People suing everything with a pulse lately

[George Hatch]

I didn't catch that in the original story, my bad.

I hope they got a copy of that appraisal and (if warranted) filed a professional complaint. Based on what I'm seeing it's difficult to imagine how such a value could come in without there being at least a couple of subtantial errors of omission or commission.

 

[Caligirl]

Without getting into specifics there were 2 apparent model matches, one of which sold in 04/2005 and the other which closed escrow on the same day as the plaintiff's property in 07/2005...and they sold for $175k and $105k less than the plaintiff's property....

To quote Joyce and Scooby Doo.... 'Rut roh.'

 

[Riick]

I've known some 'buyers agents' that show ONLY the highest priced listings to their buyer 'clients', intentionally misleading them.

One of the OLDEST Real Estate Tricks on the books:

Show 'em three (or 33) dogs, and one beauty, then watch 'em jump.

Whole problem here is those words: BUYER's Agent.

 

[William Rightsell]

I've seen a buyers agent (with the loan officer's blessing) throw away an appraisal I did that "didn't meet thier needs". Then they ordered another one that "magically" came in a full 20% higher. (60K higher).

The REAL kicker is that neither the buyer's agent NOR the loan officer (both with a fiduciary responsibility to the borrower/purchaser) even told the buyer about my original appraisal. Sat back and watched the man pay $360K for a $300K property. All for the sake of a few more dollars in their pockets.

The "loan officer" worked for a mortgage brokerage outfit that was co-owned by the Real Estate Brokerage...ie...the Broker actually owned the lender. Not only that, but the loan officer's office was directly above the 150 agents on the floor below that all demanded she make thier deals work. And the owner pretty much demanded the same while looking the other way when his agents strongarmed everybody.

I called em out on it, and was immediately blacklisted by the lender AND the real estate brokerage owner. None of them them were even embarassed in the least of thier behaviour, and they all KNEW it was grounds for license yanking....I should have never tried to play nice...should have sent the proof straight to the NC Realtors Board and the attorney general, as well as the homeowner, but I didn't.

You can bet I will next time....

Incredible mess we have in this industry....everybody in bed together and ABA's out the wazoo....whatever happened to the term "conflict of interest"??


todd

 

[c w d]

I've seen a buyers agent (with the loan officer's blessing) throw away an appraisal I did that "didn't meet thier needs". Then they ordered another one that "magically" came in a full 20% higher. (60K higher).

The REAL kicker is that neither the buyer's agent NOR the loan officer (both with a fiduciary responsibility to the borrower/purchaser) even told the buyer about my original appraisal. Sat back and watched the man pay $360K for a $300K property. All for the sake of a few more dollars in their pockets.

The "loan officer" worked for a mortgage brokerage outfit that was co-owned by the Real Estate Brokerage...ie...the Broker actually owned the lender. Not only that, but the loan officer's office was directly above the 150 agents on the floor below that all demanded she make thier deals work. And the owner pretty much demanded the same while looking the other way when his agents strongarmed everybody.

I called em out on it, and was immediately blacklisted by the lender AND the real estate brokerage owner. None of them them were even embarassed in the least of thier behaviour, and they all KNEW it was grounds for license yanking....I should have never tried to play nice...should have sent the proof straight to the NC Realtors Board and the attorney general, as well as the homeowner, but I didn't.

You can bet I will next time....

Incredible mess we have in this industry....everybody in bed together and ABA's out the wazoo....whatever happened to the term "conflict of interest"??


todd

And why is it the perception is that we appraisers are the only ones who supposedly can't be ethical when getting a percentage. Why hasn't anyone figured out they're more likely being screwed by their realtor and MB who have a personal stake in higher sale prices?

 

[Lloyd Bonafide]

Jury trial begins in contested home sale

http://www.nctimes.com/articles/2008/04/03/news/sandiego/c6251ca54333f28b8825741f006b375f.txt

A much anticipated civil suit testing whether it is the duty of a real estate agent to disclose the prices of comparable homes to buyers he represents got under way in Vista Superior Court on Wednesday.

The suit addresses what a real estate agent has to do for the buyer, and whether there is a responsibility to provide the prices of comparable dwellings.

At the center of the case is whether an upscale coastal Carlsbad home was worth the $1.2 million that Marty and Vernon Ummel paid for it in 2005 or whether they spent more than they should have.

Their story has been told in national and area media outlets, and has captured widespread attention because of continuing woes in the nation's housing market.

Houses on the street where the Ummels live were selling for as much as $175,000 less than they paid, but the couple say they didn't know that until after the sale closed escrow.

http://www.signonsandiego.com/uniontrib/20080331/news_1n31ummel.html

Originally included as defendants in the Ummel suit were John Contento, who handled the appraisal for the loan, and Horizon Pacific Financial, the broker for the Ummels' $300,000 loan. Earlier this year, Contento and Horizon Pacific Financial settled with the Ummels for $10,000 each.

 

[Bobby Townsend]

The jury sided with the REALTOR.

http://www.voiceofsandiego.org/articles/2008/04/11/news/02ummels041108.txt