Everytime the media talks about the soaring foreclosures in America, I get glued to my TV set, waiting in anticipation for when they will finally admit that the banks are not as sympathetic as they continue to think. For every realtor who has had to deal with a bank in relation to a short sale, you just keep hearing about their tales of woes which is a constant battle. The Banks want their pound of flesh even when it is obvious that the pound is no longer there. In many cases, the buyers patience has been tested and they simply walk...forcing the home owners to not only lose the buyer, thus saving their credit history but then end up losing their home to foreclosure, a place they made every effort to stay away from in the first place. Afterall, there is no shortage of homes around.
When will these banks wake up and smell what is really going on? Would they rather go belly up than help people save their homes? Does the government have to beat them around the head before they wake up to this grim reality that many people just cannot afford the payments as they are structured?
What happened to the saying "half is better than none?"
Given the state of the union right now, Banks or Servicing Companies should shorten the timeframe for considering a short sale. In my estimation, every 10 homes now in the MLS database seems to be a short sale or a pre-foreclosure. Given this fact, the banks have to be better than flexible. They should be calling all clients to find out how they can help them re-structure their loans and not the other way around.
Buyers are so few and far between and when we as realtors get them, we try every trick in the book to keep hold of them. Please let's find a way to ensure that the banks don't let them slip away...
Afie Makinde
Exit Realty Properties
www.makinhomes.com
484.410.6569
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