SHORT SALES, THE BANKS ARE SHOOTING THEMSELVES IN THE FOOT

You have probably heard of "short sales," they are a big part of today's market. Sellers are trying to sell their home rather than get foreclosed on. Sounds like a good idea and "the right thing to do." Better to sell now, than get foreclosed on...run up the bank costs, let the home go into further disrepair and have a larger amount of losses for the bank to charge off on your credit.

We all seem to get it, doing a short sale helps the banks. Then why are the banks being so difficult?

Last month one of my buyers wrote an offer on a home listed as a short sale. It stated in the listing the price was already accepted by the bank. We negotiated $505k on a home listed for $539K. Everything was submitted to the bank. At the time there were no homes for sale in Desert Ridge, Aviano, under $600k. Well now that has changed. This home backing to 40th Street, probably a future busy street when Mayo Blvd and the Highway go through. The bank had an opportunity with my buyer to unload this home.

4 weeks later, which is pretty quick, they countered at $554,500. My buyers walked and bought a much better deal in Fireside at Desert Ridge. GOOD LUCK, NATIONAL CITY MORTGAGE!! You passed on a great opportunity. We would have paid $530K if you would have just responded in a timely manner. Take the home back and sell it after foreclosure. Let's see, with a 1% holding cost, in 4 months you will break even if you get your price. I don't think you will have it on the market in 4 months, you move to slow!!!!