http://www.msnbc.msn.com/id/43569643/ns/business-us_business/
I would love to see a figure on how much money BofA cost their investors by dragging out and not approving short sales vs foreclosing and then selling as REO. I know there are hundreds of thousands of those horror stories like "We had a buyer for $200,000 and BofA denied the short sale only to sell the house for $125,000" Or "We finally closed after the 5th buyer and that was for $100,000 less than the original buyer offered" I am sure that we could write a book with those stories.
Somewhere I read that in Florida it costs the lender an additional $50,000 on average to foreclose on a home vs short sale.
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Harry, I agree with you for sure. If 8.5 Billion doesn't bring them to their knees then I guess they are too big to fail.
They are making money on their short sales since they service 80% of these and only own 20%. They are quick to approve their portfolio loans. As some point the investors had to do something.
I probably can add up several million dollars that I have seen them lose by dragging their feet on short sales and not approving them quickly and I am just one agent in a tiny market. Take that add mutilply it by hundreds of thousands and the 8.5 Billion is just a drop in the bucket.
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