Real Estate Blog - Who is controlling this rediculous market...I say lender's (banks), what say you.

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Who is controlling this rediculous market...I say lender's (banks), what say you.

It IS REDICULOUS, the amount of SHORT SALES, the amount of FORECLOSURES which resulted in foreclosure only DUE TO THE FACT THAT THE OWNER COULDN'T GET A RESPONSE FROM THEIR LENDER!

This is so rediculous. I mean, we as REALTORS(R) are shoving money at bank's trying (with the approval of the owner's) to try an help out the seller, trying to help out the lender...and to no avail...there is NO ANSWER...EVEN AFTER MONTH'S!

The economy is bad but there are people with cash, people with good credit scores trying to help these people in a short sale situation out...trying to buy them out so they don't end up in a short sale gone bad to foreclosure situation.

I MEAN, IF IT GET'S TO A FORECLOSURE...IT'S ON YOUR CREDIT REPORT FOR 10 YEARS! TEN YEAR'S I SAY!

That's terrible.

There are so many people out there who, yes I have to say, trying to get a good deal, but also, trying to help these people out pre-foreclosure.

The bank's/lender's are not cooperating, they do not meet enough during the month to approve the enormous amount of them, and this is rediculous. Adjust your schedule, work with the buyers. I mean, how much is it changing your lending rate with Fannie or Freddie, to not get rid of some of these bad loans?

I would think the lender's would work with due diligence to get rid of as many bad loans with good, or close to what the seller owe's offer's as possible...

Why are they?

Anyone KNOW?

http://www.karenmonsour.com, cell 954-464-4194

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 03/03/2008 08:23 PM

Comments (8)

realtors, cash, good credit, lenders, foreclosure, banks, real estate, karen monsour

Originally posted at: Karen@ www.KarenMonsour.com: Who is controlling this rediculous market...I say lender's (banks), what say you.

8 Comments on Who is controlling this rediculous market...I say lender's (banks), what say you.

MAR

2008

Uggggg. I feel your pain. I can't believe a lender would go to foreclosure with an offer on the table. J.

I am still amazed at the number of short sales in the MLS its an epedemic. You can't get away from them and when you write a contract it is never an easy process.

Jeff,

It is happening to rediculous level's here in Florida. Some of the bank's on the short sales are relying on people from OTHER STATE'S to make the decision, when they have no idea of the area, or if the APPRAISAL IS CORRECT...which I have found are not.

DeAndrea,

Get used to it...it's probably over 50% now...if you write one, make sure you have a back up for your customer...getting them closed could take you 6 month's to over a year...

I try to stay away from them.

Karen,

To top it off the banks want us to bail them out.

Susan,

I know, really. We are presenting all offers...they just approve a very few at a time...go figure.

MAR

2008

Karen, In many cases it is also the peoples fault. They are the ones who took 1st, 2nds and sometimes 3rds on the houses. Now try and get all the lien holders to agree... Good Luck on that one. The poeple have to take some responsibility as well.

MAR

2008

Matt,

That is a very good point! The 2nds, 3rds...My short sale from last October, just got the primary lender approval...I wonder how long it will take for the rest of it to get approved?????

You are right in that the borrower's should have made responsible decisions.

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