Claude From NY
Senior Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
- State
- New York
And many are former boiler room, penny stock brokers.
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Fbi: Mortgage Fraud
- Thread starter Will43
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And many are former boiler room, penny stock brokers.
Ray Miller
Elite Member
- Joined
- Feb 20, 2002
- Professional Status
- Licensed Appraiser
- State
- Wisconsin
Nancy,
Going out of the area is quite common here. It is almost a requirement to get the value.
Can't even count any longer how many RE agents and LOs are no longer speaking to me. I cut to many on the original order and when I do the FR of which I have a nice flow now, cut distance and value. Just will not jump the river, rail road tracks, lake, Interstate or market area.
I think my associate is giving up the gost. She has had it with lenders, lender pressure and not getting paid. She dose great in depth reserach has all her ducks in a line and in the water. Spreadsheet and back up, only to be blown out by a skippie.
I do think we have a 70's problem coming. For those of you that were not in business then, it is not a nice picture. Lot of good people lost their money in the S & L.
Remember even today the goverment only covers your deposits in bank for so much. Many of the state banks are not covered and if you are in a RET I doubt you have any coverage for your money/investment. If your retirement fund invested in RET or banks that are heavy in Real Estate and value start to fall, you are out the door, cold and broke. Not counting what it will do the Fed and the housing support systems like Fannie and Fredie,Federal Land Bank and the others. Land can do just what the stock market did. Become worthless or close to it, for the simple fact no one has the money to pay for it or buy it. What is that called a "Market Correction."
Going out of the area is quite common here. It is almost a requirement to get the value.
Can't even count any longer how many RE agents and LOs are no longer speaking to me. I cut to many on the original order and when I do the FR of which I have a nice flow now, cut distance and value. Just will not jump the river, rail road tracks, lake, Interstate or market area.
I think my associate is giving up the gost. She has had it with lenders, lender pressure and not getting paid. She dose great in depth reserach has all her ducks in a line and in the water. Spreadsheet and back up, only to be blown out by a skippie.
I do think we have a 70's problem coming. For those of you that were not in business then, it is not a nice picture. Lot of good people lost their money in the S & L.
Remember even today the goverment only covers your deposits in bank for so much. Many of the state banks are not covered and if you are in a RET I doubt you have any coverage for your money/investment. If your retirement fund invested in RET or banks that are heavy in Real Estate and value start to fall, you are out the door, cold and broke. Not counting what it will do the Fed and the housing support systems like Fannie and Fredie,Federal Land Bank and the others. Land can do just what the stock market did. Become worthless or close to it, for the simple fact no one has the money to pay for it or buy it. What is that called a "Market Correction."
JSmith43
Elite Member
- Joined
- May 5, 2003
- Professional Status
- Certified General Appraiser
- State
- California
Claude,
What is the point in painting with such a broad brush? "Common criminals"...99%?? Do you have evidence? I'm sure you would have evidence in your file if you put such a brash statement in an appraisal report.
What is your beef with Penny Stock Brokers? Should we drop a neutron bomb over their diggs?
I know you are just blowing off steam. But, would it be so hard to roll the percentage back to something more believable, say 25%?
What is the point in painting with such a broad brush? "Common criminals"...99%?? Do you have evidence? I'm sure you would have evidence in your file if you put such a brash statement in an appraisal report.
What is your beef with Penny Stock Brokers? Should we drop a neutron bomb over their diggs?
I know you are just blowing off steam. But, would it be so hard to roll the percentage back to something more believable, say 25%?
Claude From NY
Senior Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
- State
- New York
Roger,
I didn't make the "common criminal" comment and I don't have a particular beef with penny stock brokers. But, I have heard of guys who got into the mortgage biz after their boiler room operations were shut down.
25% sound believable to me
I didn't make the "common criminal" comment and I don't have a particular beef with penny stock brokers. But, I have heard of guys who got into the mortgage biz after their boiler room operations were shut down.
25% sound believable to me
Red Blumenstock
Sophomore Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified General Appraiser
- State
- Florida
Nancy,
As far as a "pep talk" is concerned, do you really need it? You sound to me like a real professional and are pursuing the right path. We all want to call ourselves professionals, but we will not be considered to be that unless we continue to try to "clean up" our own business. The people who are using the "I don't want to be involved" excuse are a major part of the problem. We need to report the "Skippys" and with pride, not apology. Good for you.
As far as a "pep talk" is concerned, do you really need it? You sound to me like a real professional and are pursuing the right path. We all want to call ourselves professionals, but we will not be considered to be that unless we continue to try to "clean up" our own business. The people who are using the "I don't want to be involved" excuse are a major part of the problem. We need to report the "Skippys" and with pride, not apology. Good for you.
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