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**Exo** · 08-04-2012, 11:55 PM

I really have no idea. My friend who got me the job has his realty license so he knows a bit about the trade and he has a theory that I basically adopted and tell people when they ask the same question.

So ten years ago the banks were like "Oh don't worry Mr. Johnson, the housing market is going to flourish for a very long time. Here is that loan you wanted on that $800,000 house."

Fast forward to now and that guy is paying off a $800,000 mortgage and the loan to boot. I don't know about your area but if you drive around New Jersey you'll see A LOT of houses for sale. The majority of those houses are well under the value of the home. Basically Mr. Johnson is paying a $800,000 mortgage on a home that is now only worth say $500,000. There is the opposite of that as well where people get their houses appraised WAY higher than the house is worth and they can't sell it.

This basically has made people go "Well **** this. I'm leaving".

Think about it. Lets say you just leave your house. You move to Canada and buy a low rent apartment or anything you can afford. While it is obviously illegal to do so falling under fraud, who is to stop you? The bank isn't going to hire somebody to track you down across the country or in most cases another country. The bank is most likely going to cut their losses and move on.

So now the banks and mortgage companies are EXTREMELY paranoid. Any red flag that pops up sends me or people like me out to the houses to check up on the mortgagers. These red flags could be as simple as a missed/late mortgage payment, refinancing the home, building permits. Anything. My goal is 1000 inspections a month. One I find a vacant house, the home owners association goes out and removes debris and winterizes the property. I then get to go back once a month to make sure that the property hasn't been broken into or vandalized.

So basically I can expect the following...

First time vacancy. A house that is supposed to be occupied but certainly isn't.

Occupied houses that literally take a minute to take a photo and movie on to the next one.

And houses that have already been reported vacant and I'm just checking on them.

I drive more than a pizza guy. I've put on almost 2,000 miles on my car in a month. I can't wait to do my taxes. I get to write off .55 cents a mile.

Just realized you're in Canada. It could be totally different out there for all I know but you get the point.

08-04-2012, 11:55 PM	#19817 (permalink)
Exo All day jazz and biscuits Join Date: Feb 2010 Location: NJ Posts: 7,354	I really have no idea. My friend who got me the job has his realty license so he knows a bit about the trade and he has a theory that I basically adopted and tell people when they ask the same question. So ten years ago the banks were like "Oh don't worry Mr. Johnson, the housing market is going to flourish for a very long time. Here is that loan you wanted on that $800,000 house." Fast forward to now and that guy is paying off a $800,000 mortgage and the loan to boot. I don't know about your area but if you drive around New Jersey you'll see A LOT of houses for sale. The majority of those houses are well under the value of the home. Basically Mr. Johnson is paying a $800,000 mortgage on a home that is now only worth say $500,000. There is the opposite of that as well where people get their houses appraised WAY higher than the house is worth and they can't sell it. This basically has made people go "Well ** this. I'm leaving". Think about it. Lets say you just leave your house. You move to Canada and buy a low rent apartment or anything you can afford. While it is obviously illegal to do so falling under fraud, who is to stop you? The bank isn't going to hire somebody to track you down across the country or in most cases another country. The bank is most likely going to cut their losses and move on. So now the banks and mortgage companies are EXTREMELY paranoid. Any red flag that pops up sends me or people like me out to the houses to check up on the mortgagers. These red flags could be as simple as a missed/late mortgage payment, refinancing the home, building permits. Anything. My goal is 1000 inspections a month. One I find a vacant house, the home owners association goes out and removes debris and winterizes the property. I then get to go back once a month to make sure that the property hasn't been broken into or vandalized. So basically I can expect the following... First time vacancy. A house that is supposed to be occupied but certainly isn't. Occupied houses that literally take a minute to take a photo and movie on to the next one. And houses that have already been reported vacant and I'm just checking on them. I drive more than a pizza guy. I've put on almost 2,000 miles on my car in a month. I can't wait to do my taxes. I get to write off .55 cents a mile. Just realized you're in Canada. It could be totally different out there for all I know but you get the point. __________________ LastFM SUPREME POO BAH MODERATOR EXTRAORDINAIRE**