As the Real Estate market in Westchester County & the Bronx heats up and the economy seems to be awakening from a long winter hibernation, human nature too is experiencing an evolution of sorts, and yes I have been thinking. Let it not be what it was like in the late 90’s into early 2000’s.
What in the world was it really like back then as it related to our New York Real Estate market, banking, appraisal services and other industries linked closely to New York Real Estate?
Well, I was there, taking it all in and not being at all mesmerized by what my eyes have seen! In the name of profits, nothing was prohibited, and I mean nothing. Bankers & Mortgage Brokers made title pages disappear so a deal can close, financing homes which did not exist, appraisers lowering their camera’s lens to shoot a five story building as a four story building, so it may qualify to be financed at a lower rate with a lower down payment requirement. Realtors, yes my very peers, accepting an offer from a buyer who spent his or her hard earned money for an home inspection only to find out that a better offer had just come in and they are out of the game. These sorts of practices are the very reason the New York Real Estate market, along with our economy had collapsed.
Never mind the money that was lost, the relationships ruined and years of savings gone down the drain. What it has done to the typical American family is the story here, and it ain’t pretty. Let’s all of us who care about leaving a better place behind for our children rise up to the occasion and do it right the second time around.
One very famous person said it way before me, “No matter how much money one may acquire, he or she ought to internalize that once they exit this world no sum of money would be sufficient enough to buy back one’s soul.”