Monday, November 22, 2010

Real Estate And Lawyers

What do lawyers and catfish have in common? They're both scum-sucking bottom dwellers! LOL

Many people wonder if it is worth the cost to have an attorney look over your mortgage before you sign it. That all depends. Especially for first time home buyers, an attorney is not needed - if you want the banks to take advantage of you, that is. Trust me, they will take every advantage they can. You need to be prepared. That means an attorney. If you have a friend who is a banker or a real estate agent, they will do. If you call around, many attorneys will look over a mortgage and advise you for $50 - $100. Just consider that part of your home buying expenses. It's a small enough price to pay for a little peace of mind.

But why do you need one? Well, do you know the difference between adjustable and fixed interest rates? Do you understand closing costs? How about property insurance (in case the house burns down), or life insurance (in case you die outside of the home so the bank gets paid off)? You go to the bank to close the deal, and they hand you a stack of papers two or three inches thick and tell you to sign and/or initial in a dozen or more places. Of course, first they tell you to read it all. How many of you actually would sit there and read all of that? And even if you would, how many of you would even understand it? "The party of the first part, in consideration of the party of the second part, in conjuction with the party of the third part, do hereby stipulate and affirm, blah, blah, blah..." You may not want to openly admit that you don't understand the majority of that goobledygook, but are you going to sign it anyway to avoid a little embarrassment? Not if you have any brains you won't. Most of us would need help, and the intelligent thing to do is get it now, or be sorry later.

You may think you can get the gist of it, and ask the banker for further clarification. Bad idea. As Comrade Taylor Bowles wrote in the last issue of the White Worker, people have become poor deep readers. They'll read the first line or two thoroughly, then start skimming a few lines, then read another line deeply, then start skimming again. He described it as an "F" pattern, and accurately so. But call it what you may, you won't get a proper understanding of what you're reading that way. Add to it that it is written in legal and banking jargon - forget it. Many people, afraid of being embarrassed, just pretend they're reading, then say they understand, then sign on the dotted line, thereby giving their souls to the devil, so to speak. I wouldn't trust the banker to help you understand. He doesn't want you to. He'll of course say, "Don't worry, it's just a standard contract." Maybe so, but do you really understand how a standard contract works? He may also say something about a particular clause in the mortgage that you are concerned about in this way, "Don't be concerned. It's for your protection." Yeah right. If you believe that one, you are a sucker. The banks aren't going to do anything that will benefit you over them. They are out to take as much of your money as they can, and you can take that to the bank!

Buying a house can be totally overwhelming. Make it easier on yourself. Pay that very reasonable fee and have an attorney look over all the paperwork for you. You'll sleep better at night.

Attorneys do indeed work for a corrupt, Judeo-Capitalist system, but if you're smart, you can use that to your advantage. In a true National Socialist state, the only use we'd have for attorneys would be in primarily criminal and political matters. Buying a house would be simple and straightforward. Until that day comes, you must use every resource at your disposal to keep the leeches from draining you dry.

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