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?