Jail TIME? What 18 months in a dormitory after they STEAL a couple million? Oh, how about the guy down in West Virginia who STOLE $545M? 10 years times 85% means 8.5 years, NO RENT, NO FOOD BILLS, NO CAR PAYMENTS, NO UTILITY BILLS. When he gets out, in great shape due to the golf/tennis/workouts, he'll still probably have $500M or so that they "can't find" and he can BEGIN to pay "restitution" at $300 PER MONTH. That will take him 147,000 years. GREAT legal system. No wonder there is an epidemic of fraud going on. :lol:
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Great Drive-By Property!!!
- Thread starter Red Blumenstock
- Start date
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A
Anonymous
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ray,
the informant in the chicago cases got 5 years fed prison, five years fed parole, and will do 5 years fed probation. sure, fed prison isnt that scary for a white collar first timer, but, it's still prison. ever been to one?? for 5 years, no good time, he will eat, see visitor, watch tv, shower, and #### only with permission from a prison guard. and, the informant will be in the system until 2017. until 2017, he will have to ask to leave the state of illinois. he will get out of prison in 2007 and until 2117m he will have to go see his po at least 1x a week. he will pay restitution. he will pay a fine. he wont be able to vote. if he can get a job, it will suck. if he doesnt make his payments, his sentence will be extended. he didnt get close to 545m. if he got 100k, that would be a lot and im sure he didnt. all i really know, is he played a game, got caught, and ruined his life.
the informant in the chicago cases got 5 years fed prison, five years fed parole, and will do 5 years fed probation. sure, fed prison isnt that scary for a white collar first timer, but, it's still prison. ever been to one?? for 5 years, no good time, he will eat, see visitor, watch tv, shower, and #### only with permission from a prison guard. and, the informant will be in the system until 2017. until 2017, he will have to ask to leave the state of illinois. he will get out of prison in 2007 and until 2117m he will have to go see his po at least 1x a week. he will pay restitution. he will pay a fine. he wont be able to vote. if he can get a job, it will suck. if he doesnt make his payments, his sentence will be extended. he didnt get close to 545m. if he got 100k, that would be a lot and im sure he didnt. all i really know, is he played a game, got caught, and ruined his life.
although NOT as an inmate. Allenwood and FCI Schuylkill, both in PA. They have... whatever. Besides, 5 years means about 45 months (assuming they behave themselves). The POINT was, how much did this clown steal? I PERSONALLY know convicted felons who are STILL playing their games because THEY got suspended sentences. Of course as far as "restitution" goes, enforcement is, shall we say, rather tough to pursue (I CAN'T get a job. NO ONE will HIRE me, I'm a VICTIM). If this guy made 3 or 4 million (avg. 3.5), when was the last time YOU made $78,000 a month? :lol:
I ran through your first post so fast I didn't realize something. This was the INFORMANT. You're right, those guys don't make crap. They can't AFFORD a pricey lawyer. If he was the "mastermind", he'd have enough to hire a $400/hour lawyer, wind up with 18 MONTHS (6 suspended) and claim he was a cocaine addict/gambler/sex addict and ALL THE MONEY IS GONE. I'm POOR. I'm SORRY. Cut me a break. But you ARE right, the informants get the shaft. BIG TIME.
No one ever went broke underestimating the taste of the American public. :lol:
No one ever went broke underestimating the taste of the American public. :lol:
A
Anonymous
Guest
45 months, althogh it's not 60, is still 45 months. and youre sharing a cell with bubba, who thinks your name is ramona.
in these flip schemes, the appraiser is as close to the bottom of the food chain as possible. if lucky, the appraisers in a good flip scheme involving 100+ properties and those are huge scams, might walk away with 10-15k. realistically, though, will probably be "paid" 5-7.5k. wow, well worth it to share a private suire with bubba for 45 months.
in these flip schemes, the appraiser is as close to the bottom of the food chain as possible. if lucky, the appraisers in a good flip scheme involving 100+ properties and those are huge scams, might walk away with 10-15k. realistically, though, will probably be "paid" 5-7.5k. wow, well worth it to share a private suire with bubba for 45 months.
it ISN'T worth it for the appraiser. These guys don't go to "blue collar" federal prisons, they usually wind up in "minimum security" camps and "Bubba" usually isn't next door. However, for the money they get it is not worth it. I agree wholeheartedly. It's the "masterminds" who belong in STATE prison. There, "Bubba" will cure them of their greed REAL QUICK. However, thank your US Attorneys for making all the deals which cuts the state out of prosecution. That is AFTER they tell the truth about everything else they did. And the cow jumped over the moon. Only a little sarcasm. Half these clowns don't even KNOW the truth.
the original topic, drive-bys CAN be completed in a completely professional and ethical manner but the "ground work" has to be a lot more extensive than it would if you were doing an interior inspection. The market that you are doing your "drive-bys" in has a whole lot to do with it and the "exterior inspection" has to be performed with common sense, a lot of which is elementary to some, harder for others and completely impossible for a few. Thousands of variables are there. If it was recently in the MLS and the owner supplied a "description" and you have three sales across the street and so on, it can be "somewhat" simple. On the other hand, if the owner is telling you it's rehabbed and the place hasn't seen a paintbrush in years then guess what? Interior is probably trashed too. On low LTV's it probably isn't going to make a big difference. On "borderline" cases, you better get the x-ray vision working and dig, dig, dig for information. If your "gut" is telling you something isn't right, then it probably isn't. I don't pretend to be the most "astute" appraiser in PA but I'm fairly good at "uncovering" a lot of BS. It taking a lot longer to complete ANY appraisal these days because of all the crap you have to wade through to get "good" market data. I happen to be a one man operation but I have friends who have others compile the MLS data and public records and then shoot a picture, fill in a report, and EDI it all within hours. Some hit, some miss.
Tom Hildebrandt
Member
- Joined
- Jan 16, 2002
- Professional Status
- General Public
- State
- North Carolina
I agree that drive by appraisals are riskier for the lenders. But why does this prove drive by appraisals are risky for an appraiser?
If the lender failed to a statement from the property owner stating that the interior was gutted, or failed to (or chose not to) provide that information to the appraiser, why should the appraiser be held to blame?
If the property owner chose not to disclose to the lender, ie, fraudulently filled out documents, why would we expect the property owner to be truthful to the appraiser? If there was no indication in public tax records that the property had been gutted, and no indication from the exterior that the property was gutted, how is the appraiser at risk?
In the lending world, drive by inspections are typical practice, it is what the client expects and appraiser's routinely accomplish these types of assignments.The scope of work for appraisers is reasonably well defined, ie, review public records to see if what we observe from the exterior matches. In short, we can be expected to match our professional judgements up with what we see and observe.
As one poster notes, if we have a basis for our belief that something ain't right or that what we see and observe doesn't match what we are being told, we must express our concerns articulately to our client and ask for an expanded scope of work. If the request is denied, we can complete the original assignment, clearly noting that we requested an expanded scope but it was denied. We also must clearly express what the limitations of the work product were. The other option is to opt out of the assignment.
I see nothing wrong with drive by's so long as the client is aware of the limitations and that the client is aware that the appraised value could be different if a full property inspection was allowed. Lenders should all know this. From that point onward, it is the lenders risk, not the appraisers.
State appraisal boards (such as the North Carolina Appraisal Board) that ignore the fact that the extent of research changes for different assignments based on the context of the intended use of the appraisal are not enforcing USPAP, they are enforcing some other standard of practice. Such boards are the ones who are placing the appraiser at risk, not the lenders.
Regards
Tom Hildebrandt GAA
If the lender failed to a statement from the property owner stating that the interior was gutted, or failed to (or chose not to) provide that information to the appraiser, why should the appraiser be held to blame?
If the property owner chose not to disclose to the lender, ie, fraudulently filled out documents, why would we expect the property owner to be truthful to the appraiser? If there was no indication in public tax records that the property had been gutted, and no indication from the exterior that the property was gutted, how is the appraiser at risk?
In the lending world, drive by inspections are typical practice, it is what the client expects and appraiser's routinely accomplish these types of assignments.The scope of work for appraisers is reasonably well defined, ie, review public records to see if what we observe from the exterior matches. In short, we can be expected to match our professional judgements up with what we see and observe.
As one poster notes, if we have a basis for our belief that something ain't right or that what we see and observe doesn't match what we are being told, we must express our concerns articulately to our client and ask for an expanded scope of work. If the request is denied, we can complete the original assignment, clearly noting that we requested an expanded scope but it was denied. We also must clearly express what the limitations of the work product were. The other option is to opt out of the assignment.
I see nothing wrong with drive by's so long as the client is aware of the limitations and that the client is aware that the appraised value could be different if a full property inspection was allowed. Lenders should all know this. From that point onward, it is the lenders risk, not the appraisers.
State appraisal boards (such as the North Carolina Appraisal Board) that ignore the fact that the extent of research changes for different assignments based on the context of the intended use of the appraisal are not enforcing USPAP, they are enforcing some other standard of practice. Such boards are the ones who are placing the appraiser at risk, not the lenders.
Regards
Tom Hildebrandt GAA
Chris POklacki
Freshman Member
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- Jan 31, 2002
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- Certified Residential Appraiser
- State
- Illinois
Doesnt anyone ever get a rear picture? or look in a window?
I do 1- at most 2 (drive bys) a year. Always get a front, rear,&street and always look in the windows even the basement windows in the wells. Suer it takes an extra 3 minuites but hell I figure why not.
I do 1- at most 2 (drive bys) a year. Always get a front, rear,&street and always look in the windows even the basement windows in the wells. Suer it takes an extra 3 minuites but hell I figure why not.
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