Time is running out in a foreclosure showdown.
Former firefighter Raul Martinez told Cayman 27 he and his family have until Thursday to vacate their Lower Valley home.
Mr. Martinez said the bank sold his home for $285,000 but says it’s worth much more. He showed Cayman 27 valuations from just a few years ago that placed his property’s value in the $700,000 to $800,000 range.
He told Cayman 27 when his home was evaluated for sale, the valuator did not even set foot inside the property.
It’s called a “drive-by” evaluation.
“That is an example of the problem with evaluators, is the fact that you have persons doing drive by evaluations, how do you know what is in the property, properly, by doing a drive-by a valuation? Just the sound of it is terrible,” said George Town Central MLA Kenneth Bryan last week.
He is calling for the industry to face regulations.
Cayman’s chapter of the Royal Institute of Chartered Surveyors told Cayman 27 the RICS already adheres to strict high standards. The group’s past president Nigel Bates said in a foreclosure situation, its in the homeowners best interest to let the valuators inside.
“If a surveyor basically cannot gain access, and is doing it externally, the assumptions are that,well, the property could be in poor condition, you don’t know, so it’s in the best interest of the owner to allow access,” said Mr. Bates in an interview Friday (13 April)
Mr. Martinez told Cayman 27 his family have been given until the 19th of April to vacate the premises. He has vowed to resist.