Foreclosed Homes in Sacramento | Sacramento Real Estate Voice

Move Out of the Way, Bankers

March 14th, 2008 categories: Foreclosure, Sacramento

Sacramento Foreclosure Can we talk Real Estate?

Specifically, Id like to talk to you, Bankers.

Now, I realize that you have lost money. I also realize that you have cut back on personnel. But its time to really concentrate on your bottom line. You, Bank are in the business of making money, not owning homes. Houses cost you money. The longer you own the home, the more money it costs you. And the more the property deteriorates.

I have a solution. Instead of ignoring Short Sales like youve been doing. I suggest that you start accepting offers on Short Sales. That way, you wont have the expense of a foreclosure.

Ok, I know, there is no tax write off with a short sale but hey whats your bottom line? Do you really think you are money ahead by having a house as an REO for 150 days? Please give me a break.

You need to hire more mitigators. The one you currently have working cant handle the load. The desk is full of files. Phone calls go unanswered. I realize that to hire more people will cost money but guess what? You are currently taking WAY too long to get the these houses sold and closed. That is costing you money, too.

Then add insult to injury, Banks you are using the services of ONE Title company. Yes, only ONE. Hey guys, they are overloaded. Houses are not closing on time because the Title company that you are using cant possibly get the job done with so many foreclosures on their desk. One Title Company cant handle all those foreclosures.

News Bulletin, theres more than ONE Title Company Spread the wealth.

Recently, a Realtor trying desperately to close on a foreclosure here in Sacramento on a Sacramento home for sale in foreclosure was dealing with a Southern CA Title Company who wasnt getting the PreLim to the home buyer. This foreclosure should have closed 2 weeks ago but you BANK want to use ONE Title Company that is over burdened and who knows when this foreclosure will ever actually close.

It doesnt take a rocket scientist to figure this out. Start accepting Short Sale offers, hire more mitigators, answer your phones, and dont rely just on ONE Title Company.

I can’t speak for other States or even for other areas but in Sacramento and the surrounding areas, the Banks have not been cooperative. Ignoring home buyers and home sellers is not the way to do business. Foreclosure costs the banks more money in the long run, so I suggest that you start responding to Short Sale offers before resorting to foreclose on a house.

Lets get down to business and get the business done. Real Estate needs to move and home buyers are tired of the games you are playing. Wake up and smell the coffee. Lets get with the program.

By the way, as a side note my home buyers are all pre approved with a reputable Lender. They are responsible and act accordingly. The home buyers are looking for homes for sale and many are putting in several offers.

You BANK, want my home buyers to get approved by you. Now, we all know that you want the mortgage loan with my home buyer. If its not a good loan, I will definitely let my home buyers know.

Dont you think thats a bit of a RESPA violation? Its pretty obvious that you are only accepting home buyers that take out a mortgage loan with you. Not sure I like that.

Well, I feel better, hope you heard me and have decide to do real estate business the right way.

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Sacramento Short Sales and Foreclosures

The Lights Have Gone Out For Many in Foreclosure

Short Sale and Foreclosure Real Estate Tax News

The Blood Continues to Run

Sacramento Real Estate Writes Letter to All Banks

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This entry was posted on Friday, March 14th, 2008 at 4:49 pm and is filed under Foreclosure, Sacramento. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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