Lenn Harley is right, as usual.

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Real Estate Agent with Berkshire Hathaway HomeServices New England Properties Licensed in Connecticut

Lenn Harley is right, as usual.

Here I sit, still debating over who to vote for. My stomach is in a knot, I want to know, who is going to stand up for me, for us? Who is brave enough to be honest, to fight the good fight, to at least TRY to do what is good for the country, for me, for you, for my daughters and grandchildren?

Perhaps I need to lower my expectations a bit.... but that is not really what this post is about.

foreclosures good business for banksI read a great post/reblog of Lenn's today, she believes, and always has, that foreclosures are good for business as far as the banks are concerned. And to give credit where credit is due, the post she reblogged was from J. Philip Faranda. But....

Lenn Harley is right, as usual.

How do I know this? I am waiting for an answer from a lender on a short sale. And waiting. Here is the kicker, the negotiator assigned to us has told me that yes, this is a good offer, the dollar amount is not the issue, yes they understand that there are no other offers coming in, no one else looking at the property, yes this is most likely the best they can get. What is the issue? I don't know, he won't tell me. I have asked time and time again to no avail.

And I am still waiting. They MUST want to foreclose, let the property sit vacant through a harsh New England winter or two. What other reason could there be after all is said and done? Foreclosures MUST be good for business as far as the banks are concerned!

Lenn Harley is right, as usual. How it is profitable for them I don't understand, I can't quite get a grasp on it because it defies my logical center of my brain. But certainly it must be. Otherwise they would not be conducting business as they are. Because if it were bad for business, they would certainly have changed the way they are doing business, right? After all, banks are all about profit... right?

Or as Lenn would say.. ".... enough said".

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Rainmaker
331,341
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Andrea, I am like you, bank is not going to do anything with no money in it.  I don't fully understand the system, but I think they like doing foreclosure than short sale, my thought.

Nov 02, 2010 12:14 PM #1
Rainmaker
284,882
Carra Riley
Realty ONE Group Premier Colorado - Denver, CO

Andrea ~  You and Len bring up things we all need to think about! 

Featured in Cosmic Cow Pie 

Cosmic Cow

Nov 02, 2010 12:51 PM #2
Rainmaker
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John Mayer
Oikos Realty, Cape Canaveral, Cocoa Beach Florida - Cocoa Beach, FL
Your Beach Area Expert

Andrea - Banks don't care if they waste a Realtor's time. They do what they want and don't reveal their motives to us because they are trying to manipulate everything in their favor. There ought to be a "Sunshine Law" for banks or at least more regulation and penalties.

Nov 02, 2010 01:00 PM #3
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Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

I read that post, and Lenn is right on the money with her observations. The minute foreclosures are not profitable for banks, they'll see the light and work out the issues Lenn points out.

Nov 02, 2010 01:25 PM #4
Rainmaker
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Carla Muss-Jacobs, Principal Broker/Owner
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% o... - Portland, OR
Buyer Focused ~ Buyer Results

These stories, unfortunately, are the norm not the exception.  What a shame that a buyer who would like to call the propety home may not be allowed to.  And, you're right about the winter months, if the home is not sold on the short sale, by the time it gets through foreclosure, assigns a listing agent, heck it could very well be a lot of damage to that property for lack of winterization.  If no one has the obligation/responsibiity, it won't get done!  Poor little house . . .

Nov 02, 2010 03:24 PM #5
Rainmaker
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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

The fact of the matter sometimes it is in the investors best interest to foreclose rather than a short sale for tax purposes. It has nothing to do with the lender per se.

Nov 02, 2010 05:46 PM #6
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Rita, it sure defies logic, doesn't it?

Carra, well, Lenn is certainly one that makes me think all the time, LOL. Thanks for the feature, I love that cow!

John, I would love to share the emails back and forth today. Cryptic isn't even the word for it! The good news.. or not... it is being sent on to the "committee". Hmmm....

Craig, sick, isn't it? Makes me sick anyway.

Carla, and this is one beautiful home. I am sick. And I know it is the norm, not the exception. They didn't like the offer, and told me if they didn't like it they would bury it because after all, they are busy don't you know. Really, they TOLD me that in the beginning. Hmmm... but it was not really that bad. And now it is looking like it is the best offer going, since it is the only offer. Market now says it is probably fair.

Bill, thanks for putting it short and sweet. I get that... but... I don't get it if you know what I mean. I have one word that comes to mind, ok, not one.... but the only one I will use here... Jackasses.. all jackasses.

Nov 02, 2010 08:02 PM #7
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Anna Banana Kruchten
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana of Real Estate!

I'm with Lenn on this one. Banks are in for a profit no matter what it takes.  Enough said!!!!!

Nov 02, 2010 08:06 PM #8
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Anna Banana, me too. There is no other explanation. Well, maybe Bill Gassett has it right, the investors take a good tax deduction for it. Enough said for sure.

Nov 02, 2010 08:18 PM #9
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Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

I see you've added a QR code to your signature.  I was thinking about it myself, but still in the "thinking about it" stage.  Any response to it yet?

Nov 02, 2010 11:32 PM #10
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Tammy Lankford
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Your Lake Sinclair Expert (706-485-9668)

I sit in similar shoes.  I'm working on one of those myself.  I think (fingers and toes crossed) that they bank stayed the foreclosure and will accept the short sale contract that the seller signed.  It would net them more money than a foreclosure sale later (highly likely) and I can't understand the lack of logic behind not doing it.

Nov 02, 2010 11:39 PM #11
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Margaret, nope, no response to it yet. I don't even know if I would know there was! I just did it. Who can tell?

Tammy, perhaps there is no logic? I can't figure it out at all. But I think the closest explaniation that makes any sort of sense is what Bill Gasset said. Tax benefits for the investors.

Nov 03, 2010 06:37 AM #12
Rainer
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Coleen DeGroff
eXp Realty - Gainesville, FL
Haile Plantation Real Estate - Gainesville FL

Andrea - I'm with you and Lenn. If there wasn't something in it for them, banks wouldn't be doing all these foreclosures and forcing properties into foreclosure by dragging their feet on decent deals. There's got to be some sort of payoff.

 

Now, if the payoff was a PRISON term for some of these weasels, perhaps things would be different....

Nov 03, 2010 11:14 AM #13
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Coleen, I think you might be on to something there.... what a great idea!

Nov 03, 2010 08:25 PM #14
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Robert (Vegas Bob) Swetz
REALTY ONE GROUP - LAS VEGAS, NEVADA 702.443.7156 - Las Vegas, NV
Commercial & Residential Real Estate Agent

Hello Andrea and I have to agree with you and the others Lenn really knows her business ...

VB ;~)

Nov 03, 2010 11:05 PM #15
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Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Um, Andrea, Lenn Harley is always right!  Well, pretty much almost always.  The banks are freakin' nuts.

Nov 04, 2010 09:28 AM #16
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Hi VB, Lenn sure does!

Pat, notice I said.. "as usual", LOL. And the banks are freakin' nuts, for sure!

Nov 04, 2010 09:52 AM #17
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Andrea Swiedler

Realtor, Southern Litchfield County CT
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