Most Memorial Day blog posts urge the reader to remember the sacrifice others have made so they can have a cookout. Not here. This Memorial Day entry will urge you to remember the sacrifice others have made to buy their RBA homes at the peak of the market so you can unlock all that instant equity.
Do you know how much effort it took to qualify for 100% financing? Banks expected to you sign your name and fog a mirror, both! Some particularly fussy institutions even asked for documentation showing you were earning $400,000 a year as a strawberry picker! It’s not like you had an HR department onsite who could help with that sort of thing! And then, the nerve, when it was time to refinance and pull another hundred or two kay out of the property for a few new vehicles, they wanted you to sign your name again! Who did they think we were, John Hancock?
Haha. That was a joke, because Memorial Day was instituted to honor those who gave their lives during the American Civil War, and John Hancock is an insurance company in Boston! Then again, you come up with someone who got shot in the Civil War and signed as many papers as a temporary bank VP in 2006.
Imagine how hard everyone in the mortgage business had to work just five years ago. All those home inspections to delay, all those bank officers to look busy, all those properties to record with a dubious agency nobody heard of instead of county clerks who would probably lose your paperwork on their lunch break. It’s a wonder the courts let the banks win anything with how little work they actually did, given how much there was!
That’s why we promise to keep bringing you as many overpriced houses that look like garbage as we can find. It was an amazing time, and we don’t ever want to forget it. So, million dollar crapboxes on a busy street, we got your numbers, and we’re overbidding them!
This is an Open Thread. Happy Memorial Day!