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Mr. President, stop throwing money at the housing industry, that isn’t the problem

This morning I read a report that the President says the problem with the housing industry is short sales and he wants to fix it. I thought GREAT, ABOUT TIME! But then I read the article and quickly I realized that our President has no clue about what is going on with the housing industry. As with most politicians he thinks if we throw money at a problem, he thinks it will go away.

You see, the President says the problem with short sales is that the sellers don’t want to move out and that he is willing to offer $1500 to home owners to move out, so they can have money to move. WHAT? Since when do we have a problem with sellers not wanting to move out? Does he not realize what a short sale is? A short sale is where a seller puts his home on the market because he knows he is in trouble and wants to move. Now, I think this is going to be a huge chance for fraud!

White House

You see, the real problemwith short sales is the banks aretaking so long to respond that the home ends up going in to foreclosure and that is when the sellers are refusing to move out. They tried to do a loan modification, they tried the short sale… the banks are the problem, not the sellers.

I think we are going to see a lot of sellers take advantage of your $1500 program and actually create the problem of sellers not moving out until they get their $1500 a real thing. Mr. President, if you want to fix the problem, make it so the banks have to respond to short sale offers submitted to them within 30 days of being submitted. (The reason I say 30 days, is so that gives them time to do a BPO or an appraisal) If they don’t respond within the 30 days, they have to give a $500 a day credit to the home owner that will go toward back payments and principle.

I promise, if you do this, as soon as the banks realize that they are getting people out of default with their delays, the short sale problem will go away.

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 130 commentsRespect Realty LLC • March 08 2010 12:42PM
Mr. President, stop throwing money at the housing industry, that isn…
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