Wednesday, April 28, 2010

Have the Banks got it Right Yet?

When working with your buyers, they all have their own way of viewing bank owned and short sale properties. Many will work out in their mind what amount the lien holder will save if they take our offered price. Days on market is the first comment that clients would make when making an offer.

It seemed that in the early days of the mass distribution of the sellers wanting to list their properties, the banks were very much flying by the seat of their pants. They wouldn’t work with the Realtors as a partner and make it very difficult to communicate. Even though the Tax credits are expiring, there will still be a glut of homes for possibly years to come.

In the past several months many of the large lenders have begun a gentler kinder position and have strived to work with the real estate agents and Realtors. Wells Fargo has recently communicated they would like to cut down the contract time for their Bank Owned properties. This is a good step foreword.

While most of what our clients were thinking the bank would be considering was probably wrong, maybe now the thinking is on the same page. It is easier with the new communication and all of the learning curves being resolved. It will certainly help to provide a more timely response considering this is going to go on for a while yet to come..

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