Here is an example of the frustration both Sellers & Buyers are experiencing; qualified buyer wants to buy a bank controlled house but cannot get a response from the bank - huh??? Seriously? Are there not a high number of homes that need well qualified buyers? One specific example I am working on is in Central Austin where my client buyer could pay cash or work with the current lien holder to get a loan. Neither the Seller nor I can get this major banking institution to respond and it has been posted on the foreclosure list the last two months...this has been going on since early September 2011 - over 3 months! A second specific example I am part of is in South Austin where we have made a good offer to buy but the bank will not even return the calls of their own Realtor, choosing to just keep a price that competes for better conditioned homes that have sold in the same neighborhood.
I find this fascinating and annoying; it would help if a response was given (a "no" would even provide some relief) AND if the financial institution who has the toxic asset would realize their price is waaaayyy off. These scenarios not only make the buying process extremely difficult on the buyer, but also makes the seller go through some additional mental hardship because nothing is being done to give closure.
Tuesday, January 10, 2012
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