I keep reading all about the banks, short sales -- how long they take to close (if, in fact, they do), and what a nightmare this is. Frustrating to be a listing agent on a short . . . frustrating to be a buyer's agent on a short, etc. CASH buyers offering full list price . . . never get a response from the bank.
The blog posts on Active Rain have meet flood level stages now!
And I keep telling people . . .
I keep telling people . . .
I keep telling people, over and over and over again: the banks WANT foreclosure to happen.
Anyone who knows HOW foreclosures workrealizes that it's a legal process and it takes time! The owners have a "right to redemption" for one. Second, since foreclosure is a legal process, the process needs to happen. It takes months and months to have a foreclosure filing wind it's way through the court.
So . . . stretch out the short sale to the maximum, everyone will get annoyed and leave the deal undone (or so they want this to play out! And by "they" I mean the banking institutions).
It's their perfect storm . . . their Trifecta.
They want the inventory(which they can SELL later) . . . they want the bail out money(which gives them all nice big -- hmmm, bonuses . . . ) and they want a BIG FAT LOSS on their books which will be entitled: "101 Ways to COOK the BOOKS"
End of story!
OOPS . . . I've been REBLOGGED!! What a GREAT Epilogue to the story! Please continue reading (after your comment) and check out Candice Donofrio's ("more than just two cents" -- which should be a NEW GROUP on A/R! ) reblog: http://activerain.com/blogsview/1142222/the-banks-become-chefs-and-cook-the-books
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