REO house that had the kitchen cabinets, counters and appliances removed.

[Zoe]

I had to do interior access on almost every one I did for Fannie. If it was occupied, it was different. I had to wait til the property was secured and interior access was granted on almost all. Very few street scene.

 

[Zoe]

You have never really done any fix and flip by saying there are some in good condition. From my experience I onky saw 1 foreclosure that was in good condition in 5 years. Maybe some in average minus condition.

I looked at HUD REO for years, they all had problems, they all sold below c4 condition. Now the last 3% interest craze, even REO sold better than before. With fix and flippers REO is an assumed property condtion. And they are the typical buyer. Know their thinking.

And Zoe, within 3 zip codes of me, big city, i was doing 10-15 pre forclosure drive by a week, row houses in my easy appraising life.

Who was your client? The lender that got it back? Or GSE?

 

[Zoe]

You have never really done any fix and flip by saying there are some in good condition. From my experience I onky saw 1 foreclosure that was in good condition in 5 years. Maybe some in average minus condition.

I looked at HUD REO for years, they all had problems, they all sold below c4 condition. Now the last 3% interest craze, even REO sold better than before. With fix and flippers REO is an assumed property condtion. And they are the typical buyer. Know their thinking.

And Zoe, within 3 zip codes of me, big city, i was doing 10-15 pre forclosure drive by a week, row houses in my easy appraising life.

Sorry, you told me you were doing pre foreclosure. Big difference than when the client has already got possession of the subject.

 

[Zoe]

Very few clients I have had ever ordered pre-foreclosure assignments. That is the quirk that puzzles me on 10-15 a week.

It seems a waste of time to me logically because I have no clue really. Just get possession and call me for the assignment.

On audits if your client had 10-15 a week when fed regulators were on them? I still don't see it.

Regulator should say this property is 12 months behind on payments. You don't have enough reserves to cover these losses.

You get possession on this subject lender. Understand?

Then you order the appraisal with interior inspection.

My pre-foreclosure without inspection is worthless. IMHO.

 

[Zoe]

I have to do them sometimes for VA. I have to try and get contact with veteran in any way possible. Many times veteran will come to front door. I explain why I am there. I go deeper on the subject. I say can I come inside? That is totally up to you. I tell them exactly why I am there. I work for VA and they ordered this appraisal. Your lender is ?

Okay, if you don't want me to come in, Can you tell me anything about interior on house or anything else on the house that you have done to it?

I always focus on subject. Most times nobody answers the door because they already know VA and lender is going to foreclose on them.

But sometimes they will tell you all about things and say I still don't want you to come in.

They know at that point they are on verge of being ejected.

Sometimes they will go off on lender. I have never had one go off on VA.

I don't respond if they go off on lender. I might say that would upset me. They know their butt is on the street soon. It is time to start moving out.

They have already had certified letters sent to them with signatures required. I am no surprise to them.

I have to make 3 contacts by phone or personal visit on 3 different days. They know I am coming most of the time.

They know from lender and VA that I am coming.

 

[Zoe]

They even give my name of who is coming to visit you. I love it when phone works and I can give voicemail or email working. I hate those personal visits when I have to ring doorbell or knock on door. It is way easier to explain on the phone with the veteran and ask them if they want me to come inside and outside or not.

The letter they got from lawyer is pretty intense on how you need to let the appraiser come inside.

I always tell them that is totally up to them. I work for VA. VA says if you don't want me to come inside, that is totally up to you. I always add can you tell me a little about the inside?

Open end question. You would be surprised at some answers.

 

[Tom D]

Who was your client? The lender that got it back? Or GSE?

Non lender involved. It was the biggest mort servicing company in the country. They had their own AMC. Was great for 3 years, 8 days a week. Then covid came and peole changed, whatever. Lost them.

They were pre forclosure, for their bookeeping puposes only, not for lending. The mortgage serviceor pays the investor irreguardless of delinquencies.

At some point i would do the same house every new year again.

They contacted me. Been around a long time, on a lot of lists. No AMC sh*t work accepted. They asked me my fee, my fee was at the top of their list, but they got them back on time and never a question. It started with 1 every coupke of weeks. I am near 4 lousy zip codes where you would expect a higher delinquency rate.

 

[Tiffany Gibbons]

or try an extreme 'kitchette' - I thought one of these in a storage shed aka "tiny home" would be the cat's meow.
View attachment 91020

Those tiny homes are not big enough to fit my shoe collection. That looks like a Barbie RV kitchen from the 80's, lol

 

[Terrel L. Shields]

Those tiny homes are not big enough to fit my shoe collection. That looks like a Barbie RV kitchen from the 80's, lol

I used to see them in small offices and even small banks in the break rooms.

 

[Zoe]

Non lender involved. It was the biggest mort servicing company in the country. They had their own AMC. Was great for 3 years, 8 days a week. Then covid came and peole changed, whatever. Lost them.

They were pre forclosure, for their bookeeping puposes only, not for lending. The mortgage serviceor pays the investor irreguardless of delinquencies.

At some point i would do the same house every new year again.

They contacted me. Been around a long time, on a lot of lists. No AMC sh*t work accepted. They asked me my fee, my fee was at the top of their list, but they got them back on time and never a question. It started with 1 every coupke of weeks. I am near 4 lousy zip codes where you would expect a higher delinquency rate.

Okay, the investor had bought a bunch of mortgage backed securities? Am I right?

You were working for investor that bought the mortgage back securities. Am I correct?

Were you working for agent for the investor on mortgage backed securities?