Good Friday!

There’s a conversation on-going that continues to build steam.

As the Real Estate market starts showing sign of recovery, REALTORS and Home Buyers are increasingly frustrated by the processes around purchasing Foreclosure and Short Sale properties.

Buyer gets excited about a house only to learn that there are bid deadlines weeks away and that there will definitely be multiple Buyer offers for many of these properties . . . This presents uncertainty in a process that’s already rather daunting to the average Buyer.

Often, this results in inaction . . . The Buyers FREEZE in their tracks and do nothing . . . Frustration and confusion is abundant.

The Banks are no less frustrated and confused themselves. Everyone is still looking for that magic bullet that’ll solve the enigma.

The banking industry is looking for ways to deal with a large inventory of Bank-Owned (REO) properties and a sizable back-log of foreclosures in-process.

The truth is – a house stays in better condition when inhabited . . . vacant houses become dilapidated quickly as Nature takes over, humidity fosters the growth of mold in places it wouldn’t usually grow . . . and humans (vandals) do myriad acts of thievery and destruction.

Banks know these things . . . Yet they also know that the sheer number of houses in their inventories is such that if they were to release them ALL onto the market at once, it would decrease VALUES precipitously . . . Decreasing “Real Property Values” would exacerbate the problem.

Some banks want to rent their REO properties to get them inhabited and to create some income flow. The problem is that they are BANKS (not property Management – Real Estate Firms) . . . They’re not set up to do this . . . AND the Real Estate industry isn’t keen to the idea because it sets the Banks up to compete with REALTORS . . . That’s crossing a sacred line.

What can WE do to help?

My instinct is that the more we UNDERSTAND all sides of an issue the more likely we are to find creative solutions.

I don’t think anyone knows the answer . . . We’re a bunch of mice in a HUGE maze.

How can we understand? We TALK to each other – spin ideas – Continue the conversation Locally with a solution-oriented Spirit.

We’re going to be doing some of this on Thursday 4/12 @ 10 AM . . . and

YOU are invited to join the conversation

FREE Lunch & Learn Hosted by Heath Albritton with F&M Bank

10 Cadillac Drive, Ste 100 - Brentwood, TN 37027 - heath.albritton@myfmbank.com              615-347-0578       

We start with a Mastermind session @ 10 AM  . . . Lunch will show up @ 11 and Heath will address Fannie Mae’s “Homepath” product and how it works and how you can use it to your buyer’s advantage.

Please RSVP as seating is limited.

Just sayin’

Best,

b