How The Real Estate Disaster Began... Episode 548
Imagine if you will.. an IBuyer who can tell you how much your home is worth, has a nationally recognized Automatic Valuation Method that is computerized, and more. Suppose this same IBuyer could buy thousands of homes, do "fix up" type of repairs and sell those same homes to the public using conventional mortgages?
What would protect the public from overpaying or getting a home filled with shoddy repairs? In a normal market, that would be an appraisal. An appraisal, properly done, would ensure that a property would not sell for a price that wasn't realistic, or with repairs that needed to be done.
What if, that SAME IBuyer, could BUY a home.. do WHATEVER repairs they felt necessary, SELL the home to a NEW BUYER, WRITE THE MORTGAGE for the New Buyer, and CLOSE..
All without completing an appraisal?
What if that same IBuyer sold that loan in the secondary market, making American Taxpayers like you and I responsible for the bill should anything "go wrong?"
Well.. that's exactly what has happened.
Listen in on this podcast as I share with you the REAL LIFE Story of what has happened in the American Lending Atmosphere!
It is Free