Almost All Of The Mortgage Order Mills (MOMs) Are CHEAP … No Money To Be Made With Most Of Them
Would you accept $10 for a REO exterior/interior inspection? An inspector emailed me the inspection requirements shown below in blue. The inspector did not identify the Mortgage Order Mill (MOM). Any reasonable person sending out this inspection to the field should know that no money could be made performing this inspections. The action of asking someone to perform this $10 REO exterior/interior inspection is “UNCONSCIONABLE“. The inspection requires too much work for the fee offered and the vendor manager certainly knows this.
Unconscionability (sometimes known as unconscionable dealing/conduct in Australia) is a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience. Typically, an unconscionable contract is held to be unenforceable because no reasonable or informed person would otherwise agree to it. The perpetrator of the conduct is not allowed to benefit, because the consideration offered is lacking, or is so obviously inadequate, that to enforce the contract would be unfair to the party seeking to escape the contract.
The purpose of the inspection is to check on the condition of the interior and exterior. Please gain access into the property with the lockbox code provided. If unable to gain access into the property please call the broker listed on the inspection form. If no answer, please perform an exterior only inspection and answer the inspection form to the best of your ability. Please note on your inspection form your attempt to call the broker and the outcome. Please provide a comment for all “failed” components.
Provide photos of the front of the property, house numbers (posted on property or at the curb), a street view, street signs at the nearest intersection, any posted notices or citations, for sale signs, mechanical systems, all kitchen appliances, damages identified, all exterior deferred maintenance items, photos of all “failed” components, each side and back of the property, and two photos of each room (taken from opposite corners of the room). Please obtain all of the photos listed to avoid a second trip to the property. ALL PHOTOS MUST BE DATE STAMPED.
Someone will accept the $10 inspection. They won’t make any money and they will probably lose money. Would you accept this inspection?