Well, let’s say that my intent was not to do too much over the weekend but one thing led to another.
It is sad what has happened in the real estate market. I know some of it couldn’t be helped but a lot of people didn’t use conventional wisdom of not buying more than you could afford.
They’re everywhere on the East coast as well.
One of the sad things is how some people tried to work with their lender to salvage their credit and home but lender let it drag on until they were so far in arrears it moved into foreclosure. Then, there’s a friend who has been trying to buy a house via short-sale and the banks have been dragging their knuckles. They’ve been trying since Thanksgiving!
As Mr. Beachy says, “now the market will bring it all back in balance.”
we agree the housing market was overblown.
Good luck on the closing. They are so stressful.
You are right on the short sales - we started on this one back in November last year, but it now looks good in a few weeks. The house is owned by a family of five, relatively young kids - they ended up owing $665K on a house that’s now worth $400K in this market. It’s a dilemma - when will the $265K shortfall come back? I’d say, close to never. As a banker, I can see why the banks are slow on these transactions - imagine writing off $265,000 on just one loan?
Anyway, Ms. unique and I figure that we are doing the owners a favor by stepping in on a short sale versus a foreclosure on their credit record - they are really nice people that just got carried away - of course, the banking system - specifically mortgage banking allowed this to happen - along with Freddie/Fannie and that swishy Barney Frank.