, they stink, they encourage people to put all kinds of shit in them that they shouldn't. You're going to waste a lot of time and money responding to idiots breaking or clogging the things. Just never install them. They're not even needed.

>>3011244
>How did you find the prior "under contracts"?
In one case I asked the neighbors what they knew and they had the phone number of the lovely couple that was looking at the house. I also know most of the licensed inspectors that operate in my region on a first name basis. Called them up and asked if they'd done a structural inspection on (property) recently. Caught a handful of cases doing that.

In all cases I was fine with buying the properties as is for the prices I paid, but if you can screw over a piece of shit for an extra 20k or more, fuck it why not? Their fault for being so sloppy they got caught.

>garbage disposals
Can't install them in a lot of areas because of the sewer system, or if you're on septic. I don't install disposals in my lower tier units because tenants will destroy them consistently. The real slobs won't even use the disposals, or they'll try and shove paper plates, plastic packaging and everything else in them. The only way to keep a handle on infestations is to have fairly routine inspections. We replace hvac filters regularly as an excuse to get into the units. Tenants are never going to replace the filters even if you give them free ones to do it. Regular inspections let you catch problems before they turn into nightmares.

Colleague just finished gutting a place where they took something like 14 full sized dumpsters worth of shit out of the house, and now they're heat treating for bedbugs. That kind of mess doesn't happen overnight. Tweakers can horde a lot of shit in a month, but nothing a half dozen teenagers from the local trade school can't rip out in an afternoon. Big hordes take time to accumulate.

>good info on Section 8.
Don't treat it as gospel. Section 8 is highly region specific and there's a lot of grey area stuff where things are technically illegal but they can't "prove" it. Never acknowledge what you're doing to block section 8 in a region where it's illegal to do so.

>>3011239
>n multiple instances I was able to contact people who were previously under contract and had backed out and get proof that the seller's knew about stuff (generally that they'd received a copy of the inspection report and then failed to convey info in it during the sale).

Huh, when I bought my house, the contract specifically stated that we could not disclose the results of inspections to the seller.

>>3011268
That's because they don't want to know. That kind of clause doesn't even make sense if you think about it.

>I want to back out of the deal
>Why?
>Because of the contents of the inspection report
>Whoa now hold on just a minute there chief. You can't tell us about that.

What, are they just going to take you at your word if you want to back out of a contract and reclaim your earnest money?

>>3011256
I've never had a problem with them stinking and I put lots of stuff down mine in my rental.
But I have seen an upscale large apts where in the service shop they literally had a PALLET of replacement GD and a special cart just to do the swaps.
>>3011261
>Called them up and asked if they'd done a structural inspection on (property) recently.
Interesting. Real Estate agents would tell you those are "strictly confidential" and the Inspector was doing a big no-no by giving out that info.

Now I'm wondering if "confidential" ever trumps "disclosure".

>>3011280
>What, are they just going to take you at your word if you want to back out of a contract and reclaim your earnest money?

yeah, because they unofficially know the house has major problems, and are playing dumb.

There hope is the next sucker hires a shitty Inspector or even does a waiver/cash offer, because that is the only way the pile of shit is going to sell for more than Tear Down value.

I do believe there is a pretty big segment of Real Estate buyers who buy strictly on emotion, with money they didn't earn, and couldn't care less about silly "defects". Some of that will be due to the house being next to their other family or some other very specific location situation, and such rarely comes up in the market.

So yeah, they'd be willing to give back Earnest Money, "no questions asked".
this was me and now its making sense. >>3011097
I didn't know such contracts existed or were possible.

>I had one agent for a house, been on market for over a year with 33% price drop, that fell out of Pending tell me "they didn't have an official inspection, they saw some stuff they didn't like but I don't know what it was". How does that make any sense?

BTW, I'm thinking of starting a website/service called "Real Estate Dox" or rdox.com.
It would enable buyers and "reporters" to post info about any address for sale, with offers for cash on both ends for specific or general info.
A "buyer" might post $100-1000 bounty on info for a property and dole out as they deem fit.
Reporters could post the sort of info they have on a property and prices.
Much of this would be on the Honor System but repeat users would gain karma, clout and rankings for good honorable past performance.
Website would take 10% of cash involved, plus ads.
I'm currently trying to figure out what "platform" to launch this on. I'm thinking WTF open source 4Chan/8Kun is run on, plus some anonymous User ID to handling the Monero/CC payments and user rankings.
IMO it could become a "no brainer" to put $1000 on rdox before you take a chance on $500K house purchase.
Might include "mods" that dole out at least part of what they judge your info is worth, to buffer the "honor system" at least for new users.

>>3011268
>Huh, when I bought my house, the contract specifically stated that we could not disclose the results of inspections to the seller.
Seems like a hella red flag.
Was there "sunk cost fallacy" at play?

WTF were the results of your house's inspection?

WTF State or Nation was this in?

>>3011356
>when I bought my house, the contract specifically stated that we could not disclose the results of inspections to the seller.
https://www.justanswer.com/law/b6jvy-realtor-representing-potential-buyer-sent-inspection.html

Looks pretty common and lots of "head in the sand" would be Sellers out there.

".....may be exaggerated findings.... I feel completely like a victim"

"....I'm discussing the law that safeguards the SELLER from dishonest inspection reports."

Buyer sent Seller's agent report anyways, agent refusing to open envelope. pure comedy. I'm sure a Jury would believe the Seller really really had no idea about the Defects named in the report that she didn't disclose.

PS-normally its correct form to use "he" when the person is unknown, but in this case I'm confident its a "she", both Seller and Seller's agent.

>>3011280
>>3011346
>>3011356
>>3011358
It was Illinois. I'm pretty sure it is part of the boilerplate language of modern Multi-Board contracts.

You can disclose some findings, just not everything. If you uncover unknown issues, the seller needs to disclose those to the next buyer, no matter how minor. So yeah, a bit like putting your head in the sand. Also, the seller doesn't care about your laundry list of 100 paint chips, scratches, buffs, etc.

Obviously you can still notify the buyer of major issues. My inspection found gas leaks and some damage to the sewer line. The buyer repaired the gas leaks and gave $10k concession for the sewer.

>>3011363
>modern Multi-Board contracts
what "board"?

did you order a full sewer pipe scope or WTF to discover that problem? Leaking to surface?

>>3011367
Sewer scope, it's a very common and recommended inspection here. My terracotta pipe is somewhat collapsed. No issues with that yet, but it's a bitch to repair later.

>>3011343
>But I have seen an upscale large apts where in the service shop they literally had a PALLET of replacement GD and a special cart just to do the swaps.
They don't have a functional shelf life to be fair. Might have just been a good deal on a surplus auction. I've got about 10 tons of floor tiles that I got for a song when a place went under during covid. Probably take another decade to get rid of the rest of them, and I'm not planning on keeping anything I don't have enough of to redo at least a mid sized bathroom.

A dedicated beater cart for various things makes sense in a larger complex because the broken disposals are often absolutely disgusting.

>>3011343
This varies tremendously by state. There's no real legal mechanism where I am to stop the inspector making some vague allusions about things, and they can certainly confirm that they did an inspection. Technically the report belongs to the people who ordered it previously, but most of the time they're happy to allow it to be passed along. It's also legally required where I am that the report be included in the disclosure documents, so just knowing /that/ a report exists and isn't included is enough to raise a few eyebrows.

>Now I'm wondering if "confidential" ever trumps "disclosure".
Depends on the law and the nature of the topic. Take attorney-client privilege for instance. It's pretty broad, but there are carveouts. You can't plan future crimes with an attorney. There's fraud exceptions. An attorney can get into deep trouble for those. And that's for an industry with extremely aggressive protections on confidentially.

>>3011420
continued
>>3011346
Thing is, they can play dumb even if provided the information. Most people aren't going to check that kind of stuff. The real estate agent absolutely wants to close a deal with as little effort as possible for as high of a price as possible. The seller will also want to close the deal. If you're under contract, they have the power to force the sale. They'll do that if they can. The only reasons not to are if the buyer has a legitimate way out, they think they can get a better offer, or if the information is so damming that they are terrified of it coming out.

The last one doesn't happen that often in practice. More often than not they'll insist on at least some kind of documentation as to why you want out of the contract, then just "forget" to include it when selling to the next buyer. Most people don't catch that, so the practice is quite common. If they just let people close out of deals any time they claimed there was a problem without documentation, people would abuse that quite heavily.

>>3011111
Truth nuke quints

>>3011422
>The real estate agent absolutely wants to close a deal with as little effort as possible for as high of a price as possible.
This is what I don't get.
I did some construction related work on a new "Cars.com" dealership and they seemed to have a pretty valid system of pre-inspecting, pre-cert and pre-guarantee all their used cars. That leads to Buyer Confidence and even before they were open but bringing in cars I was getting pestered by people wanting to buy "this car RIGHT NOW", and they were asking IMO top dollar.

I've suggested that to replace the current system, a house would be put on the market pre-inspected and even "pre-mortgaged". The Seller would have their personal (or other national like Rocket) bank do an Appraisal and approve a loan for any "qualified buyer". You marry the house but only date the loan, and banks are like gas stations in that they all sell same for very close to same price. It would be worth it for the bank to invest the cost of an Appraisal/approval to put themselves first in line to get that biz. You either go with that bank, or you go back to square one and some other buyer is likely to snatch that house.

All I see is RE agents doing such a bad job at listings and providing info when contacted they make their own jobs much harder, and house doesn't sell, price drops, get pestered by Seller, etc.

Actually both Seller's and Buyer's agents have incentive to screw their clients by low and high prices, respectively. Agent commissions are a small % of a very large amount, so they have no incentive to "work the margins" where their clients are seeing 98% pure profit/loss.

What I'm feeling is agents do a terrible job Listing and Marketing, and even providing info after contacted (even with WWW, go figure) but think they need to "work a nigger" and play "spider and the fly" to any individual who happens to (in their minds randomly) contact them about a house.
"who denies you information feels they rule over you".

>>3011494
They're more alike than you think. Car salesmen do all kinds of slimeball bullshit to try and push sales. They'll lie about anything and everything if they can. Dealerships (new and used) get all kinds of kickbacks from partnered finance companies. If you want to piss off a used car dealer, get one of their longest duration loans and pay it off a week after you close on the deal. I bought several beater trucks for the business that way and on a few of those occasions I got pissed off calls from the greaseballs at the dealership pissed that I fucked their commission check by paying it off and refinancing elsewhere.

Plus, a lot of used car lots don't actually /want/ customers that can pay the bill. The really shitty dealerships want to have someone pay the down payments, make a few payments so they can get their financing commission, then stop paying so they can repo the car and sell it for about the same amount to the next desperate poor to come along looking for a car they can't afford. That game doesn't work in real estate. If you're behind on an owner occupied mortgage, it can easily take upwards of a year to foreclose on the property. Once you reposes/foreclose it gets even worse. Cars have minimal upkeep sitting on a lot waiting for the next sucker. Houses require you to have a yard crew (or hire one) to maintain the lot. You need to keep them warm enough or purge the pipes so they don't freeze. If you don't keep them warm enough you can get mold problems. They require taxes (unregistered cars don't). Between all the court costs, general upkeep, and damage done to a unit by deadbeats, banks typically lose a fair amount in a foreclosure action.

>>3011494
continued
>>3011494
In general, real estate is a lot more complex legally. There's no such thing as a utility easement, HoA, or mineral/foresting rights on a car. There's a lot more ways that a slab of real estate can be legally tied up and everything takes longer. If you were to create such a system, it would only be applicable to premium properties without atypical encumbrances (or honestly, even most typical ones). Everything else has to be handled case by case. Even something as mundane as a nonconforming structure that's grandfathered in despite the local zoning regs because it existed for a century before the regulations did is paperwork and headaches that you'll never automate away.

As an anecdotal example. I get mortgages from half a dozen different banks because literally none of them can agree on what does and doesn't matter for a property. Some require certain types of insurance. Sometimes that insurance may not be available on a given property without paying a fortune. At the moment I've got 2 properties I had to buy outright with cash because they're literally impossible to insure outside of special high risk plans that would be 2-3 times the cost of the mortgage. They're landlocked farms with collapsed buildings (barns and sheds) and no visibility from the road. Insurance freaks out about fires and attractive hazards (read: they don't want liability for junkies living in derelict buildings). That means no mortgage options available. Once I get the land cleaned up I'll be able to mortgage them pretty easily, but even then the complications from having an easement through neighbors lots for a driveway, the weird utility situations being 700+ feet back from the road, and so on would probably break any kind of system for prescreened and preapproved.

>TL;DR While your idea doesn't sound retarded at a basic level, in reality it'd fall apart for anything that isn't a relatively modern suburban development because property is messy.

>>3011500
"complex legally" is much of the reason I'd prefer a "bank first" and Bank-Centric process.
A bank could easily construct a flow chart for BANK VETTED bank based RE Agents to use, working under Adult Supervision, to sort and sus everything prior to even being listed.
Compare to current regime of non-vetted scatterbrained "independent" RE Agent, panicking that she wont "eat" for another month, doing everything under all sorts of deadlines.
Reason for any "deal fell through" seems to be "they didn't use my idea of having a bank cut a mortgage prior to Listing".

Regardless of so called "robo-signing" of Foreclosures after The Big Short, I've never heard of anyone being outright criminally Gypped by an actual bank in USA at least since maybe WW2. In my limited work doing home repair on houses under contract I found at least two cases of outright criminal fraud by RE Agents. One somehow pocketed $60K from an Escrow to re-model stairs and other work, and he was a current Agent at Re Max and had just gotten out of 4yrs prison for RE fraud. Another was working with her Termite company double billing a $10k item telling the little old lady "don't worry, it comes out of escrow".
Do we want to do pre-listing Title search, or wait until after offers have been accepted and mortgage is "locked" but still in process, to find out about Easements?

I'm aiming to create a process and "regime" that would cover 95% of listings on Zillow, doesn't need to cover odd-balls like your land locked farm.

Does bank insurance vary that much among banks for fairly normal, including semi-rural, houses, or just odd-balls?
Regardless, that would be another reason to List houses "bank first". Figure out which bank's insurance requirements work best with that house and go from there. I'm guessing lots of Buyers are semi-locked into a particular bank as far as Pre-Approved, credit checks, etc...but what does that bank say about a certain property.

>>3011500
>There's a lot more ways that a slab of real estate can be legally tied up and everything takes longer. If you were to create such a system, it would only be applicable to premium properties without atypical encumbrances (or honestly, even most typical ones).
Called on one property, been on market for nearly two years with one fallen out of Pending. Agent claimed there was a mix up with Title Insurance due to "mistaken duplicate names" (Chinese owners and Agent, so WTF knows), but all cleared up now. If they'd started all that process before discovering that issue that took a few months to resolve, maybe that "Pending" wouldn't have failed. I image Title Search is kinda like DMV "Lost Title" where it can be fixed but often takes set amount of time to mail letter to last reg owner and wait 6 weeks, etc.
My process would be to start to do a slow roll, low cost process on everything the moment you decide to sell, vs a big panic once you accept an offer.

Yeah, I'd going after the 95+% of "more or less normal" deals, at least for starters, but IMO the more kinky deals is where you'd want someone truly "professsional" like some bank employee working under a chain of command that goes all the way up to the banks corp lawyers and CEO, not some random "Realtor".

I don't see how my process could be WORSE that current system.

>>3011596
>Regardless of so called "robo-signing" of Foreclosures after The Big Short, I've never heard of anyone being outright criminally Gypped by an actual bank in USA at least since maybe WW2
Anecdotes are anecdotes, but I've had BoA try to foreclose on 3 separate properties of mine. In none of the cases had they ever owned or even collected for a loan on those properties (at least not within 50 years of their foreclosure attempts, we never dug further). I've had chase illegally structure transactions to claim bullshit fees to the tune of about $13,000, and it's why I moved all of my accounts out of them after using them for about 15 years. I've sued Wells Fargo 4 times for various flavors of fraud and failure to uphold contracts. I've sued citi 2 or 3 times because they tried to stick me with costs for blatantly stolen credit cards. In one of those cases someone bought about $150,000 in macbooks and iphones on the other side of the country. They never even locked the card, it was my accountant that caught it.

I'm not going to tell you that realtors are necessary in these transactions because they simply aren't. Nor am I going to tell you that the current system is good because it's transparently obvious that it's a mess. That being said, you live in a different reality if you think banks aren't going to find ways to fuck things up and 'accidentally' tack on mountains of bullshit charges.

>but IMO the more kinky deals is where you'd want someone truly "professsional" like some bank employee working under a chain of command that goes all the way up to the banks corp lawyers and CEO, not some random "Realtor".
You don't have to use realtors though. This is the job of a lawyer. Hire a closing attorney for your deals. Title stuff is literally their job. You don't want to introduce the conflicts of interest of having a bank lawyer being the primary authority on these deals.

>>3011746
The fact of the matter is that you'll never clear up all the weird title issues because there's too many instances of a property existing for the better part of a century being passed down through family members where nobody knows what the actual property borders are. There's an old stone fence that everyone assumed was the line, but in actuality in records written on real parchment in the bowels of some town hall in a town with more cows than people, there's a record that describes it based off of some coordinates based off of a location etched in a rock outcropping nearby, and the survey shows that the line is 30 feet east of where everyone thought it was for a century, so it goes through their neighbor's living room.

This kind of deranged shit happens all the time. To fix it you'd have to audit every square inch in the country. Nobody wants to do that. Even disregarding the ludicrous costs (easily into the trillions), you'd have lawsuits until the end of time about various flavors of adverse possessions, access rights, water rights, rights of way, and more.

And there's no way to keep it from getting fucked up again because two neighbors that get along great may move a fence slightly off the property line for convenience, or have a brook that meanders around a large field over the course of decades, and then 50 years later when they've both croaked and one side's sets of grandkids want to sell, there's nobody left alive who has a clue, and you're back at square one again.

>>3011747
Digging into stuff as part of the sale actually winds up being the most efficient. It blows up from time to time, but there really isn't a better alternative. Realtors aren't strictly necessary for this, and most shitty Realtors are glorified salesmen. They're there to grease some wheels and get paperwork in front of people. In some markets they're there to grease some palms. Good realtors actually know what's going on though and can cut enormous amounts of time and effort out of the process of finding a place for people. They know what properties in a region are for sale, they know what the costs are, they know a list of reputable tradies to fix things, they know what the schools are like, the crime stats, and they know about things like what areas have better well water. The industry definitely could use better regulation to incentivize people behaving like that, but passing everything to banks is a wild take.

>>3011748
supposedly there are "good bookies" and "good loan sharks" who don't want to see a "family man" get fucked up over his head.

But I'd still take a know, legal, licensed bank with its known and published procedures and reputation over some squirrely RE Agent I met 3 days ago. RE Agents have worse reputation than used car dealers but for some reason all RE Agents have nothing but 5 Star ratings everywhere online.

>>3011746
interesting, I've got a pretty simple banking life, and I can only think of one case of possible bank fraud. I deposited a Cashier's Check from a Chinaman from a car I sold for my buddy who had to move overseas and while it spat out a receipt I later lost it because he didn't mention anything for a month or so, but he says it never showed in his account. No idea if maybe it was a bogus Cashier's Check. Whole "Cashier's Check is like cash, but not really" I don't get. Can't a BANK call to find out if its legit on the spot during banking hours, but I digress.
I had $100 sucked out of my BMO debit at some remote ATM in N. CA, but they refunded me no problems. No one including cops in any location seemed interested. I'm sure I wasn't the only one but some gang with a shoe box of fake cards tapping out that ATM on CCTV.

>You don't want to introduce the conflicts of interest of having a bank lawyer being the primary authority on these deals.

I think I do because its in the banks interest to make a deal that "works" for everyone and they slowly but surely pay-off the mortgage. Also, any real shenanigans by a big name bank will become known. But shenanigans by individual agents are hard to track and wont show up on any "one stop shop" reputation site.

RE Agents are incentivized to push their clients to sell too low or buy too high because that makes The Deal more likely to happen because it pleases the other party.

IMO banks are truly incentivized to "be a good partner" and offer good counsel on "not getting in over your head", etc.

>>3011844
>I think I do because its in the banks interest to make a deal that "works" for everyone
2008 is a direct contradiction to whatever point you think you're making here. The banks will fuck everything up for short term profits.

>>3011862
I'd still rather deal with bank employees under bank supervision, with its corp rep on the line than an independent RE Agent sweating blood because you are their only deal that month.

IMO bank greed was only one of several factors in 2008. Hard to believe banks were making high risk loans to Illegals on their own without being pushed by Govt.
When I re-fin my car loan at Wells Fargo from the dealer loan they crawled up my ass and took 2 weeks.

Big diff between 2008 and current Covid price spike is today's owners have about 4x the equity so a crash and and foreclosure panic is unlikely because owners could take out 2nds on their equity.

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>>3012079

>>3011873
>Big diff between 2008 and current Covid price spike is today's owners have about 4x the equity so a crash and and foreclosure panic is unlikely because owners could take out 2nds on their equity.
You mean like people were getting 2nd, 3rd and even 4th mortgages on their houses in 2005-2007? The behavior that the banks allowed that directly caused the crash? The thing that is basically illegal to do now? 2008 is literally standing right in front of you proving that your idea makes zero sense and you're in denial.

You can't actually be this retarded..
>Hard to believe banks were making high risk loans to Illegals on their own without being pushed by Govt.
Well nevermind. You don't understand something as basic as a conflict of interest, so you concoct a government conspiracy and blame illegals. Because that makes more sense than a bunch of greedy bankers fucking things over by giving people making 45k a year millions in loans so they could collect on commission checks. Said conspiracy that makes zero sense and would have happened under a republican president to boot, somehow magically justifies sucking off bankers

You poltards mystify me. I fucking hate dealing with illegals for a variety of easily documented and supported reasons, but I genuinely cannot fathom the level of retardation needed to blame them for 2008 when they weren't even the ones getting the loans. You're not even just being dumb, you're actively making shit up so you can deepthroat a banker. Or are you one to offer your wife up and watch?

>>3011924
but would you rather have Re Agents mostly involved in house sales, or a bank?

Even if a Govt backed loan where the bank's only risk is WTF it takes to legally and physically clean up the mess, a bank has SOME interest in you having a "positive home-ownership experience" post-purchase.


"Why Banks Lose Money on Foreclosures

• Legal Restrictions on "Profits": If a foreclosed home is sold at a public auction for more than the outstanding debt, the bank cannot keep the excess cash. By law, the bank is only entitled to recover the exact loan balance, interest, and legal/processing fees. Any surplus funds must be returned to the original homeowner or used to pay off secondary lienholders."

In contrast, an Agent has the same incentive as a sleazy stock-broker to "churn and burn" since their income comes from sales commissions, not a percent of your equity gains 5yrs or more in the future.

IMO it would be interesting if banks offered loans where part of the deal was them as fellow speculators who'd get a % of your increase in Property Value (minus real inflation, and minus any expenses for improvements)+-