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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15 Comments on The Banks Become Chefs . . . and COOK THE BOOKS

JUL
06
2009
322,290 Points 24 Featured Posts Localism Sponsor Called Shot Master

I wondered if you'd post this as a stand alone. :)

Bon Appetit Banks! With a side of fraud and larceny . . . HAHA
1:27pm • #1
1,008,871 Points 50 Featured Posts Outside Blog Called Shot Master

Carla - I've never looked at the situation that why before and it definitely makes me think.
1:30pm • #2
1,003,964 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

LOL Candice!  Come to think of it, I don't want "lies" with my order!   Thanks for reading and commenting.  Amazing how you predicted!!   
1:30pm • #3
316,428 Points 5 Featured Posts Outside Blog Hit Router

I just have to ask... What have we done as a Nation to give them this opportunity. Was all of this planned at some point. If you look at the actions taken in the past it makes me wonder. Are they counting on our ignorance?

No strings attached, guidelines, or rules really. Just play with the money we begged China for, and how this really effects real people (Americans) does not matter. It all seems so false.I am disgusted.-Dinah Lee
1:37pm • #4
1,003,964 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Michelle . . . yup, they hedge their bets and got it covered:  Win, place OR show!
1:38pm • #5
316,428 Points 5 Featured Posts Outside Blog Hit Router

By the way Carla, I love your picture for the post. I think he is the epitome of what we are seeing today-Dinah Lee
1:42pm • #6
322,290 Points 24 Featured Posts Localism Sponsor Called Shot Master

This is a good post provoking some thought for sure.

I reblogged it with my own views . . . thanks Carla! :)
1:48pm • #7
Outside Blog

Short sales; why bother with them? Who wants to be beat down today? Me! Me! Me!

Not me; I tend to agree with Carla. I would certainly want to look at stats concerning the number actually completed and the time frame for those few completions. There are a  lot more questions than answers when this topic comes up. 
2:02pm • #8
1,003,964 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Dinah -- Good 'ol Snidely Whiplash.  And where are the RCMP when you need them!  Doodley Dooright anywhere in sight to come to the rescue??  But, to answer your questions, I can't . . . I think anything with NSA is a "you get what you paid for" conundrum.  Empty and meaningless.  I don't think this was 'planned' -- although I do think it was a CYA by lenders after the fact.

Thanks for your comments Robert.  I was just thinking how I'm not a stat person.  Good thing you are!  Take it away . . . blog the results!

Candice, I don't think anyone has every reblogged anything I've posted -- so THANKS for the compliment.  I'll check out your blog post now and comment!
3:26pm • #9
1,057,267 Points 27 Featured Posts Outside Blog Called Shot Master

We might have the only system in history where losing is rewarded with something good.
3:29pm • #10
1,003,964 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Unfortunately, Jim, it's not just in real estate . . . nice comment!!  Thanks.
3:43pm • #11
377,902 Points 27 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hey Carla - that is a great post.  I liked it so much I re blogged! Way to go!
8:07pm • #12
1,003,964 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thanks Nevin!  Thanks for your comment and the re-blog!  And from a financial guy too . . . I appreciate that.
8:34pm • #13
JUL
07
2009
576,278 Points 10 Featured Posts Outside Blog Attended Rain Camp

Spot on post on cronyism. Banks have it Their Way.
8:21pm • #14
JUL
08
2009
1,003,964 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

"Have it their way" . . . BankerKing??  Thanks Claude!!
1:04am • #15


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Carla Muss-Jacobs - Principal Broker/ Owner | Buyers Broker | Buyers Agent EBA (503-810-7192 | BuyersAgentPortland.com) Rainmaker_large

Carla Muss-Jacobs - Principal Broker/ Owner | Buyers Broker | Buyers Agent EBA

Portland, OR

More about me…

503-810-7192 | BuyersAgentPortland.com

Address: Beaverton OR, Portland OR, Forest Heights, Lake Oswego, Hillsboro, SW Portland, SE Portland, NW Portland, N Portland, Downtown, The Pearl, NE Portland, Milwaukie, West Linn, Aloha, Cedar Hills, Portland, OR

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Author Bio: Carla Muss-Jacobs is the Principal Broker/Owner of EBA Portland, LLC an Exclusive Buyer Agency representing Buyers in the Portland Metro real estate market since 1999.

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Carla Muss-Jacobs practices the TRUE FORM of Buyer Agency ~~ Exclusive Buyer Agent.  Her office/brokerage never takes listings and never respresents the Seller.  Exclusive Buyer Agency is the BEST form of legal real estate representation a Buyer can have.  There is 100% Buyer Representation - !00% of the Time.  There are NO CONFLICTS OF INTEREST and there is no possibility of ever having YOUR Buyer Agency comprised.  When buying a house -- it's important to know who is working for you!!  



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