The Banks are Doing it Again

Posted by Eric Miller on Wednesday, November 4th, 2009 at 1:44pm.

There are few people out there who would say that the banks had their eyes clearly on their businesses with an end in sight as they made loans to people who really couldn't afford them with more and more convoluted terms. I am sure it would be hard to find people to stand up and profess " the banks now get it they are in control of what they are doing now". At FortLauderdaleGroup.com our goal is to help you make a good Fort Lauderdale real estate investments and avoid many of the pitfalls of an unloved, foreclosed property.

The other day we wrote an offer on a bank owned property for $245,000 about 30% less than it would have sold just a year ago, but in the current market, a valid offer. The property was on the market for $265,000. Within days the bank "REJECTED" the offer, and then proceeded to reduce the property to $240,000. We have now closed....... This is your money, my money, your neighborhoods, and the institutions you trust.

The real moral of the story here is we all need to pick our experts in life effectively and trust them to do a good job. It won't last long, but the banks are digging themselves deeper into this real estate problem by not allowing a broad spectrum of realtors who have been experts in each market for years to be their source, and help them out of this inventory crisis. Remember there is no real estate crisis, its a crisis of inventory and in many cases its inventory that few people really want, so follow this logic. Wouldn't the easiest place to get rid of real estate inventory to be go where the most buyers are, working with the biggest, and best realtors in town. Instead the banks are working with property liquidation teams that are appearing all over, are impossible to work with and continue make mistakes like the one I mentioned above. Many realtor's who have worked local market are not even talking to the banks other than if they represent the buyers, because many of the banks are impossible to talk to. They are in crisis mode but making it worse, currently we have a foreclosure deal which may die days before closing because someone at the bank has changed the terms days prior to closing ( we are taking $2000), we had another deal weeks ago where we were asked to accept a lower commission ( which we did ) and at the closing table found out the other agent was paid twice what we were from the bank. I don't blame the agent but shame on the bank.

On a last note - the best deal in real estate is a realistic seller - who understand the market and is ready to move on - work with a real estate professional who can show you the facts - and if the home you love doesn't have the word foreclosure in front of the address, believe me this is a win for everyone. Buy it right, know you got a great deal with a property which was taken care of , and enjoy that you bought in a buyers market where the banks helped you to get a lower price.
Remember we are always here to help, and you negotiate with facts, you can be assured you have a team of pros on you side.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

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