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Comp Check

Appraisers "bid" on appraised value

01/17/07

Koorosh Ghahremani

name: Jason Campos, phone: 408.515.6306

I am a: lending institution message:

I am looking to order an appraisal for a client of mine, Koorosh Ghahremani.  He is attempting to refinance his property in Aurora Colorado and is in need of an appraisal.  As promised to him, I am searching for an appraisal company that can give me an estimated value of the property before committing to a full appraisal. The client has told me that the property has 65,000 in upgrades and gave me an estimated value of 330,000. My question is, can you get us the $330,000 value for the property?  If not, what is your estimated value.

21985 E. Irish Ave, Aurora Colorado, 80016

Thanks,
Jason Campos

Jason Campos
700 Agnew Rd #367, Santa Clara, CA 95054
By Telephone: 408-515-6306
By Email: JCampos8782@Yahoo.com

Comments - Jason got the address wrong.  Koorosh Ghahremani is a used car salesmen in Santa Clara, the same place Jason Campos lives.  Koorosh bought the Colorado townhouse new from the builder in Feb 2005.  He obtained a $262,000 mortgage from the good people at Fremont Investment and Loan.  Koorosh then did  $65,000 improvement.  Two years later, even if there was no market appreciation, the property should be worth $330,000.  Right?  I see another Freemont loan headed for foreclosure.  Good luck Koorosh.

01/16/07

Premier Lending, Inc. of Seattle

Steve Kittel of Premier Lending, Inc (Seattle) wants a comp check on 5554 Vaughn St, Denver (Montbello) CO 80239.  You can call Steve at 425-605-1012.

I got comp check requests from Premier on April 11, 2006 and October 04, 2006.  It's not an exaggeration to say the only time I ever get a call from Premier is when they want a comp check.  They are calling several appraisers to bid on the appraised value.  It's amazing the lengths these people will go.  Dance around and pretend like it's all very innocent.  For example, listen to the audio comp check request.

With the help of Dan Ruth and Demetrius Ross, Ronell Roper bought this property as a FANNIE MAE foreclosure sale in March 2005.  A review of the listing history shows this property was bought for $149,000 with a $155,000 mortgage loan provided by the good people at BNC Mortgage.  Good luck Steve Kittle, and good luck Ron Roper. (12/20/07 note to Ron - my apologies).

01/12/07

Mind Numbingly Stupid

They want to know if the property will appraise for $212,000.  They have a list of 5 recent sales from the area - none are $212 but some are close - within a few thousand dollars.  If I will just promise to appraise for at least $212,000 they will send me an order and I'll get paid out of closing.  If for any reason the loan does not close, the loan officer will pay me "out of his own pocket".  What could possibly go wrong here?  If only she had suggested they were going to be doing a lot of business in this area and were looking for a good appraiser they could send all this prime business to.

She (Sammy is female) plans get quotes from 5 local appraisers - I am the third one she called.  She says "we heard that in Colorado the appraiser is required to tell us if they can make the value or not".  She didn't say where she heard that from.

The property is:  15955 E Geddes Dr, Aurora, CO  80016.  Maybe they have the address wrong.

Sammy Aljiboori, Gateway Mortgage in Oklahoma, 918-392-0100.

Mind Numbingly Stupid

01/08/07

Jarrod Smith wants a free comp check on 20463 Layton Ave, Aurora, CO  80015.  Mr Smith tells me this property is on the market with an asking price of $349 and a comment that the property appraised for $370.  A quick review of the MLS listing confirms that Mr Smith is correct.

Jarrod Smith tells me he is in Colorado Springs, but wants to move to Denver.  He says he works for New World Mortgage.  His phone number is 866.909.8540.  Jarrod says there are comps in the area in the 280's and wonders how this property could appraise for $370.  I bit my tongue and acted dumb.   I looked at the listing history, prior sale, and the Deeds Report - and I don't claim to understand what is the story.

As of 01/01/07, Mortgage Brokers are supposed to be licensed in Colorado.  I checked - Jerrod Smith is not licensed.  Maybe he is not really a mortgage broker?

01/03/07

Rick Bohannon of Zero What wants a comp check on 22194 E Mercer Pl, Aurora, CO  80018.  H says Zillow has the property valued at $288.  Would I be willing to check to see if the property is worth $310?  Would I do that for free?

Call Rick at 303-309-3698

12/28/06

Jeremy Wahlgren of Metro Mortgage 425-870-4010 called me to ask for a comp check.  Mostly standard stuff, except Jeremy said he was going to order an appraisal "no matter what".  So when I asked about the comp check, he said they were hoping for about $117,000.  He said if the comp check came back at something like $100,000, they would not order the appraisal - but then (in the same breath) assured me they were going to order an appraisal no matter what.

Property address = 13222 E Iliff Ave, Aurora, CO  80014.  Zillow says it can't find the address - and I think they are right.  It's a bogus address.

Interested?  Contact:

Jeremy Wahlgren
Senior Loan Executive
Metropolitan Mortgage
425-870-4010: Direct
425-742-0603: Fax
E-Mail jwahlgren@metromgi.com Please reply to this e mail address

Area code 425 = Seattle Washington.  Before you call Jeremy, you should read this article (dated 01/03/07) with headline:  Metropolitan Mortgage Bankruptcy. 

11/30/06

Hi Philip,
I need to order an appraisal but before I do that I would need your help.  If you can give me sales comparable and to see what is the value of this property is worth.  I hope you can help me out.

Borrower Name:
William Tennyson

Property Address:
3954 Pitkin Way Aurora, CO 80013

Thank you.

Best regards,
John Vo
Senior Executive Partner
Home Breeze Financial Inc. & C.D.L.
California

714.438.0158 ext: 223
714.424.0189 fax

jvo@hbfincorporated.com

11/08/06

Executive Financial Home Loan Corp, Sherman Oaks, California (the Valley).  Michael Nikravesh and Ron Fattal.  Convicted of Telemarketing violations.

Luis Sosa 818-789-5636 x143 wants a comp check on 755 Macon St, Aurora, CO  80010.

This is pretty standard comp check call.  Luis says he has no idea of the value of the property, he has done no research at all.  He says he talked to 2 other appraisers before me, and they both said they would call him back tomorrow.  He is continuing to make calls because he wants to get an answer today.

tags:

comp+check mortgage fraud Executive+Financial+Home+Loan Michael+Nikravesh Ron+Fattal Luis+Sosa

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11/04/06

Executive Financial Home Loan Corp, Sherman Oaks, California (the Valley).  Michael Nikravesh and Ron Fattal.  Convicted of Telemarketing violations.  I wonder if these are "Persian" names?

Jila Golestani 800-335-8178 x141 wants a comp check on 16337 E 18th Pl, Aurora, CO  80011.

I asked Jila about her name - a simple question - what kind of name is that?  She says her name is "Persian".  I guess she means Iran.  I admit my world geography is not so good.  It sounds like an evasive answer to me.  Jila did suggest that her company would be doing a lot of business in my area, and they are looking for a good appraiser in Aurora, CO.  I could be the lucky person who has the inside track to all their future appraisal work in this area.  Jila says I am the first appraiser she has spoke with, with 3 more on the list to call.  This must be my lucky day.

Good luck Jila !!

tags:

comp+check mortgage fraud Executive+Financial+Home+Loan Michael+Nikravesh Ron+Fattal Jila+Golestani

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11/02/06

Cindy Anderson at Bridge Capital in Lake Forrest California.  1-800-409-9887 x322.  Wants a comp check on:

1069 S Kalispell St, Aurora, 80017

Cindy says the borrower says the property is worth $240.  Cindy tells me (when I ask) that she has done no research on the property - she has no idea what the property is worth - other that what the homeowner said.  I am the very first appraiser Cindy has called.

Zillow has the property at $189,481.  I don't think Cindy was being entirely honest with me.

tags:

comp+check mortgage fraud Cindy+Anderson Bridge+Capital

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10/18/06

name: sylvia vaughan

phone: 1866-539-7025 ext 5316

contact me by: Email

I am a: lending institution

message: Greetings,

I have an appraisal request located in an area that you cover and I am looking for a value of 145000 - 165000 for this property. Borrowers name is Sammy monroe. The address for this property is5300 cherry creek south drive, Denver co. 80246 . This property is  described to me as being a single-family 3 bedroom residence, 2 baths. Do you think that this value estimation is attainable?
What is your turn time, earliest available inspection date, and fee for a comprehensive 1004 appraisal in this area?  Please reply either by simply responding to this email or contact me toll free at (1-866) 539-7025 x 5316.  I appreciate your assistance and look forward to working with you.


Always my best,


Sylvia Vaughan
Mortgage Consultant
Home Funds Direct
1130 Northchase Parkway, Suite 200
Marietta, GA 30067
Email: svaughan@homefundsdirect.com
Phone: 770.541.5316 or 866.539.7025 ext. 5316 (Toll Free)
Fax: 866.762.2412 or 866.334.3166 (Toll Free for both)
www.homefundsdirect.com

tags:

comp+check mortgage fraud Sylvia+Vaughan Home+Funds+Direct

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10/17/06

Brandon Cruiz says:

Can you send me some comps for the this address 2201 S. Buckley Road #202. Once I get the comps I’ll contact you for the appraisal. Thanks for your time

Brandon Cruiz
Loan Officier
(714) 564-1160
(714) 263-0776

tags:

comp+check mortgage fraud brandon+cruiz

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10/16/06

John Sisco, New Equity 866-250-9648

Wants to refi a property at:

17925 E Columbia Ave, Aurora, CO  80013

John needs $190,000.  Zillow has the property at $166,652.  Dang.  I hate it when that happens.

tags:

comp+check mortgage fraud John+Sisco New+Equity

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10/12/06

John Moreno, Optima Mortgage in Orange County, CA.  800-800-1094 x286.   Wants a free comp check on:

Samuel Achu
1069 Kalispell St, Aurora, CO  80017

The borrower says the property is worth $250 - $260.  Sitex has the property at $210 - $220.  I am the second appraiser John has asked.  John is just wondering if he might find an aggressive appraiser who could make the needed value.

Zillow values the property at $191,319.

John says to me - he "doesn't want to waste anyone's time".

Here is the "about us" propaganda that John Moreno responded to when he took the job at Optima

About Us
Optima Mortgage Corporation is a company dedicated exclusively to originating residential real estate loans and places these loans with mortgage bankers, as well as commercial banks and savings & loans.
The company was established in 1997, and is committed to the highest standards of loan origination and business conduct. These values are evident in all aspects of the company's business from selection of its business associates to the selection of your loan mortgage bankers, commercial banks and the saving & loans that the company deals with.
Why 60minuteloan.com?
We are a full service mortgage firm with an experienced staff offering expertise in every area of mortgage lending. We have access to a full range of mortgage sources and all of our loan officers, processors and underwriters are dedicated to finding the right loan- with the best rate, term and costs that will meet your needs. We begin where most other lenders stop by providing the updates and progress reports so that our clients will always know the status of their loan.

Don't you just love it?

tags:

comp+check mortgage fraud John+Moreno Optima+Mortgage

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Wednesday
October 04th, 2006

Audio Comp Check

Omar wants a free comp check.  Qualified Lending.  Omar is a loan officer.  Call his cell phone - 714-865-0861 or try the office 949-707-2965.  Leave a message.

comp+check mortgage fraud

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Wednesday
October 04th, 2006

Audio Comp Check

Debra Simon of Premier Finance wants a comp check.  Call her at 866-501-5363 x4034 or 206-274-4000.  It's a sign of the times.  They leave a message, desperately hoping someone will call back.  They just want to make sure they have the correct value.

tags:

comp+check mortgage fraud debra+simon premier+finance

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Tuesday
September 19, 2006

email message sent via Appraiser USA, from:

Paul Mondello
Windsor Capital Mortgage Corporation
949 716 5890
10935 Sorrento Parkway San Diego, CA 92130

Please check comps at 14070 Arkansas Pl, Aurora, CO  80012, and let me know if $280K is possible. Thanks.

Home owner = Diana L Heyburn.  Existing loan = hard to tell, I hope this does not mean the existing loan is $276,000.  Someone could be in for a rude awakening.

zillow has the property valued at $205,108

Per Google, the correct address for the lender is Vista Sorrento Pkwy.  If they can't get their own address right, what does that say about the mortgage company?

tags:

this just in 02/05/07.  Stay tuned Paul - it gets better.

comp+check MKG Appraisal Philip+G+Rice Aurora Colorado 80014 mortgage fraud Paul+Mondello Windsor+Capital+Mortgage

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Monday morning - September 18th, 2006  10:30 am Mt Time Zone

Natasha Portugal
3 Point Financial
425-988-6344

House Pic

Wants a comp check at 232 Macon St, Aurora, CO  80010.  She says the property was appraised 8 months ago for $176K.  The owner is a Viet Nam disabled vet, the property has handicapped features (wheel chair ramps).  Natasha needs $200K, nothing less will do.

For openers - Natasha has the address wrong - or maybe I wrote it wrong.  The correct address is 2232 Macon St, Aurora, CO  80010.  How do I know?  Scroll down to an entry on this page dated 08/04/06.  Different person from the same company sent me an email asking for a comp check.  Natasha says she got my name from zip appraisers.  The other request came from Appraiser USA.  Notice how the story changes from one person to the next.  The prior appraisal was $200,000 now it's $176,000.  The zillow value has gone up - it is now $118,946.  At this rate, the zillow value will hit the magic number in about 15 years.

Check out the 3 Point Financial website - it gives a pretty good indication the type company they are.

DO YOU TRUST EVERYTHING YOUR LOAN OFFICER IS TELLING YOU? -- Thu Aug 24
email: anon-198323716@craigslist.org

Do you want to know if your loan officer is really trying to get you the best rate or if they are just trying to get them selves the most rebate? Why not find out! It will only take 5 minutes and hey it could save you thousands of dollars! So if you just want to double check your current loan officer or broker give me a call! 3 Point Financial Group Senior Mortgage Advisor Jerry Knowles 866.988.6333 Jknowles@3pointfinancialgroup.com

comp+check mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud Andrea+Steig Natasha+Steig 3+Point+Financial

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House Pic

Friday September 15th, 2006

1613 S Flanders Way, Aurora, CO  80017

Subject:  MLS pg1, listing history, prior listing, county records, deed.
CMA
Only comp that comes close = 19629 Bails - MLS pg1, listing history, county records, deed

I get a phone call at 11:00 am from Ken Tennyson.  The caller id says Western Finance 303-368-8629.  When I ask Ken the company name - he tells me GD Investments, 720-364-3115.  Ken says he wants a comp check on 1613 S Flanders Way, Aurora, CO  80017.  He is hoping for $220,000.  He says he has a buyer all approved and just needs to know about the appraisal.  He says there is a signed contract and I can have a copy.

I ask if the property is listed on MLS and he says no - but he doesn't sound very sure of himself.  In fact - he sounds like he is pretty much without a clue about anything.  He does know about the $50,000 of upgrades, and wonders how that works with the appraisal - or something.  He is not very clear and specific about any of this.

He calls back at 12:15 pm, the caller id says 720-364-3115 cell phone.  Ken wants to know what's taking so long.  He wants to close this loan next week.  I act surprised and say - "oh, you mean this is a rush order".  Like it's the first time I ever heard that before.

So we spend 15 minutes on the phone, dancing around and around.  He needs to know what does it comp out at?  He says I should tell him the value of the property first (right now), he will then decide if he wants to hire me to do the appraisal.

Ken explains he has 6 other orders he needs appraisals on, he is a loan manager, and he needs an appraiser he can send all his future business to.  And I respond with - "oh, you mean there is future business.  I can get more appraisal orders from you?" - like I never heard that before.  This is number 5 on the cliche list.

I asked Ken a second time - how many other appraisers have you called?  He does not hesitate, he says I am the only appraiser he has called.

Zillow has the property valued at $178,082.

The MLS listing 5 months ago says the property is 1,228 sq ft.  Now the MLS listing says 1,559 sq ft.  County records says the house is 987 sq ft.  Hmmm.  These are some big variations.  The listing agent is an attorney - I wonder if he measured the house.  And if not, I wonder how he came up with 1,559 sq ft.

House Pic

The one property that kinda sorta supports the value is 19629 Bails Pl.  MLS shows this property is 2,500 sq ft, while county records has it at 2,172 sq ft.  These are some big variations.  This property sold for $225,000 with a $202,500 loan.

The current MLS listing says there is $50,000 of upgrades.  Jim Johnson bought the place for about $150,000.  If we figure carrying cost at $1,300 per month (mortgage + taxes + insurance), that puts Jim at about $208,000.  If we figure selling expense of 6%, that adds another $12,000 - which means Jim will break even if he can sell for $220,000 - anything over $220,000 will be his hard earned and well deserved profit.

However, the asking price is $214,500, which means Jim is going to lose about $6,000 on this deal.  Hmmm.  Upon further review, the listing agent works at a discount.  But even if he is working for free these numbers don't add up.  It's not easy to sort thru all this and decide what's right and what's not right.

House Pic

The listing agent is Ned W Livornese, an attorney with Future Tech Realty in Colorado Springs.  He got fined $300 and censured by the Colorado Real Estate Commission for continuing education violations.  Ned offers a pretty nice deal to anyone who uses him to buy a home.  He rebates 1/2 the commission (about 1.5%) to the buyer.  That's cash back at closing.  On a $200,000 house, that would be $3,000 cash back at closing.  Ned has an @aol email address.

Tags:

comp+check mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud ken+tennyson western+finance gd+investments 7203643115 Livornese

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09/12/06

Got an email dated 9/5/06 from Mahta Eslami - (949) 290-0404.  She says:

I am an appraiser in california [sic] that needs an appraisal done in Aurora county [sic]. I just wanted to know how much you charge for an appraisal, and what is the turnaround time. The property is worth appx. 300-315K.

I checked, and there is a Mahta Eslami listed on the ASC website, license # AL035692 in Costa Mesa, California.  I sent her a reply that says 2 day turn time, $325 pay at the door or in advance.  She calls me on Friday, 9/8/06, says she is on her way to USPAP class.  She says there are 2 appraisals.  The addresses are:

Of course what she really wants is a comp check.  Pretty standard stuff - except it comes from an appraiser.  So the next time someone calls and asks for a free comp check on a property in Aurora, I can refer them to Mahta Eslami.

Call (949) 290-0404 for a good time.  Ask for Mahta.  Ask for the comp check.  Mahta will take good care of you.

Tags:

mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud mahta eslami AL035692 comp+check

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09/05/06

Paula Mercado
Franklin First (New York City)
212-233-4007 x301

Wants a comp check on
2776 S Dunkirk Ct
Aurora, CO  80013

Paula had a hard time keeping her story straight.  Josephine Echols (the homeowner) paid $230 a few years ago.  Owner estimate is $270 - $280.

Zillow has the property at $222,790.  The existing mortgage is $229,900 recorded 04/29/03, by First Franklin Financial Corp., a subsidiary of National City.

Good luck on this one Paula.  See my recent experience with National City Bank, deferred maintenance, and mortgage fraud.

Tags:

mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud foreclosure REO paula+mercado short+sale real+estate less+than+perfect comp+check zillow first+franklin national+city+bank

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08/29/06

E-Z Mortgage Rough Idea

Roman Kazaryan
E-Z Mortgage
somewhere in Minnesota
763-383-0850 or cell 763-843-4442

Roman wants to do a loan for Robert Crigger.  Address is 770 Iola St, Aurora, CO  80010.  At first, Roman has the address wrong - he tells me 770 Lola St.  It takes 3 phone calls, but we get that worked out.  Roman says that Mr Crigger bought the house for $150,000 in 2002, and thinks it's worth about $165,000 now.  The only problem is that he owes $172,000 on the house - M&T Mortgage (maybe this is a modular home?).  Roman can put together a deal (he say he has everything he needs), but only if the value of the house is about $190,000.

Roman tells me he could not find out anything about the value of the house, and I am the first appraiser he has called.   He just wants a "rough idea" of the market value.

Zillow has the property at $129,000.  MLS shows 3 active listings on the 700 block of Iola.  705 Iola is asking $87,000 - 766 Iola is asking $129,000 - 780 Iola is asking $114,000.

You may be thinking there must be a mistake on the price of 705 Iola.  Check out the MLS listing - listing history.  It's an FHA repo, the loan amount is $123,000.

Summary: 770 Iola St - Roman Kazaryan at E-Z Mortgage needs a value of about $190,000.  The existing loan balance is $172,000.  The actual value of the property is about $125,000.  Colorado is leading the nation in foreclosure - we are number 1.  And the 700 block of Iola may very well be ground zero.

Tags:

mkg appraisal philip+g+rice aurora colorado 80014 mortgage fraud foreclosure REO HUD FHA short+sale real+estate less+than+perfect alphonso+jackson ez roman+kazaryan comp+check zillow M&T m+t

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08/28/06

At 7:30 pm:

Tyler Jones of SMC Direct / Apex
California
949-540-1424 x112 

He wants a free comp check on 4359 Malta St, Denver, CO  80249 - Green Valley Ranch.  Tyler says he checked on Sitex, and got values from $160 - $200.  The homeowner/borrower Gloria Calderon says the property is worth $220.  They owe $205  -- and oh by the way, they got the $205,000 loan 10 months ago from Argent Mortgage.  If the property was worth $205,000 10 months ago, surely it is worth $220,000 now.  Right?

Zillow has the property at $174,076.

08/04/06

Name: Andrea Steig

I am a(n): Lender or Asset Managment Company

Email: asteig@3pointfinancialgroup.com

Company: 3 Point Financial Group

Phone: 425-988-6346

Message: COMP CHECK REQUEST         Borrower name(s):  Emerziam, Paul    Type of Transaction:  Refi – Cashout    LTV:  95%    Address:  2232 Macon St., Aurora, CO 80010    County:  Adams    Square Footage:  822    Bedroom and Bathroom Count: 2/1    Value we need:  $200,000    Value we can settle:  $200,000    Notes:  Client refinanced 6 months ago, said property was appraised at $200,000.  Client has also spent about $30,000 on upgrades and making the home handicap accessible

Zillow has this property at $114,693.  They have the borrowers name spelled wrong.

08/03/06

Hi! I have a transaction in Arapahoe County:

James Dennis
678 S Dayton St
Aurora, CO 80247
$ 310,000 value

Can you please comp it out first and call me so that I can advise my borrower? Thank you

Anna
877.800.1477 ext. 230
213.596.0473 fax

Zillow has the property at $278,255

08/02/06

Joshua Reyes
HFMC in California
800-400-4046 x840

Josh asks for a comp check on 4805 S Pitkin Way, Aurora, CO  80015.  I had to ask, but he told me the borrower/owner estimate is $210-$225.

Zillow has the property at $184,898.

email dated: 07/28/06.  Subject line: COMP.

Body of the email:

Christopher & Monice Williams
4060 Malaya Street
Denver, CO 80249

Thanks
Sheree L Meza
800-201-1088 x2628

My comments:  She called first and asked do I still do appraisal.  I said yes.  She then says, oh good I need a comp.  She said they had gotten several different indications on this property, and they want to be "sure" before they proceed.  Shree works at Ascent, in Englewood, CO.

06/15/06

Gloria Medina - Secure Funding in Atlanta.  770-590-6802.  Wants a free comp check on 19658 E Bails Pl, Aurora, CO  80017.  She says they have 2 in-house estimates. $180 and $179.  She needs $205.  Will I do a free comp check?  When I ask, she says I am the very first appraiser she has called, but her instructions are to get 3 local appraisers to bid on how high they can value the property.

If they order an appraisal, they will order from the highest bidder.

Zillow shows the property as $180.  ABC Real Estate shows the value as $169.

Friday May 5th, 2006

First call happens Thursday.  It sounds like a boiler room telemarketing operation.  Sure enough, the caller is reading from the familiar script - if I can just do this comp check, I am going to get first dibs on all the really big new business they are going to be doing in this area.  I tell them to send an email - they say OK sure no problem.

About 24 hours later I get this email.  It says:

borrowers name is Larry Knieper.
Address is 1010 S. Kalispel St., Aurora, CO 80017

Estimated value is $240k.

Call me back at 800-958-8299

Thanks
Moe

The email header shows the sender is "menachem elharar" - admin@wfghomes.com.  Not exactly a strong Internet presence - see image below - it says "welcome to the young millionares [sic] club - male, 14 years old, Los Angeles.

Zillow has the property valued at $197,981.

Moe left this message at 12:30 on Friday.  Then called me again at 4:45 on Friday.  He says his name is Moe Vanunu.  The caller id says he called from 323-372-1206, the caller id says "Los Angeles".  Moe's cell phone is 310-597-9566.  Moe called again 10 minutes later (4:55) - left this message.

Forensic Appraisal

March 30th, 2006

Another comp check request by message.  Wants a comp check (very matter of fact) for 7341 S Mobile St, Aurora, CO  80016.  Owner's estimate is $300,000.  Carlos Torres, Secured Funding, 866-602-8533.

Zillow has the property valued at $250,292.

April 11, 2006

Another comp check request message.  13088 E Kansas Pl, Aurora, CO  80012.  David Wharton, Premier Lending Group in Seattle, 206-274-4036.  Dave has the property valued at $135,000 -- $140,000.

want to get an idea of values in that general area .... then move forward later

Zillow has the property valued at $121,267.

Monday April 24th, 2006

I received this fax from National Consumer Resources - they are Colorado's premier mortgage lender.  Located at 3025 S Parker Rd, Aurora, CO  80014 - just a few doors down from Colorado Choice Properties. 

The fax asks for a comp check of 208 Knox Ct, Denver, CO  80219.  The fax is asking for a value of $170,000.  Zillow has the property at $115,000.  Who knows?  The property could very well be worth $170,000 - and of course a good way to find out would be to have an appraisal done.  Good luck Julio.

Monday April 24th, 2006

I got a telephone call from someone who said his name was Jason Steffen.  He said he worked for Lending Tree in Irvine, CA - he said his phone number is 888-866-1212, ext 4390.  He wanted a comp check on 10405 Hoyt St, Westminster, CO  80021.  He said he had checked in 2 places, and the value was really close - but he wanted to be sure.  Said he needed $225,000 - and $200,000 would not be enough.  Zillow has the property at 203,610.  The public records shows a long a colorful debt history for this property.  Good luck Jason.

Thursday April 20, 2006

email from Paul Hashemi is pretty much word for word identical to the email from Efran Reyes (see 3/24/06 below).

We are going to do a loan for the above property but are unsure if the borrower's estimate is reasonable.  Our borrower is estimating the home is worth 245k and per data we pulled it looks like it is possible but we want to be sure.  The home is 1,592sq feet built in 1999 2 bedroom 2 bathrooms with an attached car garage and 6,970sq foot lot per the customer.  Can you help me with this?  Let me know thanks!
 
Paul Hashemi
Mortgage Banker

LendingTree Loans
163 Technology Drive
Irvine, CA 92618
Paul.Hashemi@lendingtree.com
888-866-1212, ext 4713 toll free
949-788-4813 direct fax

Exceptional customer service is our number one priority at LendingTree Loans. If at anytime you feel you're not receiving this level of service, please feel free to contact my supervisor, Alex Jocovic at 888-866-1212 ext. 7724 or by email: Alex.Jocovic@lendingtree.com

Saturday, April 1st, 2006, 10am

David calls, says he wants to order an appraisal.  I say - you've come to the right place.  David says he "just" needs to make sure the value is there before he sends me out to do the appraisal.  I ask him to send me an email.  I know from experience that 80% of the time people who call for comp checks are not able to successfully send an email.  Sure enough, he calls back 15 minutes later with a "huh, gee, I don't know" kind of story.  So I send him an email, and he is able to receive my email, and click reply.

The email file from Dave says:

5102 crown blvd denver colorado 80239 . 3br 1ba 900sq ft I need a value of 160+ for the loan to work . You can email me back or give me a call at 303 755 5100 and my fax is 720-748-6100

Dave is with New World Mortgage.

Dave "needs" $160+  - so what does the plus sign mean?  Is it something like "$160 would be great - but lets not rule out the possibility of a higher number?

Dave is thinking - what if I can somehow find $170 (for example)?  If he did not have the plus sign, I would just say $160 because that's what he asked for.  But with that plus sign - he is then going to get the benefit of that extra $10,000.  The plus sign is an example of the little things that "savvy" loan processors use to save a deal.  You just never know when that plus sign is going to save a deal.

Zillow has the property at $139,820.  There is no MLS activity on the property.  The Deeds report looks a little risky.  Good luck Dave.  Elizabeth Butler lives in the same neighborhood.

Monday March 27th, 2006

Edgar calls.  He tells me his company is just starting to do business in Colorado, and they are looking for an appraiser they can do business with.  He wants a comp check - 2 in fact.  Edgar tells me they can call appraisers in California and get this service - makes it sound routine.  And get this - they expect to be doing 30 appraisals per month in Denver, and I have the inside track on all that business.

The next day, Edgar calls and asks if I got his fax - makes it sound like he is just sure he sent the fax yesterday.  He says he will resend the fax, and a few minutes later - I get the fax.

Edgar now wants 3 "value checks".

  1. 45 S Xavier St - needs $210, per zillow = $171
  2. 14843 Olmsted - needs $230, per zillow = $156 (don't you just love it?)
  3. 5316 Atchison Way - needs $250, per zillow = $190

Friday, March 24th, 2006

email file -- the thing that makes this comp check request unique is that the indicated value is reasonable.  Zillow has this one at $298.

Hello,
We are going to do a loan for the above property but are unsure if the borrower's estimate is reasonable. Our borrower is estimating the home is worth 290K and per data we pulled it looks like it is possible but we want to be sure. Can you help me with this?

6450 Eaton St
Arvada Co, 80003-4738
Jefferson county

owners name is Brenda Perkovich

please advise

Efren Reyes
Appraisal Coordinator

HomeLoanCenter.com
163 Technology Drive
Irvine, CA 92618
Efren.Reyes@homeloancenter.com
800-942-3683, ext 6144 toll free
949-231-6244 direct fax

Exceptional customer service is our number one priority at HomeLoanCenter.com If at anytime you feel you're not receiving this level of service, please feel free to contact my supervisor, Edwin Zelaya at 800-942-3683 ext. 4587 or by email: Edwin.Zelaya@homeloancenter.com

You may also contact our Customer Excellence Team at (888) 369-0001 or by email: customerexcellence@homeloancenter.com

Thursday, March 16, 2006

Damon from Peoples Choice calls - wants a comp check.  And get this - this is a rush, he wants to get it "today".  He points this out to me so that I can differentiate this comp check request from all those who say any time this week would be fine.  This is the very first class in mortgage broker school, and it is drilled into their heads all thru the training - whenever you talk to an appraiser - no matter what - its a rush, urgent.

I asked Damon to send an email - the subject line is:  "comps needed asap", the text of the email is:

Hello phil, its Damon with people’s choice home loans. I am looking for comps for a full appraisal for property address:
19219 E. Caspian Place
Aurora, CO 80013

It is a single family residence 3 bed 2 bath + 2 partial bath Square footage = 1962

Thank you very much 916.285.8066 or my cell 916.968.0140

Damon M. Thomure
Sr. Loan Officer
Peolpe's Choice Home Loans
1300 National Drive Suite #170
Sacramento, CA 95834

916.285.8066Fax 916.285.6420
"Failure is NOT an Option!"

Then on Friday - the follow-up email - getting a little bit impatient now. 

Phil, where are these comps? Have you had time to look at this?

Tuesday - March 14th, 2006

Ray from NRF calls and asks for a comp check.  He says his company is in New York, they expect to be doing a lot of business in this area and they are looking to establish a long term relationship with a local appraiser.  Wow - that sounds really great - and this is about the 1,000th time I have heard this particular story.  There must be a script they get in mortgage broker school, because they all tell the same story.  I asked him to send an email, and to his credit, he is capable of sending an email - via Yahoo.

The property is 1395 Racine St in Aurora - they "need a value of $220,000 or better".  Zillow shows $172,795.

03/11/06 - Saturday

Marie Hankins from Mortgage Pointer calls and wants a comp check.  The property is located in Greeley.  I tell her to email the info to me - and she agrees.  15 minutes later she calls back and says she tried to email, but is apparently incapable of sending me an email.  She asks if she can fax me the info.  I tell her no, do not fax - I will take the info over the phone.  She asks a second time if she can fax and what is my fax number, and for the second time I say do not fax, and I do not tell her my fax number.

Of course she sends the info by fax.  I get 2 faxes - with the happy news - Mortgage Pointer wants me to do 2 appraisals - and the only "catch" is the appraisal orders are contingent upon value.

The comp check fax on the Greeley property says all they need is $185,000.  Unfortunately, the homeowner had an appraisal done 6 months ago, and the value on that appraisal was too low.  Zillow shows the value as $119,271.

The comp check fax on the Castle Rock property says all they need is $1.1 million.  Zillow shows the value as $687,031.

Marie tells me she won't be available on the phone until 2pm on Monday because she is in a sales meeting all morning.

Tuesday, March 14th, 2006 - Marie calls and leaves this message.  An hour later, in comes another fax request for 15121 E 117th Ave in Brighton.  They only "need" $300,000, and the only problem is Zillow shows $240,192.

Does anyone see a trend developing?

On Tuesday, 3/14/06 at 4pm the email arrives.  At 5pm, another email arrives.

01/05/06

Erin Wachholz of Platinum Capital Group called.  He asked for a comp check on 419 Emporia St, Aurora, CO  80010.  Erin is located at the Manhattan Beach Office, phone = 877-724-8777 x106.  To his credit, Erin had thoroughly researched the property before he called.  He had an AVM from First American Title, the assessed value, he said there was an appraisal done 10/22/02 for $158,000, and the homeowner estimate was $160,000.

The loan - this is a high risk loan, the borrower is in trouble, and if they make the loan and the borrower misses even 1 payment "they" will immediately take the house.  The LTV cannot exceed 75%, etc, etc, etc

I asked Erin - point blank - how many other appraisers did you call before you called me?  Can anyone guess the answer?  Erin assured me I was the first.  I asked Erin where he got my name, how it was that he called me.  The answer - from the "data base".  I asked Erin how many other appraisers he was going to call after me.  The answer - "it depends".  Q - Depends on what?  A - mumbo jumbo - he said of course he would get at least 2 or 3 other opinions (bids) - and of course he would never do anything unethical or ask anyone to do anything wrong.

12/15/05 Benjamin Investment Group / Heather / 720-528-4344 /

The incoming call - caller ID says "blocked" - which is an indication of what to expect.  The person says she is Heather - mumbles the company name.  When I ask, she says Benjamin Investment Group in Greenwood Village (truth or lie? see below).  The subject property is 1159 Akron, Aurora, CO.  Described as a 4 unit with each unit 1BR/1Ba.  There is a FSBO contract for purchase at $390K.  The "story" is vague and very shy of specifics, but the message is:  they had an appraisal (or a free comp check) done, there is a problem with the appraised value.  Heather says she got my number from Zip Appraisers.  Heather is calling around asking for free comp checks, hoping to find an appraiser willing to hit the magic number ($390).  Even by mortgage broker standards, this is a blatant/brazen request.

MLS shows this property sold in April 2004 for $350,000, but the real price was more like $300,000.  The listing agent (see below) failed to report the $50,000 seller concession which was used to allow a $297,000 loan to happen.  Public records shows the property "sold" for $390 on May 5th, 2005 with a $351,000 loan by Finance America (a/k/a BNC Mortgage / a/k/a Lehman Brothers a/k/a Aurora Loan Services, see Hoovers Report).  There is no MLS info on this transaction - presumably is was FSBO.

Benjamin Investment Group - Aurora / Crooked looking Greenwood Village /
and yet another

BENJAMIN INVESTMENT GROUP INC
425 S Cherry Suite 160
Denver, CO 80246-1226
(720) 747-5526

Listing Agent = Christine Lavulo 720-323-4516
working for: Home Real Estate 303-858-8100

December 7th, 2005.  The phone rings and it's a request for a free comp check.  I instruct the caller that comp checks need to be sent thru email.  This is what they send.  Name of the company?  Address?  Email = AOL.

This is pretty amazing.  Metro Partners - these guys are brazen.

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