Real Estate Investing:B of A Short Sale - Buyers Need Epidural

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Get ready, get set…more short sales and foreclosures (later rather than sooner) are coming.

All of the “stated income” loans (the lie to get a better rate loan)and “pick a payment” loans that Lenders hustled are about to show their face.

If course, we have Obama’s Making Homes Affordable plan by the use of loan modifications that is suppose to decrease the amount of foreclosures but I am very skeptical about this plan working.

In comes a flood of Short Sales.

After waiting patiently since March home buyers I am working with were horrified as I was to hear Bank of America REFUSE to pay any closing costs on a short sale. This house has been on the market since July 2008.

Yes, I said 2008! And my home buyers made an offer in March 2009. Can you believe it? The buyers have offered ,000 less than the appraised amount. Not a bad offer.

And to make matters worse, my home buyers are willing to pay the closing costs BUT the bank STILL won’t accept their offer! WOW!!

My first time home buyers will need an epidural before this is over!

It does make one wonder what the bank bailout money has been used for…are they REALLY interested in selling? What exactly is their motivation? Will the banks get more money from the tax payers?

Do we feel sorry for you B of A? hmmmmmmm

And if that isn’t bad enough, now we have our own esteem Gov. Arnold Schwarzenegger granting a 90 day foreclosure moratorium. Say, I have a question…do you like dragging the economy in the gutter for a longer period of time? Seems that’s the aim of our CA legislators!

Even Corbett who wrote this ridiculous foreclosure moratorium bill said she wanted to write a more aggressive bill but couldn’t…hey then don’t write one and Arnold what were you thinking when you signed it?

This bill is full of false hope for the homeowner losing their home. Worse yet extending the length of time for CA recovery by not letting these homes go into foreclosure and quickly selling them.

Thanks California legislators for making sure that we can endure this economy EVEN LONGER!!!

For those home buyers who would like to take a look a short sales and foreclosed homes for sale just click the links below. Remember, you can’t be a toast watcher and make offers on Short Sales.