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Interesting conversation with local Realtor

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Ultraviolet

Thread Starter
Senior Member
Joined
Dec 31, 2002
Professional Status
Retired Appraiser
State
Arizona
This particular person is a GSE REO clearinghouse agent. This GSE wants its properties listed at 30 day cash liquidation prices. No fuss, no muss, no unrealistic BPO - they want their MONEY BACK (whatever portion of it is left).

This agent has reported 11 fraud cases to the authorities so far and there are approximately 60 properties in the pipeline. More are coming quickly, therefore the 30 day/cash fire sale.

Bad appraisals on every one of the fraud cases. Of the 11 properties four are now bank owned and the others are GSE owned. The authorities are going after the appraisers, right along with everyone else involved. Seems this particular case is related to First Magnus. Thankfully they blackballed me years ago because I was a dreaded "deal killer". Funny how I don't miss the job I finally quit (it was quit or be fired) because I wasn't pleasing THAT client ... :laugh:

This is just one agent of several thousand in the area. This is only one big player getting ready to unleash their inventory on a market with 10,000 active listings and 1,000,000 population. It seems we've just entered the foreclosure phase in my little town ... :sad:

On the upside - I've spoken to a lot of agents recently and they are all getting real about the market. I just hope the foreclosure wave and the agents desperate for a sale don't combine to completely devastate prices. Fortunately, we still have very positive growth here and prices will stabilize at an affordable level, eventually.

Dang! My job will be even tougher after the Holidays ... m2:
 
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
hmm looks like some bad times coming down the pipeline.

What was the fraud case about, you state bad appraisals, where they appraisals for the original loan, or REO appraisals?
 

Ultraviolet

Thread Starter
Senior Member
Joined
Dec 31, 2002
Professional Status
Retired Appraiser
State
Arizona
As I understand it, there were several income properties with values so inflated that everyone had to be in on it for the deals to fly. The key is that if they hadn't been able to find a crooked appraiser - no deal ... :new_snipersmilie:

This agent was very candid and said he was recommending his GSE client go after all appraisers on every REO ... :Eyecrazy:

So much for the poor appraiser who just couldn't make the bills without buckling to the intense pressure :icon_rolleyes:
 
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
I have been hearing more about appraisers being sued on bad REO appraisals then over bad mortgage appraisals, this has to do with the type of REO appraisal, and the SOW. I believe it has something to do with Judicial and Non-Judicial foreclosures.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I've spoken to a lot of agents recently and they are all getting real about the market
The agents are a lot more real about the situation than the NAR is. The NAR is pushing, arguing, and pressuring their own members to 'be positive'..so positive as to be viewed as blind morons by the public. The credibility of a Realtor is questionable when they start throwing around "great time to buy", "market will recover soon", "get in before prices start rising again next spring", etc.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
As I understand it, there were several income properties with values so inflated that everyone had to be in on it for the deals to fly. The key is that if they hadn't been able to find a crooked appraiser - no deal ... :new_snipersmilie:

This agent was very candid and said he was recommending his GSE client go after all appraisers on every REO ... :Eyecrazy:

So much for the poor appraiser who just couldn't make the bills without buckling to the intense pressure :icon_rolleyes:

& too think many laughed when I said RUN!! to 44th & Washington IF you Appraised certain property in PIMA County AZ & yet RE Agents & LENDERS have but, Appraisers have yet to show up.
 

murray stroupe

Senior Member
Joined
Apr 27, 2005
Professional Status
General Public
State
Tennessee
Re ;Terrel said getting real about market

This particular person is a GSE REO clearinghouse agent. This GSE wants its properties listed at 30 day cash liquidation prices. No fuss, no muss, no unrealistic BPO - they want their MONEY BACK (whatever portion of it is left).

This agent has reported 11 fraud cases to the authorities so far and there are approximately 60 properties in the pipeline. More are coming quickly, therefore the 30 day/cash fire sale.

Bad appraisals on every one of the fraud cases. Of the 11 properties four are now bank owned and the others are GSE owned. The authorities are going after the appraisers, right along with everyone else involved. Seems this particular case is related to First Magnus. Thankfully they blackballed me years ago because I was a dreaded "deal killer". Funny how I don't miss the job I finally quit (it was quit or be fired) because I wasn't pleasing THAT client ... :laugh:

This is just one agent of several thousand in the area. This is only one big player getting ready to unleash their inventory on a market with 10,000 active listings and 1,000,000 population. It seems we've just entered the foreclosure phase in my little town ... :sad:

On the upside - I've spoken to a lot of agents recently and they are all getting real about the market. I just hope the foreclosure wave and the agents desperate for a sale don't combine to completely devastate prices. Fortunately, we still have very positive growth here and prices will stabilize at an affordable level, eventually.

Dang! My job will be even tougher after the Holidays ... m2:
===========================
Glad I dont run an airline business, Jet Blue had customer service known for excellance, but a FEB ice storm really seemed to start a battle royale.Of course that excellance in customer service finally ultra -helped them lately.

Fun to compare companies. Countrywide Financial Corp made the news again;
not the recent Land of Lincoln AG investigation, this bit of news includes AG in CA investigation. Some lawyers/class action$ ,are helpful , like a bulldozer.
================================

Talked to a friend/ local REALTOR of mine, he showed me some property recently, it was a good buy, good location, but really need some bulldozer work. Called an acquaintance /investor who likes bulldozer work like that;
gave him the REALTOR phone number. He was thankful.

That local REALTOR is ultra-helpful in customer service, he just sent me a cd of music, including ''angels we have heard on high'' song. Long story short ,the experienced REALTOR bought the property himself.
====================================================
 
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