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Are the banks holding back... I have proff

I have a client who hasn't made a payment in two years. His loan mode was to crazy to accept. So they agreed that they would do a short sale. Well the client decided not to move forward with the short sale till he at least got a notice of default. Its been now 4 month that nothing has happened. Then in the last month the client got a call from the bank offering to give up the property for $5,000. The client said NO. I want at least $10,000. The bank has not responded. No this is Wellsfargo. Not  small potato. Just figure. They delay is something that shows the banks hand in the game. I have two other REOs that have been sitting empty. They where going to put them on the market and nothing in the last 7 months. I have contacted the asset company and no response what so ever. Now why is this happening? The story about the banks are holding off is the reason. Now this bank is US Bank. Again not a small potato. One last one. I have a listing with PNC bank. Its vacated 3 months ago. And waiting for a clean out approval. And nothing. The old owner is suing them stated that they took her property in the from her.  So its tied up until they clear it out but the funny thing is that they got a lock out on her. Just figure. Everything is tied up with attornies who are still making a fortune with the legal battles and the banks not wanting to pull the trigger. Time will tell. I just seam on CNN that the word on the street is that the housing market increase is in jeopardy. Now do your homework. What is that about?


Paul Conti

Legacy Real Estate

San Jose, ca 

Views: 481


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Comment by Mike Linkenauger on September 10, 2013 at 8:10am

Just the usual case of the Left hand doesn't know what the right hand is doing.  This happens ALL the time.  In Florida, two years plus is actually EARLY in the default / foreclosure stage.  I have seen MANY, MANY properties 4-5 YEARS or more without a payment and before action is finally taken.  Many are intentionally holding back inventory because of current appreciation, many just doing have the resources and organization to follow through with legal proceedings in a timely manor.

Comment by Paul Conti on September 3, 2013 at 12:05pm

Wow. The market in limbo.... Hot and cold and unsure. Hurry up and wait. What more can I say. 

I want my mommy. LOL


Comment by Marvin Von Renchler on September 3, 2013 at 11:50am

Folks, most lenders/servicers have been up in the air over fed and state lawsuits, Obama plans, etc. They simply have not moved on many houses for fear of muddying the waters and possibly losing to minor issues such as MERS. One by one, state supreme court decisions have been pro lender and they are feeling cocky again about foreclosing. This is also why we are suddenly seeing more BPOs. I know people who have not made payments in FOUR YEARS. Because of some Obama plans and some state suits, owners received DELAYS in the foreclosure process. This stopped regular foreclosure but in those states allowing it---the lenders simply started moving to JUDICIAL foreclosures. That was a lot of time and paperwork and also expensive case by case. Now the lenders think they can go ahead with non judicials again. MERS issue isnt stopping anything now. Remember the banks can do this waiting becuase our horrible back stabbing government backs them and keeps printing money to give them so they do not take losses and fail. Yayyyy Democrat government.

Comment by Diana Carroll on August 31, 2013 at 10:44am

I have a property that was an REO, listed at $374 cash offers up to, declined it, took property off market for a short while, put the property back on the market and listed it again for $374. got more offers the best one this time was $515. cash, took to off the market again, then send it to the auction company, got more offers and now its back to the auction company for the three time, I can't figure out whats up??

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