Skip to Content.
Sympa Menu

homestead - Re: [Homestead] Septic Rant

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Septic Rant
  • Date: Mon, 4 Jun 2007 06:09:14 -0700


On Jun 3, 2007, at 10:49 AM, Don Bowen wrote:

. . . a realtor and an appraisal agent conspire to appraise a house well
above its real worth, $50 to $100 thousand. Then they get a loan, take
back most of the excess from the seller, then the buyer lets the house
foreclose. The seller does this with several houses at once because one or
many foreclosures has the same affect on the credit rating.

That's an old scheme. It was used by three jerks in my town in my early years of real estate brokering. In some cases, the loans were made on an empty lot but the appraiser took photos of a house on the same street.

The independent appraiser, the Wells Fargo loan officer, and the Realtor all went to jail.

There will always be those who think they are smarter than anyone else.





Archive powered by MHonArc 2.6.24.

Top of Page