Quote:
Originally Posted by Flash68
If someone can't take some personal responsibility for what is most likely the largest purchase of their life, maybe they shouldn't be buying the house in the first place if they need to listen to the realtor so much. The math is simple.
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If personal responsibility was in vogue the housing crisis would not have happened. Consumers would not have gotten into > 100% home loans, taken HELOCs on the houses, or pulled equity to finance their toys. Loan companies were allowing loans that should not have occurred.
Remember half the people out there, by definition, are below average. And wisdom usually comes at the expense of time and age.
And, as far as math and finance is concerned, a lot of people I know starting out and who are young are very optimistic about their finances and their future income. They assume that the job will always be there, that both spouses will continue work, and that their incomes will go up. For example, I met a young lady eight years ago when I started this job who sat next to me in my orientation class. She and her husband were newlywed and new college graduates with Engineering degrees. They bought a five bedroom house in the suburbs for the two of them to live in. It was at the limit of what they could afford and she was telling me what a great investment it was. Wow!
Whenever a situation exists where one person can take advantage of others with impunity, there will exist such people who will do so.
On one hand I agree with you. Caveat Emptor, and etcetera. I am the kind of person that has a Libertarian mindset towards government, less is better. But, on the other hand how do we make sure things are fair and people do not get taken advantage of. This is not a question I know the answer to, I am not that smart.