PAGE 4 June 10, 2009
The Newscaster/Nature Coast News
Real Estate Today
Squawk Box - Continued from page 1
grounds (right out of the package) was I able to recreate a harshly acidic soil profile that
A Guest Commentary by Darryl Diamond
they actually enjoy; they are rewarding me with a tremendous pouring on of new fresh and
Short Sale Advice
healthy growth. It was very satisfying to solve this life and death problem I can tell you.
As the clerk gives me directions to an item in home depot, he notices
If you re not completely bored and are still reading this, I thank you. Because
my real estate broker badge, and then asks me by name “How is the real es-
this article is not about my green thumb successes, it s about our continuing regressive so-
tate business these days? I tell him I've been selling foreclosures for the US
ciety. It s about dealing with people s entitlement attitude and that drain on our society.
Government for the past 22 years. He says “I guess you are one of the few real
Yesterday I had a lengthy debate with someone about people who abuse the wel-
estate people busy right now?” The clerk says he would love to sell his present
fare system. This person s point was that he was completely fed up with a system that de-
home, and buy one of my foreclosures, but he paid over $200k, owes about
nied his permanently ill and disabled wife from receiving any sort of assistance from social
$200K, and can only get about $110k in todayís market.
services. Yet in his neighborhood he routinely witnessed single mothers and families of
I tell him that one part of the Federal Government bank bailout program may be
five or more children that took assistance money and spent that money on drugs, alcohol,
able to help him. Basically if he can get a buyer at $110K, then get an appraisal showing the
and hundreds of dollars worth of lottery tickets. His argument went along the lines of some
home is worth a max. of $110k then the bank may approve his sale. It appears that the bank
of this country s most outspoken conservative critics; small government, free enterprise,
and to heck with handouts to the impoverished and those underemployed or unemployed.
can ask to apply the Federal bail out money to cover the difference in the mortgage payoff
My reply to him which stopped him dead in his tracks and pulled his plat-
and the actual sale amount.
form from underneath him was simple yet profound: in a society based on a con-
So in essence this seller's $200k loan would be paid off with $110k coming from
stitution which makes “life, liberty, and the pursuit of happiness” the law of the
the sale and the other $90k coming from The federal government. Ironically a similar type
land, a certain burden of freeloading people is the price we pay for those truths.
of government assistance has been around for many years. Banks have always known that
Like it or not, without the right to choose to do nothing that contributes to our
any buyer with less than 20% down was statically 5 times more likely to let that home go if
society, we no longer have a democracy. The alternatives to democracy have been tried in
any distress situation occurs such as Death, Divorce, and/or job loss.
other societies with less success than we ve had. Consider a society where working for the
So the banks were understandably reticent to give loans with less than 20% down.
common good was mandatory; that s called communism. Throughout our young national
In comes the FHA loan under Housing and Urban Development (HUD) with just a 3%
history, we ve shed blood to keep our right to reach for the stars or do absolutely nothing.
down payment. The banks that issued these low down loans under this government program
I stated to my friend s face that I was happy to contribute whatever percentage
get a guarantee from (HUD) that if the buyer ever defaults, the bank simply sends the title
of my tax dollars helps her live on disability; she needs it. I also have no reservations con-
papers to (HUD) in Washington, and they magically get a check for the full amount owed.
tributing to WIC programs and other social services that help children. I don t consider
No risk on the banks part. As a example of how this program works, let's say Hud pays off
welfare children at fault for their circumstances, and what kind of person am I to not feel
a $100K loan then can only sell that home for $70K. You, and I through our tax
compassion for kids; after all, in other societies those kinds of kids starve to death everyday.
money have always been paying the $30K loss on these types of loans.
My two triumphs this week, using radical change to save the life of one of my most
Getting back to our store clerk, His only problem is that the present loan modifica-
prized possessions, and being able to accept the burden of deadbeats as a necessary evil to remain
tion program and/or loan payoff program is mostly geared at this time for distressed loans
in a democratic society; not bad for a guy who works for the man, hates government, and has
more than 4 months late. If you are current and your home is worth say $90K less than you
always thought he had a black gardeners thumb. It s the little things.
can sell it for, the government bailout program may not be of help to you at this time. I guess
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we can say that the Federal loan modification program “needs to be modified”.
Darryl, Vicki and Shirley are “The Diamond Team” We are the seasoned profes-
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Students receiving the President’s Education Award for Academic Excellence from Yankeetown
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www.plantationrealtyinc.com
Mon-Fri 8-6 & Sat 8-2
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Phone: (352) 220-8828
Seasonal Plant Sale!
email: lisavandeboe@yahoo.com
Fax: (352) 337-0723
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“First Time Homebuyer” Seminar, June 23,
Office E-Mail: aadams@apexlending.com
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Home E-Mail: bunnyadams@comcast.net
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