This has me baffled. What am I missing ?

[Jungle Boy]

This has me baffled. Wonder if it is a Relocation situation.

Subject History of Recent Sales - starting with the most recent.

05/09/03 (recorded 12/15/03)
QC
consideration - $900,000
Grantor - Bimell Jack Henrietta
Grantee - Banana Entertainment

01/23/03 (recorded 04/16/03)
WD
consideration - $1,200,000
Grantor - Bill Bob
Grantee - Americorp, Inc

07/19/02 (recorded 04/16/03 - notice same date as for 01/23/03 sale)
WD
consideration - not listed in pub rec, but another source has it as $900,000.
Grantor - Americorp Inc
Grantee - Bimell Henrietta (notice this person was grantor in 05/09/03)


There is a possibility that the dates in pub rec are messed up, but is there any way the above makes sense to anybody.

A side note : I appraised the subject for a sale. Sale price is $1.6 million.
The person who paid me was not a party in the sale, and the check he wrote out said : Orange Entertainment (remember the current owner is Banana Entertainment)
The appraisal came in at $1.3 million. The contract looked sketchy, so I advised the lender to obtain a copy of the contract.
The guy who wrote out the check is harrasing me because I didn't let him know ahead of time that it would not make the sale price.

All names except Americorp Inc have been changed to proctect identities.

 

[Christine Marie]

raimo, definetely looks fruity.....glad we just have to report the findings not interpret the results of......

 

[Jungle Boy]

That's funny Christine, I see the humor :new_smile-l:.

I'm just trying to learn something, if there is anything to learn.

 

[Ms. Janet]

I keep getting bumped off as I try to give you my take...........

ok I think Bill Bob defaulted to Americorp and Americorp didn't record the default until they had the final numbers after the disposition sale to Bimmell. Then Bimmell quit claims it over to his Banana Co.
Now if Orange is not the buyer but is paying for the appraisal, then I'm going to say the pending contract is likely not arms length.
Conveniently $1,300,000 is 80%.....................

 

[jay trotta]

Janet, looks good, but who is Bill Bob ? in this side show of entertainment -

Q - would be to note if the made up companies can be found on file in the town records - could they be "straw" companies for Bill Bob ?

is "Bimell" - an alias for Bill Bob ??

 

[Pamela Crowley (Florida)]

Is there an existing mortgage on this property??? If so, who is involved?

Something is wrong in that chain of title, but without seeing the documents, it's hard to tell what it is. Plus, I would want to know who the parties are involved with those 'companies' and what other properties they have been playing with. Paper flipping to set up the 'kill'? Just can't tell what's going on yet.

 

[Richard Carlsen]

Sometimes figuring these things out is like following a set of tire tracks down a muddy road: you know someone has been there but you don't know who, what they are driving or why they are on the road.

My theory is that I give these kinds of transfers the once over in light of the present P.A. If the reasons for the transfers are not clear, that's what I state in the report, telling the client that if it is a concern to them, they can get sworn statements from the seller. We do not have the P.A.'s, closing docs, etc. to do a complete investigation. And guessing/speculation is unprofessional.

 

[Carnivore]

call the attorney or ...

I have seen this in my area as well. The chain just does not make sense. This does not necessarily mean there is something fishy taking place, it could just be a mix up. It certainly is something to look into.

Call the attorney who filed the deeds or go see the clerk at the court house and see what they have to say.

 

[Jungle Boy]

Thank you all very much.

The reason I posted this is because I don't want to look stupid when I'm questioned about including these sales in the subject sale history section.

The person who paid for the appraisal called me within an hour after I submitted the appraisal to the bank. He was furious that I didn't appraise the house for the selling price. I told him that I cannot discuss the appraisal with him, but he brought up the fact that I'd included prior sales in the report which were not really sales. I told him I'd look into it and revise the appraisal if necessary (I know this was going too far, but I wanted him off the phone without having to hang up on him a second time )

Thanks again !!

EDIT : you all be very careful what you say to anybody.
This guy claims that I told him prior to going out, that the subject would appraise for the selling price. What I had said was : the highest recent sale in the development is $1.25 million... yes, the subject sold for $1.2 million in early 2003 according to MLS... if the subject really is that superior to the other recent sales in the development, and if it appears that it is not overbuilt, then it is not unreasonable that it wouldn't appraise for $1.55 million (he told me on the phone that the sale price is $1.55 million, and he also told me he was the buyer. He set the whole thing up, the lender was totally out of the picture until I received a request the following day after the conversation), because there are many other developments in the area with recent sales for $1.5 million plus, and these are on similar 1 acre plus lots... I cannot say whether the property will appraise for the sale price until I see it for 2 reasons, it is against the law, and there is no way for me to tell you a value until I have completed the appraisal.
So, be careful, anything you say.....

 

[Marcia Langley]

Raimo, you did good. You are required to report transfers whether they are 'sales' or not.