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In a declining market prices decline....don't tell the banks!

I posted the below excerpt on my other blog Florida Homes for Sale yesterday about a most timely topic - short sales.

I stated.....

"I guess the more appropriate question is...do banks care if that short sale offer goes through to closing?

In a declining market prices decline....don't tell the banks!

They still think Washington will provide a golden egg!"

Banks must not care about making money because they delay decisions on short sales until the selling price in the neighborhoods are lower than the offer they are supposed to be considering.

Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!

Read my blog Florida Homes for Sale and Moving to Brevard County, Florida.

Posted by Gary Waters -Real estate agent Viera Suntree Melbourne and Rockledge FL on 10/02/2009 08:54 AM

Comments (8)

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Originally posted at: Florida Homes for Sale: In a declining market prices decline....don't tell the banks!

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8 Comments on In a declining market prices decline....don't tell the banks!

OCT

ToulaRosebrock,com Hi Gary:

I've often wondered that question myself and think that they really don't care...

At least, that's the case for some banks...

It appears to me and has been my experience the big banks that got the big bailouts, don't care.

Which is why I believe bailout create zero accountability and destructive behaviors.

We got a full price offer on a pre-approved short sale and then had the bank tell us to go back to the buyer and ask them to lower it.

Toula - It really makes me nervous when I have contracts that are higher than the market and they will not move. Thanks.

Mark - Scary but I think you are correct. Thanks

Larry - Now that is some strange game they are playing...

that is definitely a fact no matter where. I've found some decisions are based on the detailed professionalism of the negotiators....and some not

OCT

It seems to me that the vast majority of negotiators just don't have a clue what they're doing...and sadly, don't seem to care. To them the customer is just an account number and a piece of paper.

Hi Gary! I'm with Jesse--many don't know what they're doing and I feel that the smaller banks are the easiest to work with sometimes. Perhaps because they didn't and won't get any bailout $$ ???

Have a great weekend...

Sally - That is it...professionalism and responsiveness.

Jesse & Kathy - You are right. I believe the "people" involved are not real to the employee handling the files.

Debe - The "parties to the transaction" are people - something I think is forgotten sometimes. Have a great weekend.

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