While making the rounds to other real estate agents blogs, as I often do to keep up on the market in other parts of the country, I found this hilarious and sadly very true video created by Kris Berg from The San Diego Real Estate Blog. This is evidence the shows whether it be in San Diego, California or here in Denton County Texas buying a bank owned property or REO1 it is just as frustrating.
Kris really shows the comical side of a real estate transaction that many first time home buyers, and even move-up buyers trying to take advantage of great value and bargains in the market today that is saturated with short-sale and foreclosure properties. Sad thing is, stories like this, and the frustration experienced by buyers agents and buyers alike will continue for years to come unless there is some reform with how banks manage these properties. For the record, I have a short sale I have been waiting on for 5 months now, after it closes I will be sharing that story here.
- Real Estate Owned Property [↩]
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All Rights Reserved© Jay Myers (972) 510-7800 Licensed Real Estate Agent in Texas with Fathom Realty LLC
{ 2 comments… read them below or add one }
IF the banks could only get their act together and realize it is costing them and the tax payers a ton of money in lost cost of funds and declining property value. If they could only get the process going and get a ask price in the market quickly and form a time table to close it out.
Oh don't you worry Richard I am sure all those big banks got it all worked out that they show it as a loss on their books and take advantage all kinds of tax advantages without hurting their salaries. There is a reason they want to hang onto all that toxic debt, and slick attorneys and financial planners have probably had it planned long before the bottom fell out.