Peter J. Pike

The correct answer is to have open source MLSs. Almost all buyers and sellers now use the Internet before going to a real estate professional. The sooner that all of the MLSs open up their content to everyone, the better it will be for all. Yes, those who run their businesses the old fashioned way (ie, they have the info, so you have to use them) will fall by the wayside. The sucessful brokerage will give away the information (listings) for free, but, will provide the true services that real estate professionals have to give (local knowledge, negotiation skills, knowledge of the process, knowledge of the people to use for inspections, settlement, insurance, etc.) for their commission. Peter J. Pike, Esq. McNeese Title, LLC Destin, Florida

Can we all please be honest here? The YSP was the mortgage broker's way of getting paid (usually) a handsome commission for placing a loan. If their services are truly worth their cost, then they should have no issue with disclosing the true amount of the money that they will earn from placing the loan. Peter J. Pike, Esq. McNeese Title, LLC Destin, Florida

Unfortunately, my experiences with loss mitigation departments have been the same as Mr. Schultz's. The losses that I have seen, by banks dragging their feet, relying upon poorly done appraisals and BPO's, and by making unrealistic demands, just demonstrates that most "big name" lenders have no clue as to how to run their businesses. BTW, for any brokers out there that are preparing BPOs: the banks are not looking for you to tell them the highest price that they can expect for a property, they just need to justify the price that is being offered. I spoke with one agent who told me "I am working for the bank, that means that I have to tell them the highest price I think that the property is worth"! Another issue that constantly seems to come up, in the attempt to quantify the "value" of a particular house, is the refusal of appraisers to look at similar properties on the market, the length of time they have been on the market and the prices at which they are listed. Looking only at recent sales does not give the entire picture in this market. When a property has been on the market for over a year, with the price being lowered every few weeks, and only one offer is made, it is probably close to the real "value" of the property! Oh, and if anyone knows of a way to get answers from Wachovia, Countrywide, Chase, BofA, Wells Fargo (you get the idea - the banks with the most losses) in a timely manner - please, let me know! We call them all, every day, and still, cannot get much information, and get our files closed, because we did not foresee that their requirements would change mid-way through the process, and get them the updated information! ARGHHHH! Peter J. Pike, Esq. McNeese Title, LLC Destin, Florida