dream house rant

[terryknight]

I just need to vent my frustrations. I found out today a house I have been working on purchasing for 6 months now will not get the third party agreement from the bank to sell it to me. Greedy fing banks.

I found a great house what I've wanted, two lots one with a 3br/2ba house and 4 acres and the other with just under 15 acres. I put in a contract on both lots contingent on each other. I found out that 2 separate banks hold the papers on the two lots. one is a local bank, who I'm borrowing money from to buy said property, the other is a big national bank that doesn't seem to care about getting there money back. We've played with the number pulling money from one piece of land and putting it towards the other and everyone seemed happy, then settlement was pushed back then it was pushed back again and now the bank says we won't approve it, we won't sell at that price. Well if that's the case why didn't you tell me that two months ago.

Only good things is I'm still in the game and i have some cash in my pocket from raising money for this by selling my stake in the family farm back to my uncle.

Greedy bank might end up foreclosing on the house and then wind up with less money. ahhh it makes end angry

End rant

 

[Shimon]

Try writing an letter (a real letter not e-mail) to the bank. Maybe someone higher up on the food chain may read it and see reason. Or maybe it won't do anything...but it won't cost more than a stamp and a bit of time. Just lay out your argument in a rational and reasoned manner without sounding angry or pissed off.

 

[mjarrels]

Large banks don't loose money... the federal government bales them out. Too big to fail ring a bell?

mark

 

[terryknight]

Try writing an letter (a real letter not e-mail) to the bank. Maybe someone higher up on the food chain may read it and see reason. Or maybe it won't do anything...but it won't cost more than a stamp and a bit of time. Just lay out your argument in a rational and reasoned manner without sounding angry or pissed off.

the bank asked for why i offered what i did the real estate agent and i wrote letter saying x,y,z the bank has ignored it. though you bring up a piont that the bigger banks you rarely talk to the same person more than twice

Large banks don't loose money... the federal government bales them out. Too big to fail ring a bell?

mark

that's what the girl friend and i were talking about when we found out. it also reminds us of friends of ours that wanted to buy a home locally they had cash in hand went to a bank that was foreclosing on a house they liked, offered to pay off what was owed on the home, the bank couldn't be bothered or thought they could do better, the couple then saw they people who bought the home 6 months later, asked the new owners what they paid. the answer was $40K less than our friends offer. no wonder we are in this position

 

[murphy1244]

Wait for the Sheriffs sale. That's what I did and saved 100,000 less than the offer they turned down on a short sale.

 

[terryknight]

that's where it's heading. only problem i can see will be getting both lots

 

[davrow]

Around here the banks have contract agreements with specific real estate agents for short sales. The bank won't talk to you at all.

And the agents often will not pass offers along to the bank unless they are guaranteed both ends of the commission.

 

[EddieWalker]

It's not that the bank is greedy, it's that the person who is in charge of those assets at the bank is either overwhelmed and doesn't know all the local markets they are in, or is trying to make a profit for the bank in a losing situation and is only allowed to go down to a certain level. Over time, this changes and usually goes to a different person who is responsible of just getting rid of losing assets as quickly as possible. The trick is to time it just right when they give up on making their money back and just want it to go away. That's how I bought one of the three parcels that I own now. Unfortunately for others, after I bought from them, they figured they could sell their other parcels of land in the area for more money and it's remained for sale for ten years now. In my case, I also got lucky in contacting the right person and talking directly to him. My realtor was all talk, but when it came down to thinking outside the box, he just never seemed to get around to actually doing anything. I bought and sold over a dozen houses with him, but we hit a wall in buying this land and I had to take up the slack and start making phone calls.

Good luck
Eddie

 

[Cpjlube]

When my wife and I started looking for a house we looked at several bank owned properties in central Ohio.
One house was decent but needed about 30-40k to make it right. New kitchen cabinets, flooring, garage doors, a few windows. The bank wanted exactly what that house was worth if it was in great shape. We deducted the repairs and made our offer. It was immediately rejected. The bank stated they were dropping the price 10k per month till it sold. After about six months, it sold for exactly what we offered. Of course they had to mow the grass and pay the taxes for six months.....
We knew bank owned and short sales could be a nightmare. We just never found a way to actually talk to someone. All the houses we found were owned by large banks. If they were owned by smaller local banks, things may have been different.

 

[terryknight]

i've done the short sale thing for my current house. it was a local bank it went off without a hitch. the local bank this time around was great too. the national bank is doing something i find stupid. maybe it will work out in this favor, maybe i can buy it after it is foreclosed upon for much less we'll see. i'll take the money i have made and pay down my debts and keep looking. i just can't belive the "national" bank not taking it, but i'm not a banker