Educating Homeowners Essay

998 Words 4 Pages
Everyone wants a home but nobody wants to lose their home once they get it. The country has had a record number of foreclosures and they didn’t just happen by accident. The blame can be put on both sides of the table, the lender and the borrower as well as others in the mortgage and real estate business. There is good news, though, with a little change, regulation, and education such a drastic occurrence can be avoided. The glitz and glamour of being on your own in your own home is overwhelming and the banks pray on that. They lure those who have these dreams with unrealistic deals. Banks have been handing out mortgages to anyone who walks in wearing a shirt and shoes, even to those who already can’t pay off their car loans or …show more content…
There are also others to look at in the mortgage and real estate industry that had such an affect on the numerous foreclosures. Appraisers, for instance, over valued homes and then realtors would sell these homes for an enormous price. There should be strict guidelines for appraisers to follow that would prevent them from being influenced by either those in the real estate market or a homebuyer. The appraiser’s estimate should be one that closely reflects the actual value of the home in the current market. Currently, it’s a little pricey for future homebuyers to hire an appraiser but that price should be more affordable giving homebuyers an opportunity to get a second opinion. I think a lot of the drive behind all of this is greed. There are too many people along the home buying process who get a commission. Getting a commission should never be the motivation for doing one’s job. Just having a good job with benefits should be their motivation. When money comes into play, lies happen and greed takes over. There should be no more commission for those who already receive a steady paycheck. I think the most important thing that homebuyers can do is to educate themselves. There should be a website where people can go to learn about the home buying process and what to expect every step of the way. This website should also offer a way for people to type in information that will give them

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