Wishful Thinking - Did the Banks Make a 2011 New Years Resolution to Mitigate Their Losses

By
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

Since countless studies indicate that banks lose 15% to 26% more on a foreclosure than on a short sale, do you think the banks resolved to expedite short sales in 2011?

Or will they say they need to be chained to inaccurate data and turn down short sales because of a $2,000 difference so they can spend $20,000 more on an abandoned, mold growing, vandalism prone property so they can get the extra $2,000 a year later when they dump it as a bank owned REO?

Oh, to be a fly on the wall of their boardroom.

Posted by

 

 

Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East

Website David.DavidHalpernRealtor.com

(502) 664-7827

 

 

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Ambassador
2,081,167
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

An easy decision for you and me. . basically anyone with a heart

Jan 01, 2011 02:18 AM #1
Rainmaker
3,985,587
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

The banks have yet to show any common sense when it comes to handling short sales or foreclosures.

Jan 01, 2011 01:00 PM #2
Rainmaker
1,116,658
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Flies on the walls are so yesterday. Surely we could set up some cool spy equipment and actually watch them beating their brains out over this question. J

Happy new year!

Jan 01, 2011 02:39 PM #3
Rainmaker
526,160
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Fernando and William,

Heart or brain, whatever it takes there's a shortage.

Jan 01, 2011 03:43 PM #4
Rainmaker
526,160
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Jim,

That would make a great viral video.

Jan 01, 2011 03:44 PM #5
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Rainmaker
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Dave Halpern

Louisville Short Sale Expert
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