The darn house is back on the market again. For the third time. I put in an offer on this bank owned property last May. The offer was eventually accepted and the tome of bank papers was delivered to my client. No changes could be made to the paperwork, the terms were onerous and the closing had to occur within 30 days. My client wrote the bank to say that he could perform under the contract, but would need 45 days to close. With the economic situation as it was then, lending was taking longer than usual. The bank rejected our "accepted" offer and went on to the next buyer. My buyer was financially solid and capable of doing the necessary work to restore the house.
We all know that deal fell apart, as did the next one. Where is the logic in all of this? Every time the house comes on the market, it is priced lower. I think the low price is a "sale" price, a loss leader meant to attract buyers. Maybe this is effective marketing for someone, but if the house doesn't close, what is being accomplished here? The poor house continues to languish, empty and deteriorating, as neighbors look on in horror. My story is not unique; I have read many stories on Active Rain like this one. What can we do as Realtors to affect some change here?
I suggest we all take a deep breath and meditate about this bank owned situation for a bit. Remember: We are seeking enlightenment and search for a simplicity and clarity in dealing with this foreclosure mess. The purpose is to sell these houses, get them occupied, on the tax roles, and off of death row. Now we need to pool our best thoughts and forward them to NAR. It is impossible for one person to effect change, but a voice from NAR carries a lot of weight. I'm tired of these practices that waste time and deteriorate our neighborhoods. We have invested a lot of money in these banks. Let's demand better practices from them.
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