Hamp Yonce's Q&A

Sounds like more fertilizer from the Big Banks. Your loan may be ineligible due to the existence of credit enhancements on the MBS pool, which are not really LPMI, but they told you that to keep from explaining it. They could have, and should have, determined this before expending your appraisal money. I would go stand on some managers desk until they refunded my $375.

Are you really still using "invest" Linda?

Better yet, look up Gregorio's phone number in the white pages and call him.

SERGE11, that is such a bad deal, a Broker couldn't even get away with quoting it to you.Wells Fargo Wholesale is paying about 2.625 at 5.00% for 15 days. There are over 2.000 in front end points. Thereby, my nearly 5 points estimate. I know Banks don't know what it will yield when it is sold (BS!), but it will yield something. My guess is about another point. I was being kind at 5.00 total.I wish I had a thousand of those to close. The problem is that I would do them for about a quarter of that. I don't have stockholders to feed, or TARP to repay either. I don't like being predatory either. Add the fact that any wholesalers wouldn't let me charge that much. But, I've heard it said on Zillow that Banks are always better on pricing. I guess I will continue to disagree with that blanket statement, and continue to say that anyone who doesn't price their loan with at least one Broker is asking for it. Just my humble opinion. I will slam a predator, to their face.

Clay, Can I make sure I understand this? Bank of America is a Bank and not a Broker, right? I thought you always got a better deal from a Bank than from a Broker. This seems incredible, or either the statements made on Zillow regarding Bank pricing always being better than Broker pricing is incredible. Wonder which it is? The reason I ask you, is that seem extremely credible, and upfront, in all your disclosures. It seems to me like this Bank is making about 5 points on this Veteran's loan.

You can negotiate the commission. But an agent that is willing cut their rate may be cheap for a reason. The most effective agents are less likely to discount. Do you have some sort of extraordinary property? If you suspect it will be easy to sell, DIY.

Zillow = Football Bat!

I agree with all of this complaining about the deceptive quoting practice. I think it is unwise for Zillow to let it continue. I think it devalues their product. I was trying to point out, as an  exercise in hair splitting, that it is not actually "bait and switch". It is something else. It is using the complexity and esoteric nature of the product, to make your offer look better than the honest guys offer. And that is not bait and switch. I definitely was not disagreeing with Robert or Jim. I was attempting to point out that we who disagree with the practices taking place are calling it the wrong thing.Firstly, bait and switch is an advertising thing. A customer initiated quote is not even advertising per se. It may have resulted from advertising, but the quote is not an advertisement.Secondly, bait and switch is hard to prove, legally, even when it actually happens. The origin of the term, and the legal phenomenon that caused it, was retailers offering product A at a very low price, and drawing in consumers only to sell them product B at a higher price. The retailer never even carried or intended to carry product A. When this was deemed illegal, the loss leader concept arose.Finally, if a Lender quotes a 10 year fixed, that would yield 1.25 points in revenue to his company, and ends up providing, or re-quoting, a 30 year fixed, or a 5/1 ARM, to the consumer that also yields 1.25 points revenue to his company, he has not baited and switched.And all I'm saying is that the misquoting games being played on Zillow are not B and S, they are simply BS, that plays on the esoteric nature of the vast mortgage product/pricing infrastructure.The thread was titled "What defines a Bait and Switch scam?", and in my humble, but educated opinion, the examples provided are not bait and switch, they are simply misleading and deceptive quotes that dis-serve and confuse the consumer, rather than serve the consumer. I think a better question would have been "How misleading do you have to be to get kicked off the ZMM"?

I agree that the issue that is being discussed is not Bait and Switch. It is ignoring the actual request to be first on the list, based on the total cost fallacy, which is what Zillow presents as the crucial element. The classic actual Bait and Switch moves a customer from a less expensive product to a more expensive product, thereby increasing the profit, which is not the case in the "Total Cost" fallacy. The main problem here is simply misleading quoting. A Bait and Switch may exist in the Rate table ads or from the horse and buggy ads, but it would be difficult to call a CIC a classic bait and switch without knowing that the quoted deal was not delivered, or an equally competitive deal on another product was not delivered, and a more profitable scenario was. SoCal is so right. I have decided to call the tactic zildoing the CIC.

Dcjg,How many is several? Do you have positive cash flow on all of them? If so how much? How much depreciation is claimed on each of them? How long have you owned them? Are they in GA, or SC? Do you have other debt(s)? How much is/are the payments on the other debts? Have you had a decent year this year? Are you able to file this year taxes quickly? These things would allow a better analysis. Feel free to call me on my mobile. I can talk you through the analysis. You may have a workable situation.