Lenders Are Terrible Sellers

It's been said time and again ... As soon as we get rid of this inventory of foreclosed and short sale properties, the market will be back on track. Well, anyone who's been actively involved in the residential sales market lately can easily see where the real problem comes from ... it's the fact that BANKS JUST DON'T KNOW HOW TO BE SELLERS ... They're just awful!

An agent in my office put it this way ... "It's like the Wild West. There are no rules, no common courtesies and nobody cares who gets hurt!"

The lenders are taking weeks and often months to respond to an offer to purchase a foreclosure property ... and much longer if it's a short sale.

The banks are "stacking" offers and seem to be waiting for a better one even though there are good and honest contacts that have already been presented. They just don't seem to be in any hurry ... and why should they be? They got billions of dollars in government bail out money and they really don't care how long this mess hangs around. They don't care about the property and they don't take care of the property ... driving the values ever lower because of their neglect.

As a result of all the nonsense, we even have middle men who, for a fee, will expedite the transaction. Expedite the transaction!? I thought that's what agents and brokers are supposed to be doing.

There's been lots of blame thrown around since this whole mess began ... greedy lenders, dumb buyers, poor economy, and on and on. But right now, the blame is squarely on the lenders. Someone should give them all a good lesson on how to simply be a good seller.