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Yall are gonna Love This*

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jtrotta

Thread Starter
Senior Member
Joined
Jan 16, 2002
Been on the hustle lately and happend into a town hall the other day and ran into an old attorney friend of mine and we started to chit chat and I said by the way what do you think about those AVM jobs; here's his response-

had one closing all set & ready to go and noted a glitch, they didn't have the second mortgage payoff noted, so I called their closing dept. and they said - go ahead & close our "Title Search" shows no such item. He closed the deal and said to me quietly chuckling, someone just lost $50,000 hehehe* At this rate it won't be long folks, just wish I was on the end of one of those $30,000 to $50,000 giveaways.

From the Lighter Side 8)
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
:lol:
Believe it or not, that is NOT the first time I have seen or heard of that type of idiocy.

M.
 

msking

Freshman Member
Joined
Feb 24, 2002
My husband sold a rental property recently. When he went to the title company to sign the papers, they didn't show payoff to the mortgage holder (around $50,000). He pointed this out to them and their response, basically, was "Oopsie. We'll get back to you." Apparently their "title search" had missed a detail or two. Doesn't it seem that LACK of a mortgage would raise a red flag somewhere in the process- surely most properties have a mortgage??

He had to return several days later to sign the redrawn papers. It completely ticked us off that we had to pay fees to the title company when they were so obviously incompetant, but we were not willing to do anything to make the sale drag on longer than it already had. I still can't believe it - but it really happened.
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
So, since the title report didn't show the second, wouldn't this be a potential claim on the title insurance????? Imagine if this scenario takes place on a purchase transaction!? If they can't find a second mortgage which should be pretty obvious, what else are they missing??

Scary isn't it? 8O
 

Joe Moore

Junior Member
Joined
Jan 30, 2002
Professional Status
Appraisal Management Company
State
Pennsylvania
Can you clarify what this has to do with AVM's? Sounds like a title issue.

Thanks.

Joe
 

jtrotta

Thread Starter
Senior Member
Joined
Jan 16, 2002
leart3;
nope not anything you should be concerned with, unless your doing the new appraisal and they want you to hit a specific number to cover the idiot title searcher who missed. 8O

Joe moore;
answer to your question - the AVM hired the title searcher :?


slim shady 8)
 

Joe Moore

Junior Member
Joined
Jan 30, 2002
Professional Status
Appraisal Management Company
State
Pennsylvania
The AVM hired someone? An AVM is a report.
 
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