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Get Real Banks!

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

Are banks becoming even more difficult to work with?  The answer in my opinion is yes.  As a buyers agent I'm forced to explain to clients what the bank wants in every facet of a transaction.  Banks select the title company, banks select the inspection period, banks select the amount of the earnest money, banks select, banks select, banks select..... My investor clients from Greece, Canada and the eastern US all seem puzzled as to why in Arizona that banks still have to make all the decisions. After all, we are "ON SALE" according to the rest of the country.  Little do they know that our inventory is near normal levels and pendings are well above normal limits.  I'm just wondering when the banks are going to let loose of all that pent up inventory!

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Comments (5)

Gaylen Thornton
Desert Heritage Real Estate - Surprise, AZ

I totally agree with you Jan, the banks are a joke and are making it almost impossible to get us out of the mess they created.

Aug 18, 2009 03:54 AM
Anonymous
Jan Green

Thanks Gaylen.  I've been writing nothing but bank owned and a few short sales.  If the banks could sit with us just for one day and see the huge amount of red tape that we have to go through to get the house off THEIR books, maybe changes would be made.  I closed one 2 weeks ago wherein they were going to charge my buyer a fee to come in and sign docs - FNMA!  My office is in Scottsdale, my client in south, south Chandler didn't have a rental car and the title company the bank selected was at 135th Ave & Indian School.  All in all it was a 100 mile round trip!  A new trick - the bank has now started including an automatic $120 charge for re-keying the property.  Be advised if this happens to contact your own locksmith/handyman to issue a bill to be paid at escrow for less than the $120.  Yet another detail!

Aug 18, 2009 04:12 AM
#2
Gaylen Thornton
Desert Heritage Real Estate - Surprise, AZ

My last short sale wasn't as brutal as that, but I appreciate the heads up on the charge for re-keying, I'll be watching for it.

Aug 18, 2009 03:48 PM
Anonymous
Jan Green

It pays to proof the HUD 1 prior to any closing, and ASAP, but especially an REO or short sale!  I have also noticed that HOA's are charging a $100 expedite fee if they have to provide docs in less than 10 days.  I had a cash deal close and noticed the extra charge.  Even though the listing agent was really at fault for not submitting docs to title quick enough, I paid the fee for my client.  My client was a cash buyer who was mystified by all of the demands of the bank.  I felt that one more such demand might make him blow his lid.  AND the listing had been abusive to me over the phone.  I just wanted this deal done.  It was a great purchase for my client and will make a gorgeous rental, but the abuse I had to endure to get it together left me bitter and never wanting to do business with that listing agent again.  Listing agents that are so blatantly arogant in this market need to think again.  It is those of us in the trenches as buyers agents that are doing double the work, trying to get deals through, that shouldn't have to be screamed at!!

Aug 19, 2009 06:46 AM
#4
Bill Risser
Fidelity National Title - Saint Petersburg, FL
Fidelity National Title - Tampa District

Jan - Great points on these short sale banks...  It's got to be frustrating working with buyers and offering on a short sale, knowing how little control you will have.  We work with a few listing agents that have the process down cold, and it sure makes things easier...  Best of luck!!

Aug 21, 2009 04:45 AM