If you have to ask . . . - Posted by Joe Kaiser
Posted by Joe Kaiser on December 09, 1999 at 18:42:33:
. . .you’re just moments away from becoming someone’s lunch.
Foreclosures are a tough way to earn a living, especially if you can’t yet drive by the house and know in your gut what its value is.
When I used to do property inspections for mortgage companies, they’d ask me to provide a estimate of value. I told them, hey, for the $5 you’re paying me for this report, I don’t do appraisals. Still, they wanted it and when I responded that one house in particular looked to be worth a half mill, easy, they said they were glad to hear it because they’d loaned him $5m on it the year before.
My point is, I missed it by 95% . . . and coincidentally, was frequently served up as the catch of the day to my foreclosure competitors . . . lunch.