Our Local Board had a Membership Meeting today. It was extremely well attended. I'm guessing it was for two reasons: It was a B'fast Buffet and the speaker was a known name in the States Financial circles...namely the Banking Industry.
From the beginning the questions asked were focused on Short Sales and Foreclosures. Why aren't the Lenders holding these properties more co-operative in working with Buyers. Why aren't they more co-operative in restructuring loans for the Owners? Why do they feel justified in dragging out the procedure and then looking for additional Funds (from the Buyers or the Agents) using the threat of "not closing"? Why are they allowing these properties to fall into such terrible condition?
I must say the response from this Local Banking authority was less than helpful. His response was that he couldn't do anything unless it was a State regulated Bank(not too many of those left)....Actually I believe he was saying"it was not his problem" He then gave us the number of the State "hot line". There were no hints on how to navigate the sea of red tape.
Perhaps the most interesting observation of the whole meeting was a comment he made in closing:
"The ones who can pull us out of all this are you Realtors"
Are we really the "Magic Bullet"? Weren't we originally seen as the cause?
Oh well, I guess I'd rather be perceived as a solution. I look much better in wings!
Concord NH Realtor
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Joan Mirantz - Joni is a Realtor® with Keeler Family Realtors, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)
Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"
Joan
It is amazing the friendship I have developed with banks lately.
I am with you.
Sincerely
Tom Braatz
So if they think we are the ones who can pull them out, why aren't they willing to listen to our advice and make it easier to work with short sales rather than dragging out the process only to foreclose and start a new process that ends up with them taking huge losses? At least this banker had the grapes to face the questions even though it would seem he did not get it.
Isn't that ironic, that we are now looked upon as an asset, rather than the cause...
I know it's frustrating deal with these guys. It's just the nature of banks. They are a bureaucracy unto themselves with no immediate hope of changing. Anytime you have a place where decisions are made by committee, you'll always have this as everyone is playing CYA.
Hi Joan! I try my very hardest to be a part of the solution for all my clients. I just wish that the lenders did not impede my ability to be that for them. There is no reason this has to be so difficult because I do work with a few lenders who are VERY easy to work with... it's just not the majority of them that work in that manner.
Lets hope that attitude continues Tom....it all works so much better when people communicate and co-operate! Dontcha think?
Judy...he did face the questions...but didn't give any answers! It's like we are on different planets. That isn't very re-assuring!
Paul...but they still aren't willing to listen to us! No one wants to give away the power!
Jerry...I'm going to have to remember that CYA. I hadn't seen it before.Thanks for commenting!
Steve...it must be even more frusting for you because you deal with so many especially because it solves NOTHING!!!
(your check is in the mail!!)
I think the entire lending industry is a mess. I wish we could pull them out of this. However, given this week's news, it appears, this mess may now have worldwide consequences! Analysts are saying it will probably take several years!
Hey Joan....maybe we should buy a Caravan and travel!! Oh wait....can't afford the gas!
Oh Gosh...I guess I'll have to get my angel costume dry-cleaned now. I hope it still fits me!
GBU, Joan!
Hey Elizabeth...I don't recall you ever taking it off!
You earned your wings long ago, my friend. The banks are in control for the time being - and that's the log jam in our business. Hopefully we will all still be in business to see it do a turnaround and life will become so much easier for all of us.
Joan, I'm still so impressed that you navigated a short sale to closing. My partner is in Texas at some REO gathering, with a tape recorder for the classes (which were too expensive, imo) because even a paid intermediary is better than trying to extricate an answer out of a bank!
Did they at least have a good breakfast?
Hi Carol..after todays news I called my client who still had some stuff to sign and told him I was coming right down before the whole bottom fell out and they changed their minds!
Laurie....the breakfast was very good and I had a chance to chat with some friends so it was fun anyway!
I'm starting to think that these Lending Institutes deserve to collapse the attitude that they are the exception to the rule and don't need we peons....is what is getting them in deeper. A little co-operation would change everything!
Joan, thanks for introducing me to this group, Adventures in R/E. I just joined. Love your articles.
Why thank you Pat...and you're welcome!!