BACK ON TRACK!
I've finally gotten things back on track with my move to the new office. I am mostly working from my home office right now, as it is Track Season at PLU and I coach out there.
The market is driving everyone crazy! I can't say that I blame them. It is an incredible challenge right now. With all of the short sales, bank owned and foreclosed on properties; it has created many new rules, regulations and guidelines for buying and selling a home.
My experience has been, at least with a few of the banks that I've worked with, that they do not seem to be concerned about the seller saving themselves from having a foreclosure on their record. Their only concern is that these people promised to pay back X amount of money and they aren't. What a surprise! With many of them, it was obvious when they applied for the loan that they weren't in a position to pay it back. What the monkey!!
I recently listed a short sale house at a slightly lower than market value price. The family that owned it had already lost another property through a scam and were losing the home that they lived in. I received 6 offers on the house, two of which were above the asking price. The bank turned down ALL of the offers. The amount of money they insisted on netting was higher than the house was worth by about $25,000. In order for me to satisfy them I would have had to list the house for $20,000 to $25,000 more than that! I informed the bank manager that this was exactly how the banks got in to the position they are in. By putting an unrealistic value on a property and/or asking for far more than it's worth. They chose to foreclose on these people and take the house to auction because they were guaranteed a certain amount through their Loan Insurance. They thought they may be able to net more that way.
I don't know...It just doesn't feel like we're all working together to me.
The market is driving everyone crazy! I can't say that I blame them. It is an incredible challenge right now. With all of the short sales, bank owned and foreclosed on properties; it has created many new rules, regulations and guidelines for buying and selling a home.
My experience has been, at least with a few of the banks that I've worked with, that they do not seem to be concerned about the seller saving themselves from having a foreclosure on their record. Their only concern is that these people promised to pay back X amount of money and they aren't. What a surprise! With many of them, it was obvious when they applied for the loan that they weren't in a position to pay it back. What the monkey!!
I recently listed a short sale house at a slightly lower than market value price. The family that owned it had already lost another property through a scam and were losing the home that they lived in. I received 6 offers on the house, two of which were above the asking price. The bank turned down ALL of the offers. The amount of money they insisted on netting was higher than the house was worth by about $25,000. In order for me to satisfy them I would have had to list the house for $20,000 to $25,000 more than that! I informed the bank manager that this was exactly how the banks got in to the position they are in. By putting an unrealistic value on a property and/or asking for far more than it's worth. They chose to foreclose on these people and take the house to auction because they were guaranteed a certain amount through their Loan Insurance. They thought they may be able to net more that way.
I don't know...It just doesn't feel like we're all working together to me.
posted by Martha Mendenhall | 8:40 AM
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