That would be a value in use reconsideration. If that unit is still in the mls data record without clarification, the listing agent can and should be compelled to disclose the overpayment amount in the now older listing data.

However, if they paid cash over value, they have subsequently set a new benchmark for market comparisons. If that holds up towards other buyers, only time will tell.

Reasons the 80/20 ltv ratio is an important limitation. Skin in the game and all…

If consumers are concerned about the relationship between large lenders and the us government treasury funds, they are well advised to stop swimming neck deep in debt full time.

‘Home ownership’ is a misnomer so long as the homeowner does not have the title to their property in their personal safe, and also has hired a title attorney to assure there are no clouded title issues.

15 years later…. Zinger! “This historic settlement will provide immediate relief to…” A day late, a dollar short. Nobody goes to jail. Not coincidentally, MERS skates away again. Search ‘mers service fraud’ for details.

L.A. is awfully big. Basically its 125 separate ‘cities’ or what should be separate cities all crammed together in prices ranging from mid 200ks to 40 or 50 million. I’d love to see those charts and graphs. Several houses for sale in my neighborhood – no one rushing to overbid…though admittedly I live in what some refer to as the barrio.

Not only was the home inspector there at the time of inspection, but so were the borrowers and agents (fun times). I overhead the story of how they met (newly married), which included the husband going to his wife’s patents home in New York for the first time. The home was said to be over 20,000 sf, and her dad (immigrant rags to riches / good story), was internationally involved with Xerox from the 1960’s to the 1990’s.

Overbid if you want (28 sales in 12 months / 1 current active listing), waive the appraisal contingency, and let daddy overpay if he wants, but don’t blame the appraiser for not hitting value nor burden them with reconsideration of value requests.

The idea of reducing over site (appraisals), is crazy.

Seek the truth.

Broker friend – GOOD friend – was pushed into bid deal for a condo on Wilshire in L.A. LP $1,000,000. ‘Had’ to bid $1,100,000 to get it. His wife really wanted it. Walking distance to her families property on same street when they visit from France. Had a new baby as well. OK 3 yr old but you get the idea – need to be near Grandma when she visits. He also waived the appraisal contingency which is unfortunate because MAX value was $1,000,000 and could have been only $950+-. In this case, he knowingly overbid but still…I bet he’s been kicking himself ever since.

I don’t like markets where this kind of bidding goes on. It’s not always real bidding that’s happening.

The individual consumer often needs to be protected from themselves, from others offering help (uninformed agents), and the general public needs to be protected from those bad individual decisions. All of this for a San Diego high dollar property, and a 48 day rush assignment ($450) done in less than 24 hours.

But it’s those pesky appraisers who are the problem.

Seek the truth.

No one wants their tax dollars going to bail out the banks AGAIN.

Also, if homeowners could understand that a computer is not going to be able to take all their “improvements” into account and their house is going to end up having the same value as the hoarder next door then we might be able to get homeowners/buyers/consumers on our side.

Homebuilders should be worried as well, we have a lot of new construction projects happening in much older neighborhoods…..these new and improved homes will not appraise by an AVM that only takes the immediate older neighborhood into account.

The list goes on with this, AMC’s, REVAA….. I was so disappointed to read this, why can’t we get our voices heard?!

$25 Billion Agreement Provides Homeowner Relief & New Protections, Stops Abuses

… includes a $1 billion resolution of a separate investigation into fraudulent and wrongful conduct by Bank of America and various Countrywide entities related to the origination and underwriting of Federal Housing Administration (FHA)-insured mortgage loans, and systematic inflation of appraisal values concerning these loans, from Jan. 1, 2003 through April 30, 2009. Payment of $500 million of this $1 billion will be deferred to partially fund a loan modification program for Countrywide borrowers throughout the nation who are underwater on their mortgages.This investigation was conducted by the U.S. Attorney’s Office for the Eastern District of New York, with the Civil Division’s Commercial Litigation Branch of the Department of Justice, HUD and HUD-OIG.The settlement also resolves an investigation by the Eastern District of New York, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and the Federal Housing Finance Agency-Office of the Inspector General (FHFA-OIG)into allegations that Bank of America defrauded the Home Affordable Modification Program.
https://www.justice.gov/opa/pr/federal-government-and-state-attorneys-general-reach-25-billion-agreement-five-largest

 
They had “underwriting” standards and rules and regulations and laws back then too.  Didn’t stop the abuse.

Except no one will see the petition

Excellent ideas. These great suggestions don’t preclude signing the petition though. The Remember the Bailout links above (graphics) https://appraisersblogs.com/open-letter-2-taxpayers includes an active link to Committee Members that you may not find simply by searching for your Congress Member. (Bottom of article item #3).

Great article Ryan. NOTE to others that want to sign the petition – it’s a clickfest toward the end as the Change.org petition facilitators try to get you to sign on to every other issue under the sun. It’s still worth taking the extra 15 seconds to click through the unrelated ‘stuff’ to sign this petition.