While I respect the fact that we are in a profession that requires careful due diligence, I also accept the fact that in a market slowdown companies have to lay off people as their operations downsize. But I am baffled by all the, dare I say it, incompetence and lack of professionalism, as well as ability, of the people who are supposed to be your point of contact at a specific bank. I am not painting the entire industry as such, but a lot of the times a Short Sale or REO is more complicated and time consuming than it has to be.
This is not the first time this has happened in the Real Estate market, nor are these new practices. If anything the Banks should be the experts, they should have seen a slow down in the market coming, because in most areas it was apparent that a correction was over due. Even if the financial world had not almost collapsed, there was still going to be a correction and a market slow down, which these banks should have been prepared for and for the most part, in my experience they have been woefullly lax.
Does taking a loss hurt? Sure, hurts everyone when it happens, but banks are supposed to be the experts, not the average home owner. Banks are supposed to have the years/decades of experience in not only the financial sector, but in market trends as well since they have the stats on mortgages and mortgage related securites, and the constant updates on the market at local as well as National Levels. They are the ones with the daily experience as well as the depth of knowledge that such large institutions are privy to. They are the ones with the data and trends, they are the ones with Finanical MBAs and the Economists on payroll. And let's not forget during the last crash, the internet was in its infancy, compared to what we have access to now. The banks were however intimately involved in all aspects and had records from than, had learned from than, and the populace should have also. But again a laypersons lesson is nothing compared to what a massive institution like Countrywide or Bear Stearns should have been, because these masive financial institutions lived and breathed the markets daily. The avg home owner buys & sells their home, on average, about every 6 years or so, during which congress and other oversight organizations have enacted many changes.
Families are out on the streets, and Financial institutions are given Billions of Dollars to prevent more families from being on the streets. And while there is plenty of blame to go around to all parties involved, I am sorry but Most blame must be layed at the feet of the professionals, in particular multi-billion Dollar empires who made their money day in and day out in the Real Estate and Financial market. President Bush & Obama have acted to stabilize the country, but did they just put off the inevitable? Time will be their judge. But I wonder how the country would have faired if those Trillions of Dollars in spending were given to The People directly, instead of to the massive Corporations with extravagant pay packages, perks and golden parachutes. How much better off could we have been if the american taxpayer was given the money directly instead of spending millions & billions on pork barrel projects. Is it possible the country would have been better off. It is afterall The People's money
Daniel J. Hunter
Fruits Real Estate Services Inc.
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