Triggering My Hot Spot

I have blogged about this before…it is really one of my “hot spots”.   This morning, not only did I receive an email from this company (oh, I mean SPAM) stating that this is information that I requested, which I did not, it is about something I am absolutely against: selling consumer’s information when they’ve had a credit report pulled to become preapproved.    [photopress:trigger.jpg,full,centered]

If you go to their website, they state, “Receive a daily feed of consumers in your target market that just yesterday had their credit checked for a mortgage loan approval.That ’s right, these consumers have just had their credit checked within 24 hrs, specifically for a mortgage loan approval! Now you can provide them with a pre-approval in just a few days for unlimited growth potential.”

Picture this, Mr. and Mrs. Homebuyer meet with a Loan Originator and sign many documents for the preapproval process including disclosure forms that their private information will not be sold. Within hours, they begin to receive relentless phone calls and post cards from other lenders.   It’s too bad the credit bureaus are not a party to this agreement and that it is legal for the bureaus to re-sale credit scores, addresses, phone numbers, debts, etc.

I’ll go eat a box of Valentine’s candies and go chill out in a corner somewhere.



Please review the Resale Certificate

[photopress:cancelled.jpg,thumb,alignright]My client and I reviewed the Resale Certificate and cancelled his purchase today.

When you buy a condo, or condo-townhome, you do not know everything there is to know before you make an offer.

After you are in escrow, after the contract is “signed around”, you get a resale certificate within ten days. I’m not talking about new properties here, but resale properties. It’s amazing how many agents just hand that big packet over to the buyer and then hope and pray for five days that the buyer won’t open it.

Sit down with your agent and go through that resale certificate. Don’t rely on verbal representations made prior to receiving the resale certificate. I was told by the listing agent that the Association had money in reserves. She volunteered that information, as I would never expect an agent to know that. The Resale Certificate comes and it says ZERO in reserves.

How could anyone have a balance of Zero anyway? Did you ever have a Zero Balance in your bank account? It’s either $2.00 or it’s overdrawn…but flat out ZERO?! Is that even possible? Oh and the “Good News” is that the monthly HOA dues were being decreased beginning 1/1/07. No reserves, so let’s reduce the monthy dues…that’s ripe!

Maybe the lawyers can answer this one. I haven’t seen the Reserve Study Summary in many of these packets and have to hunt it down. It really is not possible to know if the monthly dues are adequate, or if the amount in reserves are adequate, without having a copy of the Reserve Study Summary page. Is that not required here in Washington? If not, someone needs to fix that. How do I help make it mandatory that this vital info be included with/in the Resale Certificate? Who do I call? Who do I write?

Well luckily, in this case, I didn’t need to look at the Reserve Study to know that ZERO wasn’t good enough. The agent kept telling me how much BETTER things were NOW than they USED TO BE. That may in fact be true. But better than it used to be is not necessarily, good enough.