|Right now, it's hard to|
love the banks...
As a Real Estate Broker and Sales Agent for the past 25 years, I've seen the good, bad, and ugly... in up and down markets... in several states. To say that this real estate market crash we've been in for the past 5 years is all the bank's fault, would be a stretch. Yet to say they are a major contributor, is spot on.
So here's the purpose of today's post... My partner has been helping a customer to sell her house as a "short sale" with a well-known bank. It's been a maddening process, consuming over a year of showings, offers, counters, rejections, and fickle buyers walking away. Then, as it seemed at least, the stars and planets aligned. A cash buyer at the bank's requested price... An approval from the bank's "negotiator"... and then... and then... THE BANK DISAPPROVED THE SELLER'S REQUEST FOR A SHORT SALE! And this, after a year of stringing everyone along!
of modest means...
Oh, and did I tell you that last year, I closed several short sale properties for Millionaires... on investment properties... because of hardship? Hardship like this: My salary has been decreased by 30% in this economy! (Translation: From $400,000 per year way down to $280,000 per year) These folks were relieved of their mortgages and did not receive deficiency judgements at all! Man, does it pay to be able to afford a good attorney!