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The Close, Part 5

Someplace around here the thought of financing might come up. There are certain finance companies that operate maybe 16 hours a day seven days a week. They have huge computers. Yes, they are open from 8 AM central standard time until midnight central standard time.

The salesman can call in and get the homeowner financed in about two minutes — even for $25,000. Two minutes — no joke. He really can. It is a done deal. And that’s a signature loan not backed by your house! But he might well use even this financing as a tool to handcuff the homeowner to him.

He can make the prospects co-conspirators. He can ask the homeowners all the needed questions from the credit application and then with a genuine wink he can change this item or that item — with the homeowner’s approval and connivance — to supposedly make the chances of getting the financing even better.

Now, the homeowner is finally locked to the salesman at the hip. In reality the finance company already has the truth in their computers and nothing on that form other than social security number and an extremely rough estimate of the home’s value are needed.

Further, the salesman can use the time he is on hold waiting for the credit person to come back on the line with the credit authorization to pretend to fight for the homeowner. Nobody is listening but the homeowner, so why not?

Of course, fraudulent application for a loan is … fraud … and the FBI has arrested lots of people for lying on their home mortgage applications. Even years later they come after you. This is really not a good thing to do. Lying. … FBI. … Bad.

There is also a federal three day right of rescission document. It must be handed to the homeowner and the homeowner must sign a copy saying that he has received it. The salesman may have done well with the homeowner and impressed upon them how the company’s deep discount — a total of maybe an 8% discount from the $22,000 list — is really dependent upon the company keeping their honest skilled craftsmen working. These hard working honest skilled craftsmen people have families and children and they need to stay employed.

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To help keep the honest skilled craftsmen on the payroll it would be nice to have the homeowner rescind the right of rescission here and now so that the job can start faster. The workmen’s children need clothes and food. The homeowner cancels the document across its top and the 72 hour escape they had … is guillotined. They are now dead meat.

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