Home : Blogs : Rama Mehra Certified Pre Foreclosure Specialist : Insights into Windemere in San Ramon

A new disease hit us

This new day and age in the history of America brings forth a new disease alongside the H1N1 virus- LOUSY APPRAISALS, short for 4 letter words that I cannot use on this forum. And dealing with the worst in the business, Bank Of America- I am today openly accusing them for using Landsafe and their hand in glove deal to screw over appraisals. These damn banks want the disease to spread and want to hold values artificially under the water.Give me one good reason why an appraiser will not use a higher priced active comp ON THE SAME STREET but use a lower priced active comp 1 mile away??????????? Do they have their head up their.........????? Large banks using cheap appraisers who will drive out 50 miles out of their area of business to give values on areas they probably have never seen in their lives

I am sipping my cup of tea in the morning and watching the news and the media( let me not start on them or I will surely tear my hair out) and Wall Street is reacting favorably to the news that July home sales jumped to a 2 year high. Selling homes everyday, we know how few homes there are on the market and how multiple offers are driving prices up. heck, I just sold one on a listing side with no appraisal contingency !! I don't think we have even one month of inventory in Contra Costa county and yet the banks are calling us a declining market?????????? Give me the explanation? Why and How?? This administration has tried to correct some problems but at the same time created morphed monsters that have taken on new identities.

WHo is regulating the banks and their appraisers? I called the appraisers boss to complain that he came in for 15 minutes, stayed outside for 10 minutes and only 5 min on the inside and came in 20K under value???? The boss tells me he cannot talk to me, I threatened that I would make a compliant against Landsafe with the department of RE appraisers and his attitude clearly indicated that he did not give a damn.... where should I go?? WHo should I complain to?? The last time Bank Of America did this to me on a deal 1 month ago, my buyer had to come in with a difference of 20K. Oh Oh and I forgot to tell you that it was a BofA property on short sale with their BPO coming in higher than their appraisal for the buyer !!!!!!!
This industry is inundated with goons, asses, thieves and smooth talking liars who are raping the public openly and I say the administration is equally responsible for the garbage being funnelled down the pipeline for us to tackle. We do have choices- as an industry that gets hit all the time, we realtors should raise hell on a national platform or drown in the garbage that piles upon us. Because if we are in a profession of assisting people with the largest purcchases of their lives, then we should have a say in making reforms. Please BANKS stop being the jerks that you are- ALWAYS

Posted by Rama Mehra Certified Pre Foreclosure Specialist on 08/21/2009 05:51 PM

Comments (10)

Appraisals in Today's Market in the ActiveRain Channel

san ramon, homes for sale in san ramon, windemere vs gale ranch, appraisal issues

Originally posted at: Windemere,San Ramon Blog: A new disease hit us

This post has been included in California Information Contra Costa County, CA Information San Ramon, CA Information

10 Comments on A new disease hit us

AUG

Seems like the bank are still at it. Bank of America (Countrywide loans) are the worse to deal with).

They truly are the scum bags of the industry

AUG

http://www.latimes.com/business/la-fi-lazarus23-2009aug23,0,4878348.column

Link

AUG

We never heard such outrage when same folks were appraising 700K Home for Millions two years ago. They are doing the right thing given the state of our economy and the current unemployment rate . This temporary upswing won't last long once the ground reality sets in.

It is funny that people don't understand the way things work here. These same appraisers were appraising properties for higher because they were probably getting some kickback somewhere along the line.Now they are cutting appraisals despite the fact that there are comps ! I feel BofA is using Landsafe for appraisals and I am sure they have standing instructions to cut values ! This problem is occurring majority of the times with BofA. And as for your comment about the temporary upswing, well who knows where the market is heading. All I know from my experience is that when the media starts talking about the good news, you have already missed the boat

AUG

Never saw any complaint/blog from you or other agents when they were doing what you mentioned above. Regarding missing the boad I am happy to miss boat in 2006 and also twice earlier when you declared bottom on your blog. Same media is also telling , you may be aware FDIC is running out of money trying to save falling banks , not a good sign for housing market.

SEP

Well, Well, Well. this is truly hypocritical of you. And shows how narrowly you look at things in perspective. Please do publish this if you think this explains.

First of all, you and others blamed the banks for the run up in the prices ( boom 2004-2008). There would not be a boom if banks were doing the same they did several years and now they start doing it now, by not giving loans for crazy runup in prices.

Would you or your crazy buyer, will fork the amount for buying, lets say, if he has to buy with cash. ???? big question and ask yourself.

It is stupid to say banks are scum bags and guess who really was. no one. Its just greedy buyers who think he can pay whatever he wants ( note pay others money which is actually banks money).

Please dont post or dont reason with your stupidity. I understand some bashed you in the past and you were hurtful for several weeks. But this is on the other extreme. Not that I liked what banks did in the past 4 years 2004-2008. But now I like the banks which are trying to instill some sanity.

Yes. if some moronic buyers want to fork 50-100k more than what the homes were past 6 months ago, so be it and let them bring their own money and buy it. Do you really want the banks to be left holding the bag when the crazy, lunatic buyers who wants to pay more than 100k over asking price ???. Think about it and post your thoughts.

BTW, I have met you and I did buy a home in the past 6 months, and I would not buy a home right now in the market that is again fuelled by goons, cronies, greedy people.

Guru, we all have a piece of the blame to carry on our shoulders, including myself as an agent. None of us can predict and the way things are changing 20 times a day,who can foresee what is going to happen next? When I am complaining about the banks, I am doing it based on hard facts.I will not contest an appraisal when I know there is no extra value but I will fight it tooth and nail when I know I can get a higher value for the house. if you read my article carefully, my angst was against one bank in particular because I personally feel there is a conspiracy underlying their appraisals.You truly need to be in our shoes to understand the sheer diabolical frustration of the enitre system.The bureaucracy of the lenders and the govt is hurting all of us. I would urge you to use a more balanced approach in viewing the banks- they are not trying to bring sanity to the market !! You have to get deeper into the system to realise the dirty games being played and it will hit you like a ton of bricks ! They are not the innocent lambs and you need to be burnt just once to understand the deep underpinings of their strategies
I cannot make a comment on buyers being lunatics.It is extremely difficult for me to comprehend what happened to the market and why buyers are behaving the way they are....I have buyers who are offering much higher and I warn them that the appraisal will not come in and they will have to come up with the difference and to my surprise they are fine with it. And unfortunately, we are fighting against higher offers and many a times all cash offers, and with the tight inventory in the market- clearly you either drop out of the market completely or take a risk and play the game because who knows where things will be next year ! Now am I going to be blamed for that too?
I agree with you in many things but what consumers need to understand that Realtors are an easy target to shoot at when things go bad. We are not insulated from any shift in the market and as home owners/home buyers, we are also sharing your pain.And one more comment from my end- if you want to argue a point, you have all the right to do so but there is a poilter way in addressing issues rather than starting off by calling me a hypocrite.

sorry for the typo- I meant politer way

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?