Paulette in Texas
Sophomore Member
- Joined
- Jan 24, 2002
Dear Forum: Had to peel me off the ceiling earlier today. Received WRITTEN fax from MAJOR National Lender we have done huge volume for through recently deceased LandAm folks. Here's the background: Small VERY rural city of 3200+- waaaaay south but they are part of our MLS. He built "good" quality house about 8 years earlier for $175k and now wants to have PMI removed. No problem...shame on us. Very nice on 2.5+- acres and maintained. But guess what? Sales similar within the last 12 months AND current listings all reflect value in the $175-$180 range. Do you think he maybe overpaid????or that it is a VERY limited market market with VERY limited sales. And NO sales supporting his value. We did the inspection. Shame on us we left alum windows in page 1 of URAR instead of Storm and missed one distance (rural) by 1.5+- miles: Rural, route & box stuff. I was so Mad, I just left a blistering message for this actually pretty nice Major lender...on the East Coast telling them that "We would not be replying in writing to their request, nor by email, nor would we be revising our report." However, IF they wished to discuss it with us, they could call us by phone and we would. I believe I mentioned, "if" they could overcome MY attitude, we'd be happy to discuss the report with someone HIGHER up the food chain.
Would you believe I received "2" phone calls from young ladies with this firm within 20-45 minutes. The second was a major underwriter. The fax and the first was from several very nice young (my opinion) young women following directions from some yahoo who wanted his pmi off. In person, I am frequently nicer to people. I explained FIRST they were violating our new (# I believe) HB 1068 bill which says 'THEY MAY NOT CALL US AND THREATEN US NOR DEMAND THAT WE CHANGE OUR OPINON OF VALUE.' But we would discuss it with them...by the way, they sent us a copy of the previous report to support the "change" in opinon. All the comps they submitted were 8 years old. Geeeezzzz. Do you get the feeling he wants his pmi off but he found out he could not support the value IN THE market? But let's make sure that the 1.5+- mile difference for this rural comp and his storm windows 8 years old will suddenly change the value $25,000. Oh #$^$#@ you want us to use those 8 year old comps & just PRODUCE a better value? No problem. You just called the wrong company. The number hitter is ...no that one was put on suspension by FHA but Whoops, he's been re-instated, so maybe you can get it. But you won't get it from us. Sorry, for venting. But if 3 local realtors that we called on cannot come up with better comps, nor listings, then that's the value. Why send us the copy of the original report? Call the same one back and let him produce that value. The shame of it? Same house in really good Ft. Bend/Montgomer/Harris County subdivision would still not get him there. And YES it was OVER appraised originally. But this time the lender actually HAS an accurate value. What do you want to bet, they needed to NOT have escrow? or equity was created? After all, they showed up and put the deal together... Does it never end? Paulette in Houston, Tx...Rotts rule and Shih tzus fine too...go w...
Would you believe I received "2" phone calls from young ladies with this firm within 20-45 minutes. The second was a major underwriter. The fax and the first was from several very nice young (my opinion) young women following directions from some yahoo who wanted his pmi off. In person, I am frequently nicer to people. I explained FIRST they were violating our new (# I believe) HB 1068 bill which says 'THEY MAY NOT CALL US AND THREATEN US NOR DEMAND THAT WE CHANGE OUR OPINON OF VALUE.' But we would discuss it with them...by the way, they sent us a copy of the previous report to support the "change" in opinon. All the comps they submitted were 8 years old. Geeeezzzz. Do you get the feeling he wants his pmi off but he found out he could not support the value IN THE market? But let's make sure that the 1.5+- mile difference for this rural comp and his storm windows 8 years old will suddenly change the value $25,000. Oh #$^$#@ you want us to use those 8 year old comps & just PRODUCE a better value? No problem. You just called the wrong company. The number hitter is ...no that one was put on suspension by FHA but Whoops, he's been re-instated, so maybe you can get it. But you won't get it from us. Sorry, for venting. But if 3 local realtors that we called on cannot come up with better comps, nor listings, then that's the value. Why send us the copy of the original report? Call the same one back and let him produce that value. The shame of it? Same house in really good Ft. Bend/Montgomer/Harris County subdivision would still not get him there. And YES it was OVER appraised originally. But this time the lender actually HAS an accurate value. What do you want to bet, they needed to NOT have escrow? or equity was created? After all, they showed up and put the deal together... Does it never end? Paulette in Houston, Tx...Rotts rule and Shih tzus fine too...go w...