It's the Banks vs. the Banks

Nearly all delays in a home sale closing escrow have to do with a bank causing a delay. The ironic part is that the typical seller in our area is a bank, who then fights with the buyer's lender, a bank.

I am in contract right now where a bank seller of a home took three weeks to respond to a low appraisal and in return, gave my buyer three extra business days to close escrow. The buyer's lender is now taking an additional nearly three weeks to close escrow. In the meantime, seller's listing agent and buyer's loan officer are having a not-so-nice spat via email over when this thing will close.

All the while, my buyer is left in limbo through no fault of her own. Banks on both sides I think forget sometimes that while they are pushing paper and crunching numbers that there are real humans on the other sides of these transactions.

Where's the "wave" of Foreclosures

The "experts" have been predicting for some time now that there is a huge wave of foreclosed homes yet to hit the market. Each month, there is still no wave. It looks as if the banks are trickling in their properties slowly, which is keeping this a seller's market and buyers scrambling for homes.

Despite this trickle, I do know there are a lot foreclosed homes out there still needing to be sold. Two of my own short sale listings have crashed and burned and are now both owned by Bank of America. I Love B of A, the best real estate brokerage in the country. I'm really looking forward to the day when all banks do is take our money and lend it. Let's get them out of the business of real estate.

Top Ten REO Agents in Sac Region

Today's front page of the Bee lists the Top Ten REO Agents in the Sacramento Region. With the exception of a couple of these agents, I HATE, I repeat HATE showing these agents' listings. It is near impossible to get someone on their "Team" to call you back. It's hard to even find out if your offer was ever received, until 5 days later when you get an email that says, "multiple offers, highest and best requested." At which point you give your highest and best, only to be beat out by the other 42 cash offers. Poor first-time buyers with FHA loans are delegated to short sales.

Okay, now I'm being a bit sarcastic and melodramatic, but all you non-REO agents representing buyers know exactly what I'm talking about. And all buyers, have heard all this repeatedly with each offer you put in by your Realtor.

Someday, the banks will no longer control every aspect of our market except to make loans. That will be a sweet day.