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| Mortgage Industry Discussion of home loans, refinancing and interest rates. |
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02-08-2006, 08:38 PM
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#1 (permalink)
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Status: Junior Real Estate Forum Member
Join Date: Feb 2006
Posts: 16
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Banks as Realtors
What are peoples thoughts on Banks getting into the real estate industry?
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02-09-2006, 08:28 AM
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#2 (permalink)
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Status: Junior Real Estate Forum Member
Join Date: Jan 2006
Posts: 12
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There are huge conflicts there. Every segment should not have any connection to the others.
Agents should not be doing mortages, the loan officers should not be selling real estate, lenders should not be allowed to sell real estate or insurance, appraisers should not have a connection to the lender, title companies should be independent...
I believe in capitalism but there is too much control by the realtor, the bank...where to get the financing, title insurance, and if everything is held under one roof this will drive out the competition and eventually increase prices for the consumer whereas if everything is separate the consumer must shop for the best services and products and not be forced into anything allowing us to take advantage of any consumers.
The consumer will pay for the convenience.
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02-10-2006, 03:40 PM
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#3 (permalink)
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Status: Junior Real Estate Forum Member
Join Date: Feb 2006
Posts: 16
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Well said!
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02-11-2006, 07:39 PM
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#4 (permalink)
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Status: Senior Real Estate Forum Member
Join Date: Apr 2005
Location: Las Vegas
Posts: 103
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Its like having the Fox guard the henhouse. Think about it. Your bank is your realtor and loan provider. Your property goes up in value tremendously....you are late a few payments....
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05-11-2006, 07:39 PM
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#5 (permalink)
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Status: VIP Real Estate Forum Member
Join Date: Apr 2005
Posts: 1,131
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I would have to agree with everyone's thoughts thus far. I think that it should not be a question at all, each aspect of the real estate, specifically the Las Vegas real estate, industry should keep to itself. This will reduce the risk of wrong-doings and futher insure a client's right to individual fiduciary responsibilities from their agent, loan officer, appraiser, etc. Representitives should not be able to have control over more than one aspect of a transaction.
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06-02-2006, 06:57 PM
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#6 (permalink)
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Status: VIP Real Estate Forum Member
Join Date: Apr 2005
Posts: 1,056
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I agree, it is a total conflict of interest. That is why appraisers do not sell homes, and Realtors do not check title reports! Every aspect of this business needs to be held accountable by the other. I know that there would be major issues if the Las Vegas real estate market began implementing these types of changes...
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06-06-2006, 06:47 PM
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#7 (permalink)
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Status: VIP Real Estate Forum Member
Join Date: Apr 2005
Posts: 1,008
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Yyou could not have said it better! That is the exact reason why there are different positions for different aspects of the business. I remember how many issues there were years ago when Las Vegas real estate agents were acting as both Realtors and lenders! Needless to say, the points being chanrged were astronomical and clients got smart about it!
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06-06-2006, 07:15 PM
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#8 (permalink)
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Status: VIP Real Estate Forum Member
Join Date: Aug 2005
Posts: 353
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I agree! Seems absurd to give the banks all the control. Of course it could only have negative affects. I also agree that Realtors should either sell houses or loans but not both you can not do justice to the client trying to do it all yourself.
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