but one came over on Friday for one yesterday evening from Equity National, started at $65, i accepted it or $100 and it was assigned to me. Met with the client, he had everything ready, he signed all the disclosures and 1003, and I was out the door and on to the spa for a quick swim.
The borrower is a self employed flooring installer. He was trying to consolidate his home loan with Wells Fargo (who isn't lending much these days and turned him down) and the solar equipment installation on his roof for $50K. The values in his area finally went up enough to qualify him to refi both.
He told me that the solar company really sold him on the benefits of solar power as he lives in an area where temps soar to 110 in the hottest seasons. Turns out this was only partially true, because his property taxes soared, even though the power company does send him a check every month for the power he's not using from their sources. He told me that many homeowners in his area had solar installed, but now are paying higher RE taxes to SLO county, which was not disclosed at the time the transactions were being negotiated. Homeowners have to be on the power grid already to be qualified for power credit, most are.
Apparently there is a huge class action suit in the works by homeowners who feel they've been deceived by solar companies and PG&E.
His position: this deal was not as golden as it was represented by solar company.
So the next time you're in Costco and the Solar guy tries to reach into your pocket, ask about it, just out of curiosity, I wonder if they even know this, as they are simply getting prospects.
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