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Does Buying A Home Really Make Sense?

1237 words - 5 pages

For Christmas, I received a card from the real estate agent my husband and I dealt with when we moved into our rental apartment. She had written on the card: “If you don’t renew your lease – are you ready to purchase a home?” While I commend President Obama for taking a step against the banks and powerhouse CEO’s of the financial world, it’s not just the big guns we have to go against if we want to avoid another financial crisis. Everyone around us – from real estate agents to loan officers to banks, family and even internet news articles – the human being is constantly being told that buying a home is the American dream. While we may find a real estate agent that can find some amazing homes for us, in reality, my husband and I know we can’t afford it. Between property taxes, PMI insurance, earthquake and property insurance, HOA fees, property upgrades and the mortgage payment itself – we would be in debt before we even signed on the dotted line. The current mortgage crisis could have been averted if the buyer was well informed and if the banks and real estate agents weren’t worried about making numbers and commissions. It could have been averted if knowledge was placed in the hands of the people instead of in the people at the real estate offices, the banks and the construction companies. I have outlined three things that the common borrower, investor and bank should do.
In order to take steps to avert any additional foreclosure crises, there needs to be knowledge placed in the hands of the borrower. Approximately a month ago, my husband and I found a loft online that we have been eyeing here and there for about six months. We calculated that we would need down payment assistance if we were to buy this loft. That is when we signed up for the pre-purchase homeowner’s class, as it was part of the requirement to obtain the down payment assistance. In this class, we had packets of information thrown at us and speakers from every aspect of the purchasing steps speak. We learned how credit scores are broken down, what kind of property the real estate agent would like us to purchase, insurance plans, pre-paids and additional down payment assistance programs. This all would have been very informative for anyone who was buying a home. Classes such as the one my husband and I took should be required in order for the transaction to enter escrow. If the purchaser is a repeat homeowner – say they are purchasing their second home in fewer than three to five years – they should be required to take a refresher and have additional information about the costs and burdens of owning a second home.
Classes for the traditional homeowner should also be available to the investor. In my time in the foreclosure mortgage industry, I have seen many properties that are owned by businesses and investors default as well. The people behind these business names are not immune to foreclosure. They spend money on the purchase of a home, fix it up and then rent it...

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