I've been working on a Short Sale that is not with a Realtor since January. I saw it on Craigslist on Jan. 2 and called the guy immediately. We wrote up the contract and got it over to the servicer in less than two days.
That's when everything got screwy.
Once you get involved with the servicer or the bank, everything slows to a snails pace. I read here how to work it faster, but I've got the feeling that it would probably only help a little.
So after almost 4 months, the bank finally sent out for the BPO. I let the guy in, he got his info and I'm now hoping beyond hope that I'll hear something in the next few days.
Next time I'll just find out how much it is to reinstate the loan and move from there.
Lesson number 7584 learned.
Thursday, April 3, 2008
Banks, Money and Poor Consumer Protection
It was only a matter of time before banks realized a better way to deal with the housing situation. Too bad it is to the general publics' detriment.
The Chicago Tribune has posted an article stating that banks in certain areas are foreclosing on the properties but then not taking possession of them. The areas may have low property values or home values are not expected to rise. So instead of paying property taxes and maintaining the home in hopes of a sale that they see never coming, they are just abandoning the house.
In my opinion, a lot of the blame for the current crisis is to be placed on banks and a lack of their own personal responsibility. Now they are hurting home owners by allowing these foreclosed homes to deteriorate in the suburbs, neighborhoods and cities.
A house is very much like a living thing. It needs to be taken care of and people living in it for it to survive. If you take that away, it will quickly fall into disrepair and become a weight around the value of the surrounding properties.
Meanwhile, banks get a total write off of the loan while boarded up homes and neighborhoods grow and local tax revenue declines. Meanwhile, there are long delays before the government entities can take possession due to back taxes.
Put the houses on the market and allow investors to buy the properties. There are plenty of people out there willing to invest in them at the right price.
The Chicago Tribune has posted an article stating that banks in certain areas are foreclosing on the properties but then not taking possession of them. The areas may have low property values or home values are not expected to rise. So instead of paying property taxes and maintaining the home in hopes of a sale that they see never coming, they are just abandoning the house.
In my opinion, a lot of the blame for the current crisis is to be placed on banks and a lack of their own personal responsibility. Now they are hurting home owners by allowing these foreclosed homes to deteriorate in the suburbs, neighborhoods and cities.
A house is very much like a living thing. It needs to be taken care of and people living in it for it to survive. If you take that away, it will quickly fall into disrepair and become a weight around the value of the surrounding properties.
Meanwhile, banks get a total write off of the loan while boarded up homes and neighborhoods grow and local tax revenue declines. Meanwhile, there are long delays before the government entities can take possession due to back taxes.
Put the houses on the market and allow investors to buy the properties. There are plenty of people out there willing to invest in them at the right price.
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