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The tale of a perfectly dubious oxymoron…

February 24, 2011

The tale of a perfectly dubious oxymoron…

Run down shackI am tired. I know we are all tired of it. And it is probably like beating a dead horse, it won’t get me anywhere. It does, however, give me a chance to use two of my MOST FAVORITE words… OXYMORON and DUBIOUS. (Yes, those are my favorite words, I love it when I get a chance to weave those words into a conversation!)

Real conversation, names are changed to protect the guilty innocent.

Hard working real estate agent: After doing all my research in the area, after visiting the house, my opinion of fair market value is…

DUBIOUS Asset Manager in the foreclosure department at lending institution: STOP, before you say anything, let me tell you we are into it for $400,000, and I need to get that number in order for it to make sense for us.

Hard working real estate agent: (scratches head) HUH? But my figures tell me, considering condition, location, market conditions, this house is worth $250,000 to $275,000 and that is without knowing any underlying issues with the house.

DUBIOUS Asset Manager in the foreclosure department at lending institution: STOP! I told you what we are into it for. I am LOOKING at an appraisal (I use that term loosely) that tells me it is worth at LEAST $450,000!

Hard working real estate agent: Who gave you that figure? Have YOU seen the house?

DUBIOUS Asset Manager in the foreclosure department at lending institution: No, of course I haven’t seen the house. That is what I had this drive by BPO done for, we had an agent from 150 miles away do the BPO, we agree with the number as it limits our damages to zero! We have to get that out of the sale!  (You did notice, as I did, the the terms BPO and appraisal are used interchangeably by the DUBIOUS Asset Manager at lending institution, didn’t you? I am quick, I caught on right away!)

(Now this hard working real estate agent is really confused, I thought this was a foreclosure, not a short sale…)

OK, I admit it was not exactly like that, I took a wee bit of artistic license…. But that, my dear friends, is the perfect example of the biggest OXYMORON in my life at the moment! (there it is, my second most favorite word)

I just have to say, how incredibly stupid foolish of these lending institutions. They couldn’t lend the money fast enough before, to any Tom, Dick and Henrietta that could fog a mirror on any home that had a nail located somewhere on the property. Yet let someone try to get a mortgage through them now on the same property, they would be rubber stamping a NO WAY IN HELL on the mortgage application based on the condition of the house.

And that, my dear readers, is my tale of a real life, perfectly dubious oxymoron!

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