Bail Out is a Farce!!!!!!!!

Real Estate Agent with Exit Realty Talbot and Company, Inc

It has been a little while since I have been able to express my feeling regrading the market. I must say, that everyday continues to make me just shake my head. To my subject line, Why did the bank's need a bailout when if they would make deals they wouldn't lose as much money? Cases in Point, My father offered to buy a property that was listed at 116K, he offered 99k got countered back at 112k, and he went to 108k. The bank said no. My dad walked, then the bank listed it for 109k. The property then got relisted for $79900 for 2 days and is no going to auction. I ask, is it worth it? The stupid bank, has lost at least 30 thousand more dollars for 4 thousand dollars. I know of another deal where the property was listed $259000, was offered $239000, bank balked, then the property went to auction and sold at $185000. This is why we shouldn't be helping the stupid ones. I guarantee that most of us had stories like this that if you added it all up would be millions and millions of dollars down the drain and for what reason? Because some idiot who has no idea what is a good deal and what isn't nixes the whole thing. I understand that there are some people out there who make totally whacked out offers, but so what. If the bank knows it is bad then good for them, but I know alot of these deals are pretty good, and the banks should at least make more of an effort to get them done at a resonable price.

 I think our congress should have had some of us there to let them see the real state of the market. If we had been there, I think things would be alot different.

Comments (5)

Valerie Springer
Benchmark Mortgage nmls 2143 - Birmingham, AL
Home Loan Officer AL, FHA, VA, Conventional and Re

I wrote a blog some while back about the same thing generally.  I have clients making offers on foreclosed properties and they wait weeks for an answer.  Then we set a closing date and nobody gets in a hurry to do anything and then makes us struggle to get to the table on time.  Seems they do not want to sale their inventory, maybe they are hoping for money from the federal government?

Dec 15, 2008 06:45 AM
Lori Isaacson
Credit Restoration Consultants - Plantation, FL

I have heard this story one time too many from our clients. Many of our clients would not have ended up with the negative entries on their credit reports if the bank would have worked with them. It is so sad what we see. Fortunately for our clients we are having much success removing the foreclosures and late payments from their reports. I wish we were not getting so much practice with this. At least we can give our clients a light at the end of the tunnel.

And to make it worse, the banks got it with no restrictions. Look at all the poor people in the Auto Industry holding their breath.

Happy Holiday's


Dec 15, 2008 06:46 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Hi Ned

Your story repeats itself in every market. Many of the banks are completely lost and are making poor decision.

Success and good luck

Lou Ludwig

Dec 15, 2008 06:47 AM
Balboa Real Estate San Diego, CA - San Diego, CA


You are preaching to the choir, brother. I am so incensed with the ignorance and the audacity of using taxpayers $$$ to help out these idiots who make horrendous decisions daily. What do I get for making good decisions in MY business? I am barely hanging on in this market. The American's how the good horse feels about that one.


Dec 15, 2008 06:50 AM
Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

You are a bank.  You make a loan based on character, credit, collateral.  You are going to hang onto the mortgage not dump it, make your fee up front and you care about the loan performing.  You would make very few bad loans, risky ones if you could not dump it on the secondary mortgage market with insurance or in this case, bail out provision. Better rates on secondary mortgage market with investors buying into the action...all can see what led up to this mess.  When the turnip farmers go belly up, when truckers need help...look at all the industries that need shoring up.  As a kid, who got the last piece of candy..who ever whined the loudest or was quickest.  Its a complex issue the media makes into a cartoon with a 15 second sound bite that just adds to confusion.

Dec 15, 2008 06:56 AM