It is no wonder there are so many properties that are in forclosure for sale. The lender, no matter who they are, bank, mortgage, fannie and freddie. It is a nightmare getting through all of their hoops. First they will not respond to an offer, they just let it sit there. The buyer say forget it we do not want to wait any longer. Even if you get a response to then have to fill out another set of their (lender) paperwork, again the buyer start questioning why they have to go through all of this. Then to work through a closing office somewhere else, and to get a closing package to where it needs to be on time is like pulling teeth. Some how this needs to get easier. There are plenty of buyers out there right now. To get the buyer from A - Z is very difficult. I would think that the lenders would want to start to make the process easier and get some of these properties off of their books. Maybe I'm the only one that has the idea that it needs to be make easier.
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate
Watching how banks react with foreclosures gives a very good idea why they got into trouble in the first place. Really no clue sometimes.
Mar 17, 2009 12:18 AM
Ruhl & Ruhl Realtors - Davenport, IA
ABR
Hi Gabe, I do believe that you have hit it also. They have NO CLUE. You would think that they would get it sooner than later.
Mar 17, 2009 12:21 AM
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
Banks don't know how to sell real estate.
Banks don't know how to sell real estate.
Banks don't know how to sell real estate.
Buyer education is the key. Foreclosures are a 100% less agrivating than short sales.
Mar 17, 2009 12:29 AM
Keller Williams Realty - Quincy, MA
e-PRO, CBR
Teresa - What we need is a little bit of transparency in the foreclosed homes area. If we want to get this inventory off the market we need to open up the list of these homes to all not just a select few realtors who list these homes for the lenders. They are not keeping up and they certainly are not making the process fair to all prospective buyers.
Mar 17, 2009 12:51 AM
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA
Some banks used to sell one or two properties per year. .and now it has changed. .give them a little more time
Mar 17, 2009 12:53 AM
Anonymous
Banks are stalling on selling foreclosures to qualified buyers because the more bad debt they hold, the more money they will get from the stimulus package. Larger banks are also using what money they DO have to buy banks that are smaller, also increasing their bad debt allowing them to get more government money. Even if the asset manager accepts an offer in a timely manner, any paperwork or transactions that need to take place for it to pass inspection, they stall so long that the buyer who has sold their current home or given notice to their current landlord, are finding themselves having to cancel their contract and move in with family or rent. This "bailout" has done nothing but complicate things.
Mar 25, 2009 10:12 AM
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