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REO or Repo Man?

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Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
: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)

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
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)

Freshman Member
Joined
Feb 19, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
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

Freshman Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
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

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
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.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
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

Freshman Member
Joined
Feb 28, 2002
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! :D

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.
 
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