None of us know all the assorted jargon for each profession and trade. In real estate, which I have been studying since at least 1973, there are new terms in use today that did not exist a few years ago. Yes, we know there are new words added into use all the time. Annually we get a press release of the newest 10 or 12 words to be added to the dictionary. Not very long ago Wikileaks was probably on that list.
But what do we do with a word like twerking? Would you please use it in a sentence? And if you are underwater, how is that possible at 7000′ altitude? My hashtag experience began when it was called the pound sign. When I worked in the Bell family of companies many years ago, we made a great deal of money for our company by charging 10 or 20 or 30 cents a minute for long distance calls.
Now those calls are almost free; incorporated into the monthly cost of a cell phone. Speaking of words, do you Skype? Me? I keep getting confused between FaceTime on my phone and FacePaint on the information superhighway. Isn’t FacePlant the one that shows skiers falling down in creative and entertaining ways? Is there a site known as FaceTube? Tweet me if you have the URL.
Some of the newest words in the real estate business relate to resolving problems that came out of the bubble bursting. Who knew real estate could be in a bubble? But it was, and it did. And there were lots of problems. Many words came from legal actions that added the need for another form and more boilerplate. Explain FIRPTA please. What is your best 1031 story?
And lamentations to all that realized early on that real estate could lead us out of the Big Recession. In fact, real estate lagged behind because, in my opinion, big banks and big government did not want to forgive billions of mortgage debt owed by homeowners who overpaid for housing. So the financial pain was mostly spread among homeowners that borrowed 80% or more of their new home purchase sales price. That number might even be as low as 60% in some markets.
So here we are, making our costumes and still struggling to get through the inventory of foreclosures and short sales. No, there aren’t all that many around Santa Fe, but when there are a few in each price range, they get all the attention, to the detriment of the rest of the homes for sale. They are too shiny as they say in China. I say anyone that tries hard to be noticed is too shiny. Twerk you too.
Speaking of punishment, how about all those presumed wise guys that are doing time for their role in causing a very large percentage of homeowners see their net worth plummet to zero? Oh yes, I know it was not all top down bad stuff. Plenty of bottom up theft and perjury occurred, too.
Remember what we learned the last 6 years? Loan company CEOs put pressure on loan officers to make more loans, and rewarded them handsomely. Then some shady loan officers coached many a borrower on how to lie about income, employment and lifeguard experience. And so many homes were sold to people that could not afford to pay for them.
There is no justice after all that American mortgage-backed securities that grew into a global adjustment. Or as they say in education, no good deed goes unpunished. Did you know I once owned 10,000 slide rules and had the market cornered? That was right before those little hand-held battery operated calculators came out that could mimic a computer.
Anyone want a slide rule? How about a pocket protector? If your doo-hickey is real estate related, call me for assistance. I am good with those. 505-470-7153 is my number.