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15 Comments on When the banks take forever on offers who really loses? This time it will be the bank!
Makes you want to scratch your head. This is a very sad tale of poor bank management and the impact of theives. Looks like everybody lost here.
Oh nooooo. That's terrible. We have a REO listing coming up and with temperatures like these we keep checking it like crazy - and it's winterized. ~Rita
Bank of America lost $95,000 on a short sale I finished earlier this year. It took so long that the inital offers were rescinded and replaced with lower ones as the house deteriorated. Mismanagement on their part to say the least.
In these cases, how many times does the word Mismanagement come up? I hope someone at the bank got a bonus for cutting cost...
What a nightmare...the good new; if the bank was impounding for insurance they would have paid the premium and there should be some coverage there.
Todd, The bank also loses when they turn the water off and the $30K landscape dies and sends the offers into swift decline. So, either way, they lose. Those renting thieves should be found and prosecuted heavily for their detriment to the home as well. Sheesh!
The really sad thing is that this catastrophe should have and could have been prevented...by selling the house a long time ago!
Todd - I would like to think that this bank might have learned a lesson from all of this but what makes me think NOT?
What a mess!! I don't even know what to say. These banks really need to get with it.
That is an absolute horror story. I wonder if we can round up all the stories like this one and send it to congress, so they can see how the banks are really effecting things. BANK - DO YOUR JOB!
Todd,
I'm sweating a final walk through over this concern - and no bank is involved. My fear is we'll find damage from freezing. Seller's side has not eased our concerns one iota on winterization or heating...
I love when landlords are absentee ones it makes my job so much harder. this is commonplace for me. I have had renters take doors and even floors up!
Todd easy to see who lost in this one. I guess it was in the hands of lawyers who were charging by the hour to look at the offer.
Sheesh, that is a bummer. From what I can tell, common sense does not have anything to do with bank involvement in a transaction.
Well unless the bank steps up and pays this owners deductible for her, this home will be going in to foreclosure and won't even being able to be financed by the time it is over.
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