2nd bail out plan will pass, bad for America, great for inspectors.

[Nick Gromicko]

They can't just let all these foreclosures sit and rot.

[Michael Larson]

Originally Posted by gromicko

They can't just let all these foreclosures sit and rot.

I have one 2 blocks form me.
It went into foreclosure a year ago.
There has never been a "for sale" sign on it.
It's owned by Fannie mae according to local tax records.
It will sell cheap but it doesn't even show up on their website.
How anyone could buy it is beyond me.
There it sits deteriorating every day.
And some want to give these fools a bailout.
What a joke.

BTW-I just heard the "new bill" in the Senate is now 451 pages long as opposed to the original 8 pages of Paulson's.

We are being had by our lousy politicians.

Get this:

Let me say that again. The Senate is making the $700 billion Paulson plan an amendment to a mental health and addiction bill. It's crazy and fitting on a few different levels.

[Nick Gromicko]

Real estate agents hate foreclosures too because you can't do a 7% listing presentation to an out of state bank (like you can a seller).

2 weeks ago I met with my own little local bank to convince them to inspect all their foreclosures. While I was selling them, they tried to sell me and have me take all 40 non-performing properties from them, nothing down. The bank already owns them, can't sell them, and are not cut out to be Landlords. "Here is your deposit slip Mrs. Jones, excuse me for a moment, one of our tenants is calling about the refridgerator bulb needing to be replaced."

Anyway, this bail out is a go. Inspectors should be happy.

[rmaday]

Originally Posted by gromicko

They can't just let all these foreclosures sit and rot.

This is what I really don't understand.

Bank repos house and gains an asset.

Bank lets house sit and rot, loosing piles of $$ on their asset.

Why don't they have someone to manage the properties, keep them in operating order and rent them while they look for buyers?

If I were a bank I'd want every asset (house) bringing in some type of $$$ instaed of loosing $$$ daily.

[Michael Larson]

Bankers are not good property managers. Period.

[Joseph Burkeson, CMI]

Originally Posted by gromicko

They can't just let all these foreclosures sit and rot.

I don't understand how will this bill change any of that? Will it force people to purchase property for more than its market value? Will it force people to pay more for a house then they are currently willing to pay today? No, of course not.

Mark my word, there is nothing the government can do short of passing a bill that makes it illegal to sell a home for less than it was purchased for that will arrest the slide in housing prices.

The die has been cast, mortgages will now be restricted to those people who can prove their income, have a down-payment and will be most likely limited to 2-1/2 times earnings. Here in Florida that means homes will most likely drop another 25% before its is all over irregardless of what the government does or doesn't do.

[Frank Magdefrau]

Originally Posted by gromicko

With a year's housing inventory on one side (sellers)...

and a prices back down where they should be and millions of new households being formed (buyers)...

all we need now is 700 billion put in the hands of companies that have no purpose other than to lend it back out (credit).

This is what I have been saying all along, remember you heard it from me first. http://www.nachi.org/forum/f13/does-help-33120/

[nwagner]

Originally Posted by escanlan

The answer to the above is NO! An appraiser only makes sure the home has an HVAC system and it can turn on and off. They oly make sure the home has hot water. They only make sure the home is still standing.

Sounds like many home inspectors that shill for the realtors in exchange for a steady stream of referrals.

[Nick Gromicko]

Good.

Here are the 3 elements of a great home inspector's market:


1. Lower home prices.
2. High inventory.
3. 700 billion to lend.

[Frank Magdefrau]

Originally Posted by gromicko

Good.

Here are the 3 elements of a great home inspector's market:


1. Lower home prices.
2. High inventory.
3. 700 billion to lend.

Here are 3 elements of a bad home inspector's market:

1. Fewer jobs
2. High gas prices
3. Poor credit from above 2

Unless the banks allow 0 down payment and OK credit I just don't see that big of a "great home inspector's market"

[Nick Gromicko]

Add to that the fact that foreclosed homes need to be inspected more than an occupied one.

Add to that the fact that the number of households being formed in the U.S. is drastically increasing and households need homes.

Add to that the fact that those who walked from their homes but had otherwise fairly good credit, are going to be able to get a mortgage as if nothing happened.

Add to that the fact that investors are swarming like sharks and investors do inspections.

Add to that the fact that so many small businesses left their buildings or moved and commercial vacancy is up and commercial property sales are increasing and all need to be inspected.

Add tp that the whole mold issue regarding vacant homes.

Add to that the recent storms and the damage it caused.


That's it... I'm going back into the inspection business.

[nwagner]

[rmaday]

Originally Posted by mlarson

Bankers are not good property managers. Period.

I understand that, but in their own self interests ($$$) seems someone would be smart enough to hire someone to run a potential profit center.

I know if I had 200 IR inspections in the pipeline I would certainly hire someone who has the tools and training that I don't have on order to capitalize on the situation.

[nwagner]