REO or Repo Man?

[Mountain Man]

:lol:
Neil, I have heard of similar stories before, but have not run into that situation.... yet. My best one is getting a refi order on a house that burned down a few weeks prior. I guess they forgot to call their loan officer after calling the insurance agent.

Did the client want comp photos on a land appraisal? :? I get that request from time to time. :roll:

Mell.

 

[Neil (Texas)]

Yes, they wanted photos of the vacant lot... and for the fun of it, I also sent them a copy of the Sheriff's Sale Deed (2 year old 1600 s/f DW sold for less than $7,000).

Moral of the story... pay your taxes.

 

[Monica (N GA)]

How about this one. I was recently contacted by rural development to inspect a home that had burned down. They said that when the owners found out they were being foreclosed upon they torched the place. When I went out to inspect the remains I found a foundation with a 90% burned structure sitting next to a brand spanking new $80,000 motor home that looked ready to roll at a moments notice. As soon as I stepped out of the truck to snap a picture they released the hounds on me. Barely made it back to the truck. Gotta love this business or be crazy one.

Monica

 

[lisawilson]

I never never never do an interior inspection on a REO, unless the sheriff or realtor has made sure the house is empty and changed the locks.

I got a call yesterday evening (after 5pm) from a lender out west (Cal.) said the borrower had a prior appraisal about 2 years old for $135K, and a recent (less than 6 months) appraisal for $145K. BUT "we need at least $150K or we can't do the loan". I told him we don't guarantee values, and that if he states that he "needs" $XXXK value then we will not be able to do the appraisal. He called me back this morning, asked if I remembered talking to him yesterday, and was I the appraiser that could guarantee at least $150K before do the inspection. I told him no, I was the appraiser that couldn't do the appraisal. He hung up on me - imagine that! :lol:

By the way the price range for that neighborhood is $110 to $165, with GLA of 1300 to 2100, borrower had approximately 1600 per tax card. I would like to know who guaranteed $150K, before even going out, or even after going out there.

I just luv brokers :wink:

 

[Restrain]

REO's can be dangerous. I stopped doing REOs in South Dallas due to gang problems, vagrants, drug dealers. Always had to have the cops there. I never take on the responsibility of eviction. That's the responsibility of the realtor. I have called the police when I've found people in a home that supposed to be vacant and secured (took 2 hours to arrest the 8 teenagers and get them out). Strangest one is where I drove up to a supposedly vacant home and saw the homeowner watching as the smoke drifted up from the remains of the home. Didn't even bother to call the fire department - ended up with a land appraisal.

 

[Tim The Enchanter]

I had some units (3-4) that were "vacant" and being sold in east LA. Got there and they were boarded up, but there was a few pieces of old ratty furniture, mattresses, etc, and a guy sleeping on the carport floor. I think he was asleep... Door locks were broken etc. Not quite "vacant".

Just glad the listing agent was there for that one. I made it subject to the squatters vacating the premises. Don't recall if I checked the box vacant or tenant occupied. What fun. :lol:

Always do those early in the AM. :wink:

 

[Tony O\'Regan]

I recieved an order for an REO, so I had a little chat with my client asking if the property was vacant, etc...she assured me it was. When I got to the house there was a car out front, so I knocked on the door, no one answered. Still being a little worried I called the number I had on my order sheet, no one picked up, so I called my client back and told her the situation, she told me to kick the door in if necessary!

I continued to check around the house, and began to even honk my horn...still no one there, then a neighbor came outside and told me the house was vacant, so I thought great, that old doors comin' down!!! :twisted:

When I PUSHED not kicked the door open, the home owner WOKE UP and chased me down the street, cussing and throwing things at me.... 8O

I learned a lesson that day.