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Banks Come On We need Some Common Sense and We can Get out fo this Mess

I wanted to know if anyone else has common sense defying Short sale transactions with the banks right now???

I have 2 deals both initial buyers have walked, BPO and banks appraiaslas are done. 2 new cash offers wanting to close ASAP!!! one is full price offer no closing costs.

Instead of the banks alowing us to change the names and details on the contracts and getting the deal done we are been told we have to submit as new still under the same case number but the whole process will start again.

They will give us nothing in writing to give to the clients but they will say they can take again as long as 3-6 months to review. Review what???? I would love to be taking these said contracts and expiditing them for the bank to get the deals closed. Come on Foreclosure should not be an option neither should negligence!!!

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Posted by Paul Renton ABR e-Pro, CPDE on 10/09/2009 10:08 AM

Comments (3)

3 Comments on Banks Come On We need Some Common Sense and We can Get out fo this Mess

OCT

Paul: I hate to side with the banks on anything, but who can blame them for wanting to ensure that a transaction is arms length. What's to stop an agent from writing a bogus offer, getting approval them putting Uncle Fred in there to save the family from foreclsure and sell the house back to the family at a new, lower price.

I am with you but 3 to 6 months to check due dilligence??? Come on We as Professional agents would be ot vof business if we performed so badly. Where is the interest going for the TARP money that is sat in there account????

Paul, it's crazy. I'm about ready to STOP working short sales because of the time and energy commitment it takes to get one done. I have never had one that didn't close, but they take 3-9 MONTHS to close and it's just a drain.

As far as Chris's comment about arm's length, you just document that....the bank can have the AGENT and the OWNER sign a document that specifies the arm's length of the transaction (what they will or will not allow) and a penalty for it.

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