The 700 billion dollar question is will the bailout benefit Americans more than hinder them, and what are the true cost of the bailout? Only time will tell. Will the bailout effect short sales and are lenders holding out on doing short sales in order to see will they be able to capture more money through the bailout than from doing a short sale or reducing prices on REO properties.
As consumers we would never know if the banks are stalling. Banks are taking up to 3 months to approve a short and 3-4 weeks to execute a contract that was written according to their terms. The bottom line is if you shut off credit you stop economic growth. Time is of the essence. We need a plan and we need it quick in order to stop the bleeding. Banks need to respond quicker to short sales instead of racking up addition unnecessary debt. Asset Manager need to execute contracts sooner in order to reduce their holding cost. The government needs to bail us out but insure that those at the top don't benefit first. No matter what action it needs to be taken today.
Marki D. Lemons
National Trainer, Certified Residential Broker
CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA
Rubloff Residential Properties
773-454-0274 Cell
888-205-4615 Voice and Fax
www.markilemons.com
www.shortsaleresultsnow.com
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