Why Banks should NOT get into REAL ESTATE!

The real estate industry and NAR have been fighting for years to keep banks out of real estate and so far it has worked.  OOOOPS no it hasn’t.  Banks are swamped with short sales and foreclosure sales everyday.  Something that banks have created and now they need to finish it.  But the oddest thing you hear is that banks willingly reject purchase offers before the home goes into foreclosure.  In my example a bank in Richmond VA rejected and offer the day before foreclosure.  Everyone involved was puzzled and asking questions why?

You have a perfect buyer willing to take a property off your book and be done with it in less than 30 days or so.  Oh yea I forgot to tell you it was a cash offer.  And CASH is a sweet thing in today’s market place.  So why did the bank reject the offer?  Maybe they were:

1. to busy to handle the closing at the time,

2. maybe they had a buyer in their back pocket and wanted to negotiate with them instead,

3. or maybe they are just plain idiots and have no business in handling the real estate aspects of the deal.

As the line goes in Rainman  ” counting cards… counting card”  Maybe the banks should keep to what they are good at and “counting money…counting money”

The ending of this story gets even better.  Thee house is back on the market for $5000 less than the last purchase contract offer was for last year.  Whom ever is working at the bank on that deal is what NBC calls Fleecing of America.

One Response

  1. Thank you for this blog, keep up the informative posting. I will be sure to reference it when needed throughout our website once we add our resources section. Keep up the great blogging and thanks again.

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