The Banks are moving faster...But not fast enough

OK, so I think the banks are starting to figure out that they stand to make more money (or should I say loose less) by processing short sale offers instead of making it to the foreclosure process.  Working in the Tampa Real Estate Market, which is improving, the Tampa Foreclosures market is moving quicker in terms of offers, but not closing.  Lets take a look at a few examples.

Example 1. My wife takes out some first time home buyers and they are interested in this one property.  The price is listed at $125,000 and they put in an offer of $97,000.  The bank, after  4 weeks says no way.  Ok, so the clients move on and are still looking and then we see that the property went thru foreclosure and is now bank owned.  The property is now listed at $54,000...hmmm, this makes alot of sense, that is a lose of $43,000 from the offer price..boy that makes sense.

Example 2.  One of our listings, a short sale, was listed at $143,000, just $5000 off from what the owner owed on it.  An offer comes in at $138,000.  We send in the offer and request that it be closed in 30-45 days.  The bank ignores us and doesn't respond to any of our requests...the buyers move on.  So we leave the offer in their system to see how long it will take.  5 months later, we get a call that they are now ready to talk about the offer.  I almost laughed...told the lady that they moved on months ago in which she was pissed at me for not telling her (like who the heck are you to be pissed at me).  Except, I have another offer in hand, all cash this time.  The BPO has been done and it comes in at $93,000.  My cash offer comes in at $97,000, no contingencies.  I request a fast close in which she tells me she will see what she can do.  So lets do the math on that one, $41,000 off from the original offer.

The banks are loosing money hand over fist, and we, the agents, are trying to get them out of this mess, but they need to move faster than what they are use to, suck it up with the attitude, hire some more staff to process he mounds of paperwork coming their way, and lets get thru this.  Follow those simple rules and we can fix the market a whole lot faster

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