Are The Banks Actually Encouraging Foreclosure for Their Own Financial Benefit?

By
Real Estate Sales Representative with Coldwell Banker-Buffalo Grove-Long Grove-Vernon Hills-Deer Park-Barrington-Mundelein

For quite a while we have all been wondering why the banks are not taking the offers that we are bringing in on our short sales and taking so long to make a decision.

Today I can honestly say it is about greed and I now have a perfect example as to what our banking system is doing to all of us.

I have a wonderful townhome listed in Buffalo Grove that is a Short Sale and has been beautifully updated. When I look at the comparable sold properties in this subdivision as of today they are all priced in the low $200,000 range with only one sale in the past 12 months. So the realistic selling price is questionable as are most sales today. We have a very good offer and this is a Real Cash Offer.

The lender on this property is Bank of America.

The truth of the matter is that there is Mortgage Insurance on this property so Bank of America has no motorization to sell it, as guess what, they are going to get paid off Big Bucks. Then they will foreclose and dump the property in the market and reduce the price of everyone’s home that lives in this Buffalo Grove Subdivision.

What is going on today with the banks is sickening and they are getting away with destroying our industry and the values of homes in this country. Did we the American People not bail out AIG? We are sitting by and watching the Banking Institutions of this country determine our home values and they are just running the show.

This needs to stop!

Does anyone have any suggestions?

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Tiffany Torgan 04/06/2010 06:32 AM
Topic:
Mortgage / Finance
Location:
Illinois Lake County Buffalo Grove
Groups:
Realtors®
Coldwell Banker Platform for Sharing Information
Tags:
buffalo grove short sales and foreclosures

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Rainmaker
2,513,698
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Sharron.......and the team

I heard some disturbing news in regards to the topic of your post just yesterday  at a seminar. it appears that the longer a property is in foreclosure, the more money that can be made on it using tricks and knowledge known to the banking industry people. The details and the methods go over my head, but when I heard it, I realized it was true and just how little truth trickles its way down to the actual consumer and agent. In time, all this will come out. Meanwhile.................?? BTW...excellent team shot...well done. Get this exposed more to the public. Your business should soar......

Best

Apr 07, 2010 03:40 AM #1
Rainer
170,946
Sharron Kelley
Coldwell Banker-Buffalo Grove-Long Grove-Vernon Hills-Deer Park-Barrington-Mundelein - Buffalo Grove, IL
CRS, ABR,CDPE,CIAS

I really wish I could get all of the exposed to the public and let them know what is really going on today.  The banks are running the show and controlling the value of real estate.  Thank you for your ocmments.sp

Apr 07, 2010 05:54 AM #2
Rainer
2,878
Allison Mendez
Tampa, FL

Great team photo:)

I list homes through reoprep, and now they are assigning short sale listings as well and it seems to me that the banks are doing everything they can to get rid of the properties and also to keep from getting more. My short sales are closing much much quicker now.

Jul 13, 2010 09:04 PM #3
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Rainer
170,946

Sharron Kelley

CRS, ABR,CDPE,CIAS
Call or email me with any question you have at 847-980-0426
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