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You know what's weird? Government bails out banks but banks won't accept FHA Government Loans!

By
Real Estate Agent with Summit Real Estate Group BRE# 01215778

Hypocrisy!  Most Realtors have run into a situation of making an offer on a REO/Bank Owned/Foreclosure listing with an offer that had FHA Financing.  This type of loan is Government insured.  Lenders in masses will turn down the FHA financed offer when giving another offer equal or even close to the same amount.  It is a sad state of affairs in America when the very banks that have been bailed out by the Government have the right to discriminate against the same Government!

Your Friend & Realtor,

Tony Lewis * RE/MAX of Valencia www.TonyLewis.com tonyglewis@yahoo.com 661-510-7975

 

 

Comments (3)

Steve Shelton
RE/MAX Tri-State 256-810-4786 - Florence, AL
REALTOR, Florence, AL homes

Tony, I run into the same problem with REO's. It is Hypocrisy of the worst kind!!

Feb 13, 2012 06:55 AM
Dale Terry
Yadkinville, NC

I'm not sure if it is the financing model as much as the requirement for the home to be in good condition.  Secondly the bank is still on the hook most of the loan.  But I have no love for FHA, Fannie and Freddie and banks.

Feb 13, 2012 09:57 AM
Bill Lauler
Chase Realty LLC - McLean, VA
Associate Broker,CIPS,CRB,SRES,GRI

Tony , you are not alone with this problem..all of our contracts this year have been cash due to the banks not lending..

Feb 15, 2012 03:48 PM