B of A Short Sale – Buyers Need Epidural
May 27th, 2009 categories: Real Estate News, Short Sale
Get ready, get set…more short sales and foreclosures (later rather than sooner) are coming.
All of the “stated income” loans (the lie to get a better rate loan)and “pick a payment” loans that Lenders hustled are about to show their face.
If course, we have Obama’s Making Homes Affordable plan by the use of loan modifications that is suppose to decrease the amount of foreclosures but I am very skeptical about this plan working.
In comes a flood of Short Sales.
After waiting patiently since March home buyers I am working with were horrified as I was to hear Bank of America REFUSE to pay any closing costs on a short sale. This house has been on the market since July 2008.
Yes, I said 2008! And my home buyers made an offer in March 2009. Can you believe it? The buyers have offered $35,000 less than the appraised amount. Not a bad offer.
And to make matters worse, my home buyers are willing to pay the closing costs BUT the bank STILL won’t accept their offer! WOW!!
My first time home buyers will need an epidural before this is over!
It does make one wonder what the bank bailout money has been used for…are they REALLY interested in selling? What exactly is their motivation? Will the banks get more money from the tax payers?
Do we feel sorry for you B of A? hmmmmmmm
And if that isn’t bad enough, now we have our own esteem Gov. Arnold Schwarzenegger granting a 90 day foreclosure moratorium. Say, I have a question…do you like dragging the economy in the gutter for a longer period of time? Seems that’s the aim of our CA legislators!
Even Corbett who wrote this ridiculous foreclosure moratorium bill said she wanted to write a more aggressive bill but couldn’t…hey then don’t write one and Arnold what were you thinking when you signed it?
This bill is full of false hope for the homeowner losing their home. Worse yet extending the length of time for CA recovery by not letting these homes go into foreclosure and quickly selling them.
Thanks California legislators for making sure that we can endure this economy EVEN LONGER!!!
For those home buyers who would like to take a look a short sales and foreclosed homes for sale just click the links below. Remember, you can’t be a toast watcher and make offers on Short Sales.
Click below to see homes for sale
Short Sale homes for sale in Sacramento
Foreclosure homes for sale in Sacramento
If you like what you read here on Sacramento Real Estate Voice simply click and subscribe 
to get the latest articles sent to your email.
.
and read what other home buyers and home sellers have asked and feel free to ask your Real Estate question by email. Perhaps, your question will be part of the next article featured on Sacramento REAL Estate Leave a Reply
Monthly Newsletter
Categories
- Fun Things
- Sacramento County
- Sacramento Real Estate Videos
- Foreclosure
- Short Sale
- El Dorado County
- Placer County
- Yolo County
- Home Buyer
- Investor
- Seniors
- Realtor
- Seller
- Real Estate
- Mortgage
- Condo
- Statistics by City
- Living Green
I totally agree with you!! What these banks are doing right now is incredibly stupid! The government has bailed them out and is also providing a cash incentive for modifying loans with homeowners. But yet I still personally hear and read about homeowners being told by their lender that they should just short sale the property! The lenders are refusing to modify the loans to a point that allows the homeowners to stay in their home. It really does seem like the lenders are trying to make their numbers look even worse to get some more bailout money. When they have opportunities to modify loans but instead encourage homeowners to short sale their home is just making matters worse for everyone. I say we scrap all of the banks and start over from scratch with people who use common sense!
The banks are funny aren’t they. I have seen them refuse offers all day long, then sell them for pennies on the dollar as a bulk package.
The 90 Day Foreclosure Moratorium is a joke too. All that does is back everything up. It doesn’t remove the foreclosures. It doesn’t take them away. It just stops them like traffic at a train crossing, but the traffic continues to back up. When the gate opens, the traffic is still there.
The government wonders why the country is in disarray. The population only follows their lead.
Makes you wonder if anyone ever really thinks before they act, doesn’t it? With some of the big mistakes our government has made, it makes me wonder how we manage not to blow ourselves up. This 90 day moratorium is just another nail in the coffin. I love your traffic at the train crossing…good visual!
Love that idea…scrap them and start over with common sense! That’s the smartest thing I’ve heard all day!
Very good points, thanks for sharing. Short sales are challenging to say the least and each situation & each lender will most likely have their own set of rules & regs. Recently I heard a national stat saying that only about two thirds of short sales actually make it to closing. Banks need to speed up the short sale process and get some of this inventory off the market!
Since we will see more Short Sales I agree with you, “Banks need to speed up the short sale process and get some of this inventory off the market”! The Home Buyers would certainly appreciate it.