[quote=briansd1] . . . BG has a problem with the “teaser” prices of short sales, but I don’t see a problem with them. There are issues with wait and the work involved with short sales, so the banks should be thankful they don’t have to deal with them.[/quote]
brian, as you know the wait for approval is so long on many of these transactions that often the aggrieved lender could have foreclosed several times over by the time the transaction closes (IF it closes). Instead these idiot lenders choose to let the defaulted mortgage balance, fees and deferred interest (if applicable) pile up month after month while their opportunist-trustor lives for free with their paid-for luxury vehicles sitting in the driveway and lets the property go to waste.
The first WINNERS of this game are the RE brokers/agents and other ancillary RE svcs making commissions and fees. (I’m NOT saying they don’t deserve it.) The other WINNERS are the deadbeat homedebtors who get to keep their equity they extracted and whatever else they bought with it. (I AM saying they don’t deserve it.)
The LOSERS are all other surrounding property owners and US taxpayers, including our children who have not yet become old enough to pay taxes.
