I keep hearing reports that the banks are losing up the purse strings on some of the mortgages that people can no longer afford to live in. Funny I have several transactions going on right now and we are still waiting for the banks to sign off on these deals.
I have always enjoyed Real Estate, I like working with people, and have enjoyed what usually was a normal 45 day sales cycle from the time you first met your client to the time it took when you could finally open up the front door of the New home and hand then over the keys. Well now this sales cycle has ballooned into a 120 day plus sales cycle if you’re lucky due to the fact that Arizona has so many Short Sales going on right now and that most banks aren’t writing off these loans all to quickly at the moment. Or they just aren’t writing the right one off, the ones I am involved inJ!
I have to admit I have never been a fan of the big banks (although full disclosure I do have an account with Wells Fargo) and this makes me hate them even more. Clearly right now Bank of America is the worse bank to be dealing with, ok let me be a little fair they did buy Countrywide and acquired a complete nightmare with that transaction. With that said they still are the worse when it comes to them working the Short Sale Process, if they even have a process.
I realize that no business wants to right off 200k of a bad debt and the banks are holding many of these, but the longer they hold onto to them the more it is costing them. The market, especially here in Arizona isn’t suddenly going to shoot up 20% in value overnight so these banks need to start getting this bad loans off the books already. They need to use the Governments money or really our money to fix this issue instead of worrying about paying the government back so that all the top brass can get some fat bonus again.
Until Next Time,
John C. Palmay
The Palmay Real Estate Group
480-529-9063
Twitter: azrealtorjp
Come on Bank of America start clearing some of your bad loans, or at the very least work my deals first, my kids need to have a Christmas.
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