Home > Blogs > Angelo J Rossi's Blog

Angelo J Rossi's Blog

By Reginal Sentiment | Other/Just Looking in Menlo Park/Panorama...
  • Financial Confidence

    Posted Under: Home Buying in Palo Alto  |  October 15, 2009 11:41 AM  |  1,292 views  |  No comments
    Listen up tribe!  You know, I having been partnering with the banking industry for many years.  In fact, having originated loans for Great Western Bank in the beginning of my career and posessing a strong working knowedge of financial instruments that comprise the Deeds of Trust (Not Mortgages) in California I can smell a rat when there is one.  Let's say that you find your dream  home while searching through, Trulia and think that you are pre-qualified and ready to go with your lender.  Consider this, the financial institution that you have pre-qualfied with may not actually want to perform.  Why should they?  They have billions of dollars of our money to invest with no strings attached (TARP1).  Recently, the major lenders, B of A, Wells Fargo Bank, Wachovia, etc., etc., have all begun participating in the illegal process of, "Steering".  Steering is the RE term we use when lending institutions appraise properties well below market value to induce a lack of confidence or deny a loan to a diversity candidate.  These institutions are trying to exert their influence and take over the Real Estate Professional domain.  And now, with their coffers swelled with TARP1 monies, they are acting in a reprehensible act by bringing in tainted apprasers from areas outside the area you are buying in to establish value.  These appraisers have been instructed to lower property values so as to destroy confidence and create a vacuum in the sales of property in California.  Why your ask?  Because there is a land grab taking place.  When an appraiser comes in at 'Sale Price', we are now experiencing banks demanding a, "Second Appraisal" and guess what.  The next appraisal will come in lower then the first.  So, here we are, in the heart of the most fertile Real Estate market in the country and the lending institutions, which we as professionals have supported during the good times, are turning on us, with our own monies and are devaluing properties and curtailing business to feather their own nests.  There are ways to beat the banks.  There are many ways to beat the baks. Let's just see what kind of response I get to this post and then, stay tuned.
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer