Will the Banks Ever Get It? Probably Not!

I ran into a previous client today. I had tried to conduct a Short Sale for her back in 2007 to 2008. I had priced the home at $199,000 and received 8 offers. After the bank conducted it's appraisal and
against my strong objections, they determined they would take nothing
less than $259,000. I tried to get the negotiator to come to her senses
and warned her and later her supervisor that they would be taking this
home back if they didn't accept the sale now. All 8 of my offers walked
and the house didn't sell. It went back to the bank in December of
'08.


Of course, after speaking with her, the first thing I did when I got back to the computer was search the MLS for the old property. I was curious what the home sold for and when. I wasn't surprised to find
that it was still on the market after going thru 3 REO agents. Today,
it is listed at $187,000. Values have come up slightly so it's only
about $10,000 over priced today. But it still hasn't sold.


It's been a year and 3 months since the bank could have sold this home for $199,000. During this time they've been paying the outrageous $300 HOA fee per month. According to the current MLS, they recarpeted,
installed new appliances and painted the entire interior of the house.
They've kept the house clean and the yard done. All of which cost the
bank money.


I would love to be able to call the negotiator and her supervisor back to say "I told you so", however I know it's to no avail. But it's frustrating to know that I could have accomplished something and was not
allowed.

The banks seem to be doing better. But...will they ever really "get it"?


By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoid this devastating occurrence. And know that there is someone here you can
trust to help. As a Certified Pre-Foreclosure Specialist, I understand
the ins and outs of Short Sales and Loan Modifications. I am also a
Wachovia and World Bank trained Pre-Foreclosure expert and well educated
in the Government’s new H.A.F.A. and H.A.M.P. programs for helping
homeowners facing foreclosure.

CLICK HERE TO AVOID FORECLOSURE


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Comment by Ryan Smith on March 23, 2010 at 1:59pm
The "I told you so" would feel so good! It's insane.

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