I have a client who hasn't made a payment in two years. His loan mode was to crazy to accept. So they agreed that they would do a short sale. Well the client decided not to move forward with the short sale till he at least got a notice of default. Its been now 4 month that nothing has happened. Then in the last month the client got a call from the bank offering to give up the property for $5,000. The client said NO. I want at least $10,000. The bank has not responded. No this is Wellsfargo. Not small potato. Just figure. They delay is something that shows the banks hand in the game. I have two other REOs that have been sitting empty. They where going to put them on the market and nothing in the last 7 months. I have contacted the asset company and no response what so ever. Now why is this happening? The story about the banks are holding off is the reason. Now this bank is US Bank. Again not a small potato. One last one. I have a listing with PNC bank. Its vacated 3 months ago. And waiting for a clean out approval. And nothing. The old owner is suing them stated that they took her property in the from her. So its tied up until they clear it out but the funny thing is that they got a lock out on her. Just figure. Everything is tied up with attornies who are still making a fortune with the legal battles and the banks not wanting to pull the trigger. Time will tell. I just seam on CNN that the word on the street is that the housing market increase is in jeopardy. Now do your homework. What is that about?
Cheers
Paul Conti
Legacy Real Estate
San Jose, ca
