My Blog

I find it disturbing that every bank owned property is not treated like a normal real estate deal. What I mean by this is when a buyer buys a house from a home owner (that is not a short sale). The home owner is responsible for providing the buyer certain items (i.e. survey, correcting village code violations, etc). Why are banks treating the buyer like the Black Knight? They are the White Knight coming to their rescue by taking an asset off their books that no one wants! Now banks would say they can’t afford the additional expense of a survey and other items and that the price they are selling it for is below market and the buyer is getting a great deal. First, the other items are minimal in cost. Second, there is no below market level in this market. What it sells for is what the market bears for that property. A lot of the properties are unlivable and the buyer has to spend a lot of money to get it to a livable level.  Not all banks own institutions are all bad. Fannie May is fair and reasonable to work with in my opinion (at least with the deals I have done with them).

Banks should be doing just the opposite of what they are currently doing. Banks should be offering buyer incentives to buyers for their properties. You can catch more bees with honey than you can with vinegar.

Banks, it’s time to start using HONEY!