Foreclosures Up 600%

[Mike Simpson]

I've been asked for the website to locate Management & Marketing Contractors by region...so here it is;

Log on to www.HUD.gov - go to the top left of the page & click on search - scroll down to the 'M' section, and there it is - Management & Marketing Contractors (by region).

-Mike

 

[Mike Garrett RAA]

About 1/3rd of my work is now liquidation appraisals and REOs. No, most compromise sales do not count as foreclosures.

 

[Sean Wagle]

Dee Dee, the general public is the last to know about any investment trend. They were the ones buying Qualcomm for $400 a share in the tech bubble, and the Y2K gizmos. They bought gold, before Iraq fell. They are the ones stuck with 99% LTV homes now.

It's unfortunate, but that's the law of the jungle.

 

[Oregon Doug]

Foreclosure appraisal is 'bout all I've done for the past few years and I suspect that it's about all I'll do for a couple more.

Oregon Doug

 

[Farm Gal]

" Really Good times or Really BAD - we will do well - only the client changes"
Ted Martin - spouse and wiseacre

 

[Austin]

I have been doing appraisals for about 30 years but only full time since 1990. In all of that time I don’t remember the market ever being any worse than it is at this moment in time. Having said that, the last three weeks in a row I have made more money per week than in any weekly period (appraising) than I have made in the entire 30 year stretch. I don’t know whether I should pray for recovery or depression because it seems the worse things get the better I make out. One market segment is booming and one is busted. The funny thing is that the segment that is busted is the one with the most governmental control. “Hey! We are from the govment and we just want to hep you!”
I was in both the city and county tax assessor's office this week and both computers were tied up with data miners & property flippers printing off tax cards for sales. Either that or another govment study in progress so they can hep us some moe. Local appraisers can't even use the public data computers because the puters are tied up unraveling the consequences of the last bust or engineering the next bubble creating scam. What we need is a new revised USPAP 2003-A-2b-x-y. Maybe a 20 year sales history on subject and all comps and more CE. Twenty hours of USPAP a year until the problem is solved.

 

[walt kirk]

After reading the comments about cash for keys forclosures I asked an attorney I do lots of work for about the practice. He told me that he doesn't like the practice because the property owners may have leins, judgements or title problems which make the immediate sale of the property impossible.

The forclosure judgement wipes out these problems and provides clear title. Maybe its just because we are located in New Jersey and influenced by the Peoples Republic of New York but the lawyers rule the process here.

 

[Randy Beigh]

Terrel

Spent over 5 years with Metro Mtg.

They are not or at least weren't a mortgage company when I was there. They bought private paper. Used to run about 16% foreclosure and were always attempting to make money off the repo's.

They did pay their bills on time.