I'm curious if anyone has heard of such a thing. I was talking with some insiders and they mentioned that there is a list called the "Cruel Inspection List" it's an industry wide list that has the names of companies, Realtors and Brokers doing shady business and/or suspicious.
Has anyone else heard of this?? I'm curious.
Thanks
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The closest thing to what you mention that I've heard of:
Short Sale Monitoring Solution to Prevent Fraud and Underpricing
"The service also has the ability to identify the entity or entities perpetrating the potential fraud."
It's an interesting service being sold with some interesting claims....
Personally... I have no idea how a loan servicer can... and can't know what the value of a property is when they order up independent Appraisals and BPO's on a property.
As we all know... some properties are going to sell for less then what other properties in the zip code are selling for and there is much more to it then just looking at numbers on tax records.
Regardless... perhaps this service explains why servicers want so much information about everybody involved in a short sale transaction nowadays.
Never heard of such a list. Providing some accountability for companies or individuals that have been proven to have illegal or
unethical behavior might be helpful, however, my question would be who gets to investigate and decide if the potential offender is actually at fault.
I've found that the definition of "shady business practices" is different for many people. Buyers, sellers, agents, and banks all tend to define behavior by whether it is damaging to their best interests. This may be something that sounds good in theory but the management would be a nightmare.
Thanks for the responses and insight. @ Nate I agree and it would be interesting what constitutes as "Shady business practices" to each party.
What I originally meant was that this list was for Brokers, Realtors, Negotiators, Title, entities that were performing short sale transactions and for whatever reason received a black mark and was put on this list. It was interesting to hear and think that you have certain people padding the HUD or I've even seen a local company do negotiations and put a lien on the property and ask for the bank to pay that lien off in order for them to get the approval for the homeowner or Realtor client.
So if that type of activity is going on and they get caught could there be a list that the banks refer too indicating what you've done and thus not wanting to do business in the future???
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