I Advised Borrower To See An Attorney.....

[Richard Carlsen]

For only the 3rd time in over 27 years in the real estate/appraisal business I have advised someone to see an attorney. It happened yesterday as the result of visiting a property to collect data for a refinance appraisal.

I will not go into the details right now since I’m not sure what the borrower is going to do. From what I saw, there is an appraiser and a couple of brokers who may have to answer to the courts for their possible deceptive actions.

I was pleased to hear from the borrower that I was the second person yesterday who advised him to seek legal council. The other person was none other than the Loan Officer doing the refinance.

This has the possibilities of being a classic small time case, the kind we do not hear of as they get lost in the cracks of time and behind the Enron stories in the news. Since I will probably be involved one way or another, if it turns out to be interesting, I will keep a running story line going and try to keep you all informed. In the meantime, I intend to keep a running journal of what I saw, what I did and when so that if this borrower needs my testimony, I can have accurate facts on hand.

 

[Pamela Crowley (Florida)]

Richard,

Good for you! And the LO.

I am involved in one right now and the run around in the legal system is not only discouraging, it's disgusting. State AG office says they need to go to the police; police say they need to go to the AG office...... there is a Real Estate 'slush' fund where they can receive $25,000 to help with their loss but need a civil judgement first...... investor used a Trust.... attorneys don't want it on contingency because it seems that they can't go after the Trust/Investor/Seller for the big bucks so they want a retainer of at least $2,500 that the HO doesn't have.......

What a system.

 

[Karl]

"Been There Done That" Yes it is a big run around that has been created hopefully the H.O. will shorten the run by contacting the Govnor, his state Rep & Newspaper & if more than one newspaper be sure to contact the one that opposes the current governor. The H.O. I believe has an advantage @ this time due to so many BIG BOYS gone bad. I'd have him contact bankin commisioner due to the fact that L. O. is suggesting he seek help. (Have that L.O. sign the petition) His congressperson & Senator can also LIGHT up his in state personnel.ALSO be sure he contacts his H.O. Insurance Company

 

[jtrotta]

Richard

couple of weeks ago, had to save a major Lender from getting into something, they had no clue about. i'm sure there are a bunch of unhappy people, but thats what i'm here for, ta curl somebody's toes; put wrinkles on their forhead; make em develop a twitch; lighten their hair color a shade or two; make em feel like they've had the same undies on for a week; and finally rip em with a couple of potent "PT" 's. Let em know it may happen, but not when i'm involved.

8)

 

[Leon Stewart]

It seems as if all the posters on this Thread are supporting legal action on a situation when they are not one of the Principles, nor did anyone with knowledge of the specifics state what the specifics were (even though all of it maybe homeowner's heresay).

I don't understand why someone would create a Thread without stating what the Thread was specifically about. What's the point? It does goes to show that some individuals will form an opinion on a situation even if they don't know anything about the situation.

Leon

 

[Richard Carlsen]

Leon;

I created a thread because this is a very recent and on-going situation. In fact, while out last evening I had a message to my office from the homeowner with an update. He has spoken to an attorney and wants to bring me up to date. I will return his call when I get back from my inspections late this afternoon.

The reason for posting it was that in my opinion, this was the kind of situation that warranted legal action. Since, I am not sure what legal advice the homeowner has received or what action if any he would take, I would not reveal anything that might prejudice the case. (I am not sure who reads this BB).

After speaking with him later today, I may just be able to lay out fully what I found on my inspection and what his problem is. I will only do that with his permission. I think that other appraisers here might find it interesting. There definatly are some appraisal lessons to be learned from all of this. That is in fact one of the reasons for having this BB in the first place.

My main point was however, that in 27+ years in the real estate business, dealing with thousands of buyers, sellers, brokers, appraisers, lenders and borrowers in all kinds of situations, this was only the 3rd time that in my professional opinion that legal action was justified and recommended. Since that is such a rare occurrence, I thought it might be of interest to some here on the BB.

That was my reason and justification for making a posting with as little information as I did.

 

[xmrdfghap]

<span style='color:brown'>Leon, having watched Richards contributions to the discussion topics over the past years, I feel certain that if he states "I have advised someone to see an attorney" then there is good reason for it. At this point, not being involved in the actual case, I do not need to know specifics. Knowing the man through his writings, I feel his recommendation is enough for me. As the case unfolds and he relates actual events I expect to learn. And for that I am grateful that he chose to share.</span>

 

[Dave Smith]

Goodpasture:

I agree with your comments about Richard Carlsen. Well said!

And besides, Richard's wife is a Packer fan. GO Pack :!:

 

[Leon Stewart]

Richard & Goodpasture:

All I'm saying is that when a person create a Thread that insinuate wrongdoing when no suspected wrongdoing has been stated or established is improper. To reccommend legal action is no indication that someone has done something wrong. The Courts have to decide whether the legal action was justified. In some cases the defendents will counter sue and collect damages from the plaintif, and some Lawyers lose more cases than they win, but their intent is to get paid.

Richard I've been in this business a little longer than you, and as far as I can remember, it has always been in the Real Estate Licensing Law of my State that a Licensee can't offer advise that could be interpreted as legal advise. I don't think you gave anyone legal advise, but licensee's have to be on guard as to what they talk about or advise someone to do, and never allow yourself to be used as a tool of the homeowner. Most homeowners are always dissatisfied with mostly everything involving the Sale, Purchase, Refinancing, or leasing of their property. So when you place yourself into this type of situation, for the most part it's a no win situation.

Leon

 

[Richard Carlsen]

Leon

Recommending that someone consult with an attorney is not giving legal advice. It is recommending that they seek legal advice. In Michigan, brokers are required to recommend that the buyer seek legal assistance to pass on the marketability of the title and to make sure all items of the contract are adhered to. Certainly the state would not require someone to do something that is illegal or for which they could loose their license.

My advising someone to seek legal advice is tantamount to me telling you to watch out for the car coming when you are crossing the street. The owner and you are big people and can make your own decisions. My reading of Michigan law is that there is nothing illegal or in violation of any of the rules and regulations in my recommending the seeking of legal advice. IMNSHO no Michigan court or regulator would be so bold as to take offense at someone advising a person to seek legal advice to understand and protect his/her rights.