Todd makes a great point here. The banks are the problem, not the homeowners.
By Todd Clark (Broker/Sales Coach) 503-524-9494
This morning I read a report that the President says the problem with the housing industry is short sales and he wants to fix it. I thought GREAT, ABOUT TIME! But then I read the article and quickly I realized that our President has no clue about what is going on with the housing industry. As with most politicians he thinks if we throw money at a problem, he thinks it will go away.
You see, the President says the problem with short sales is that the sellers don’t want to move out and that he is willing to offer $1500 to home owners to move out, so they can have money to move. WHAT? Since when do we have a problem with sellers not wanting to move out? Does he not realize what a short sale is? A short sale is where a seller puts his home on the market because he knows he is in trouble and wants to move. Now, I think this is going to be a huge chance for fraud!
You see, the real problem with short sales is the banks are taking so long to respond that the home ends up going in to foreclosure and that is when the sellers are refusing to move out. They tried to do a loan modification, they tried the short sale… the banks are the problem, not the sellers.
I think we are going to see a lot of sellers take advantage of your $1500 program and actually create the problem of sellers not moving out until they get their $1500 a real thing. Mr. President, if you want to fix the problem, make it so the banks have to respond to short sale offers submitted to them within 30 days of being submitted. (The reason I say 30 days, is so that gives them time to do a BPO or an appraisal) If they don’t respond within the 30 days, they have to give a $500 a day credit to the home owner that will go toward back payments and principle.I promise, if you do this, as soon as the banks realize that they are getting people out of default with their delays, the short sale problem will go away.
Todd Clark - Broker / Sales Coach
All Brokers Real Estate
Phone: (503)524-9494
Fax: (503)622-8739
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©2010 Todd Clark - Mr. President, stop throwing money at the housing industry, that isn’t the problem
Maria Mastrolonardo is a full time Illinois Realtor specializing in Short Sales, has been helping home-buyers and home-sellers since 1997. Can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.
To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com
You can also find me here!
Maria: As with most things, there is good news ... and bad news here. The good news is that the administration is reviewing the problem and trying to find solutions. As stated .. it's about time! The bad news is ... that this is the best solution they could come up with? Demanding answers and gaining compliance from banks within the 30 days mentioned seems a much more pro-active and wiser approach ...
Gene
Typical DC logic. They haven't a clue what is happening in the real world. They think that spending money will cure all the Nation's ills...
Thanks for the re-blog, I hope Washington gets their act together or we could be in this housing crisis for years to come. I think no matter who is in office or what party they are from, Washington seems to not know what is really going on in the real world.
