Double Check Those Listing Prices!

[Tim Hicks (Texas)]

Just remember, it takes an appraiser to play ball to make these things work.

 

[Mr Rex]

Pam, any relation between this investment group from Indiana and the Martinsville, VA group that was headed by the Penn guy from Indiana on another current thread? Has the same ring to it.

 

[Mike Garrett RAA]

Sounds very similiar to a case here in Colorado Springs a couple of years ago. Still pending.

 

[Chris Colston]

"Lee Farkas, chairman of Ocala-based Taylor, Bean & Whitaker Mortgage Corp., said his institution funded four of Molen's deals. He was surprised to discover the assignment fees and did not realize the property had sold for more than it was originally listed."

guess this mortgage company (and most others as well) never heard of doing a review appraisal b4 funding the loan.

Of sure they have. T,B&W has a huge QC dept that regularly attends the Florida Quality Council quarterly meetings. It may have taken the four transactions to figure out something was funky. We don't know the details of when these all went through funding, could have all been fairly close together before the red flags were raised. I'm not saying that what happened was right, just that I am very familiar with T,B&W's QC dept.

 

[Dee Dee]

BTW, there is no excuse for any appraiser overlooking the details in these deals. The orginal listed prices were plainly stated in the MLS.

I'd be interested in hearing the appraiser's excuses. Unless his appraisals were deliberately altered, then I find it hard to believe that he wouldn't know he was stepping WAAAAY over the line.

BTW...the second I read the "tarnation" statement I cracked up. I didn't believe for a minute that you'd gone that straight-laced on us.

 

[Francois K. Gregoire]

I'd be interested in hearing the appraiser's excuses. Unless his appraisals were deliberately altered, then I find it hard to believe that he wouldn't know he was stepping WAAAAY over the line.

BTW...the second I read the "tarnation" statement I cracked up. I didn't believe for a minute that you'd gone that straight-laced on us.

You all know, of course, I was born in Maine.

TARNATION. A common oath.--Halliwell. In vulgar use; in New England.

 

[Renee Healion]

I think, even the most skilled appraisers can get duped in the charade game that these characters create. Thanks Pam.

If you mean the next appraisers coming along thinking these sales are comps...they should be searching by characteristics, not price. The disparity would show. Some appraisers spotted it in the article.

 

[Non Sequitur]

Just remember, it takes an appraiser to play ball to make these things work.

Tim there were no clean hands in this mess. Do you honestly think any of the real estate agents, LO's & MB's, titles co's, buyers and sellers didn't known something stunk? I call B.S. on anyone involved who claims ignorance. Each participant was greedy and justified the crooked dealings in their own minds by claiming they were just looking out for their own or their clients interest. And others jusitified it since they didn't directly participate in Ms. Molens fraud.

And FTR, there's plenty mortgage fraud where the appraisal is air tight. I have no problem with bad appraiser's getting their just due, but I will also demand the rest of the real estate industry, and sellers who were unjustly enriched by obvious real estate schemes take some medicine too.

 

[Mr Rex]

I agree with the CLedet. They always say sue the folks with the deepest pockets. MB and RE agents make the most off the deal (unless the Appraiser is getting a cut above his measly fee). So throw him under the bus, but let the bus run over everybody involved.

 

[MS Rebel]

Deja vu

Ran across one of those the other day ..... hopefully Pam can put it into the proper hands.

:new_smile-l: