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Will the Bank Get It Someday? Probably Not!

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Ray recounts how frustrating it is for homeowners in distress and real estate agents to deal with banks. These types of situations are probably very familiar to many Las Vegas mortgage borrowers, too.

Original content by Ray Wright 01702953

I ran into a previous client today.  I had tried to conduct a Short Sale for her back in 2007 to 2008.  I had priced the home at $199,000 and received 8 offers.  After the bank conducted it's appraisal and against my strong objections, they determined they would take nothing less than $259,000.  I tried to get the negotiator to come to her senses and warned her and later her supervisor that they would be taking this home back if they didn't accept the sale now.  All 8 of my offers walked and the house didn't sell.  It went back to the bank in December of '08.

Of course, after speaking with her, the first thing I did when I got back to the computer was search the MLS for the old property.  I was curious what the home sold for and when.  I wasn't surprised to find that it was still on the market after going thru 3 REO agents.  Today, it is listed at $187,000.  Values have come up slightly so it's only about $10,000 over priced today.  But it still hasn't sold.

It's been a year and 3 months since the bank could have sold this home for $199,000.  During this time they've been paying the outrageous $300 HOA fee per month.  According to the current MLS, they recarpeted, installed new appliances and painted the entire interior of the house.  They've kept the house clean and the yard done.  All of which cost the bank money.

I would love to be able to call the negotiator and her supervisor back to say "I told you so", however I know it's to no avail.  But it's frustrating to know that I could have accomplished something and was not allowed.

The banks seem to be doing better.  But...will they ever really "get it"?

By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoid this devastating occurrence. And know that there is someone here you can trust to help. As a Certified Pre-Foreclosure Specialist, I understand the ins and outs of Short Sales and Loan Modifications. I am also a Wachovia and World Bank trained Pre-Foreclosure expert and well educated in the Government’s new H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comments (1)

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Jul 19, 2012 01:04 PM
#1