Friday Links
Flushing Avenue. Photo by dannythefox. United Homes Suckers Bed Stuy Mom [NY Daily News] Fire Guts House at 663 Rugby Road [WNBC] Richard Rogers Wins Pritzker [Gothamist] Karl Fischer Row is Coming Along…Slowly [Curbed] How To Stain Wood [Charles & Hudson] How to Free Pocket Shutters [Forum]
Flushing Avenue. Photo by dannythefox.
United Homes Suckers Bed Stuy Mom [NY Daily News]
Fire Guts House at 663 Rugby Road [WNBC]
Richard Rogers Wins Pritzker [Gothamist]
Karl Fischer Row is Coming Along…Slowly [Curbed]
How To Stain Wood [Charles & Hudson]
How to Free Pocket Shutters [Forum]
mr. cynical, point well taken. But at the opposite end of the spectrum is ‘trust’. As many of the other commenters have suggested, navigating the real estate market can often times be a complex, confounding and treacherous endeavor. Even the most educated amongst us often times have to take a deep breath before signing all those papers and trust that our lawyer, real estate broker (if one is present) and lender is looking out for our best interest; most of us don’t understand the fine prints completely. We trust. It’s one of those ‘cover your nose, close your eyes, dive and hope for the best’ experiences.
It was United Homes fiduciary responsibility, as a real estate professional, to represent their clients (the home-buyers) best interest. The United Homes enterprise is ladened with so many conflicts of interest that callously place homebuyers at risk. They profit from people’s lack of knowledge and ignorance about the process.
If you take the real estate sales agent course you’ll learn that the practice of ‘referring’ mortgage lenders, lawyers, appraisers, etc., is very, very strongly discouraged. Yet, these elements are all part of the United Homes core services which enables them to close on a house within 2 weeks in nyc.
I have looked at some of their homes before and, between the 30% above market price hike, suspiciously shoddy renovations and obscure transactions I decided to walk away. Thank goodness I followed my instinct. Otherwise I would have bought the sales pitch that I could own a brownstone for as little as $1500 mth without ever being told or realizing that the $1500 payment would eventually balloon to $2500/mth (in addition to other expenses such as taxes, utility bills, maintenance, etc.).
I’m not Mr. Critical!
I don’t doubt that United Homes is a bunch of shady mother****ers but still, COME ON.
It doesn’t take a genius to know the saying “if something is too good to be true”…
We don’t take the car companies “to task” for their ads stating “only $399 a month” and we don’t penalize any other sellers of big-ticket items. Are GMAC and all the car companies part of some sort of “ring” “conspir[ing] to defraud” us? How many of you who say “yes” have ever bought a new car with cash and without any sort of financing or leasing?
And if some lawyer called me and informed me that he would be “representing me” I’d tell him to screw himself.
Sure, “take them to task” for not following legal standards of practice (ie: good faith estimate, etc.) but to buy a house without knowing the price is idiocy whether you have lawyers as friends, colleagues or family or not at all.
And considering most Americans’ distaste for haggling and negotiation, even over small items at flea markets, it boggles the mind that she went ahead even after “repeatedly” asking and still not knowing the price.
I still say that by these standards, the entire American economy is a “ring” which is “conspir[ing] to defraud” us of our God Given Right to own big expensive, overheated houses, big, gas-guzzling cars and mondo-huge TV sets!
If you ask me, someone at Credit Suisse Boston made an astute investment – any 2 family house in Bed Stuy is going for well over $395k by now. A recommendation on an appraisal isn’t always the only factor – if that were the case, I would have spent either $100K less or $100K more on my house, depending on what appraisal you’re looking at.
Even if Credit Suisse hadn’t resold the mortgage, they would have made a killing on the house.
Pretty amazing how an uneducated, easily duped consumer who buys a house without finding out the price can find ample help to navigate the US legal system, no?
The law requires full disclosure to buyers so they can take individual responsibility. When full disclosure is not made, it is illegal and individuals who are harmed have recourse to those who failed to disclose.
I believe in personal responsibility, but I also believe it is wrong to make a loan when you have every reason to believe it can’t be repaid. The responsibility goes both ways.
I work often with derivatives and good business practices and the law require us to make sure they are suitable for the client. They are more complex than many clients realize and not everyone is equiped to handle the risks. As experts, we make that judgment and are held liable for it. The same goes for mortgage lenders and, yes, credit card companies.
real estate developers, credit card companies, banker/mortgage brokers, real estate brokers – they all need governmental oversight, otherwise there is the tendency to become predatory and abusive in terms of wealth/power/knowledge.
shame on the credit card companies for forcing poor unsuspecting consumers to purchase electronics clothes and other items and have the gall to charge interest for lending money
they should forgive the loans and apologize to the consumers for lending them money
Knowledge on home-buying and financial stuff involved is not something you’re born with, and you’re definitely not taught this in school. Sometimes the network of people around you and family background makes a huge difference. There is a difference in coming from a family who are homeowners, and surrounded by people who own their homes, and coming from a family of renters. I bet alot of these people were in the latter category. Some were probably immigrants who were unfamiliar with the process here in the US.
When I was looking for a coop not only I got advice from family who brought homes, but I had a network of friends and colleaagues who were lawyers and financial analysts who gave me good advice, and an uncle who was a real estate who gave me sound advice. He told if I found my apt thru another RE Agency, pomise him to never use their lawyer, to make sure I get my own. This network makes a huge difference.
i consider myself pretty well-versed in the ways of home loans, but i swear, at my closing the lawyers could have thrown something shady in there and i probably would have signed for it (actually maybe i better review my closing statement!) it’s such an overwhelming process no matter what, if you haven’t been through it before. so just imagine what outfits like United are like, in that they are overtly concealing crucial info. this whole thing sucks, especially since they go after people with little money in the first place.
are you folks that ask where is individual responsibility – talking about the people that work for and own UnitedHomes and other such outfits?
Are you asking about are they taking responsibility for duping, lying, preying and pressuring people that have worked hard, don’t have enormous financial resources and trust the gonifs.
individual responsibility…the same argument could be used to defend brute muggers who strike upon innocent, clueless victims that listen to their ipods and talk on their cellphone on the walk home from the subway.
There comes a point when the crime committed is so foul that the stupidity of the victim becomes irrelevant.