more bad behavior

[Anonymous]

Hi briansd1,

Thanks for the enlightenment. I guess that explains why the agent is representing the buyer and seller and sending stuff not listed yet.

Thanks for the info)

[patientrenter]

When people hear that banks tolerate a sales process that fails to get them the highest price, or fail to favor cash buyers more certain to go through with the sale, they get all mad and think the banks are incompetent.

That’s not true – the banks are very competent. They realize that their survival and health is no longer dependent on how much is charged for loans than must be charged off. Instead, it depends on shoveling as many transactions through as possible, that are as big as possible. If losses occur because the transaction are dumb, then the banks won’t have to eat the losses, taxpayers will. They also realize that the government wants them to lend as much as possible, to as many people as possible, and they will be rewarded for doing that.

Based on this astute analysis of their real role in society, bankers are doing what they are all but being told to do: lend with abandon, and bill any losses to the government. This is showing up in the foreclosure process. Why should banks or bank employees care if REOs are sold for less than they could get? If a big bank loses $10 billion instead of $7 billion because of this, it’s just a 3 more billion that must come from the govt (usually in the form of well-hidden subsidies such as loan guarantees, or high loan spreads caused by low short term interest rates, or…)

If any big bank thought that its survival, and that of its management, truly depended on getting the best price for its REOs, then they would find a way to do that, and not be overwhelmed logistically as they are.

[patientrenter]

When people hear that banks tolerate a sales process that fails to get them the highest price, or fail to favor cash buyers more certain to go through with the sale, they get all mad and think the banks are incompetent.

That’s not true – the banks are very competent. They realize that their survival and health is no longer dependent on how much is charged for loans than must be charged off. Instead, it depends on shoveling as many transactions through as possible, that are as big as possible. If losses occur because the transaction are dumb, then the banks won’t have to eat the losses, taxpayers will. They also realize that the government wants them to lend as much as possible, to as many people as possible, and they will be rewarded for doing that.

Based on this astute analysis of their real role in society, bankers are doing what they are all but being told to do: lend with abandon, and bill any losses to the government. This is showing up in the foreclosure process. Why should banks or bank employees care if REOs are sold for less than they could get? If a big bank loses $10 billion instead of $7 billion because of this, it’s just a 3 more billion that must come from the govt (usually in the form of well-hidden subsidies such as loan guarantees, or high loan spreads caused by low short term interest rates, or…)

If any big bank thought that its survival, and that of its management, truly depended on getting the best price for its REOs, then they would find a way to do that, and not be overwhelmed logistically as they are.

[patientrenter]

When people hear that banks tolerate a sales process that fails to get them the highest price, or fail to favor cash buyers more certain to go through with the sale, they get all mad and think the banks are incompetent.

That’s not true – the banks are very competent. They realize that their survival and health is no longer dependent on how much is charged for loans than must be charged off. Instead, it depends on shoveling as many transactions through as possible, that are as big as possible. If losses occur because the transaction are dumb, then the banks won’t have to eat the losses, taxpayers will. They also realize that the government wants them to lend as much as possible, to as many people as possible, and they will be rewarded for doing that.

Based on this astute analysis of their real role in society, bankers are doing what they are all but being told to do: lend with abandon, and bill any losses to the government. This is showing up in the foreclosure process. Why should banks or bank employees care if REOs are sold for less than they could get? If a big bank loses $10 billion instead of $7 billion because of this, it’s just a 3 more billion that must come from the govt (usually in the form of well-hidden subsidies such as loan guarantees, or high loan spreads caused by low short term interest rates, or…)

If any big bank thought that its survival, and that of its management, truly depended on getting the best price for its REOs, then they would find a way to do that, and not be overwhelmed logistically as they are.

[patientrenter]

When people hear that banks tolerate a sales process that fails to get them the highest price, or fail to favor cash buyers more certain to go through with the sale, they get all mad and think the banks are incompetent.

That’s not true – the banks are very competent. They realize that their survival and health is no longer dependent on how much is charged for loans than must be charged off. Instead, it depends on shoveling as many transactions through as possible, that are as big as possible. If losses occur because the transaction are dumb, then the banks won’t have to eat the losses, taxpayers will. They also realize that the government wants them to lend as much as possible, to as many people as possible, and they will be rewarded for doing that.

Based on this astute analysis of their real role in society, bankers are doing what they are all but being told to do: lend with abandon, and bill any losses to the government. This is showing up in the foreclosure process. Why should banks or bank employees care if REOs are sold for less than they could get? If a big bank loses $10 billion instead of $7 billion because of this, it’s just a 3 more billion that must come from the govt (usually in the form of well-hidden subsidies such as loan guarantees, or high loan spreads caused by low short term interest rates, or…)

If any big bank thought that its survival, and that of its management, truly depended on getting the best price for its REOs, then they would find a way to do that, and not be overwhelmed logistically as they are.

[patientrenter]

When people hear that banks tolerate a sales process that fails to get them the highest price, or fail to favor cash buyers more certain to go through with the sale, they get all mad and think the banks are incompetent.

That’s not true – the banks are very competent. They realize that their survival and health is no longer dependent on how much is charged for loans than must be charged off. Instead, it depends on shoveling as many transactions through as possible, that are as big as possible. If losses occur because the transaction are dumb, then the banks won’t have to eat the losses, taxpayers will. They also realize that the government wants them to lend as much as possible, to as many people as possible, and they will be rewarded for doing that.

Based on this astute analysis of their real role in society, bankers are doing what they are all but being told to do: lend with abandon, and bill any losses to the government. This is showing up in the foreclosure process. Why should banks or bank employees care if REOs are sold for less than they could get? If a big bank loses $10 billion instead of $7 billion because of this, it’s just a 3 more billion that must come from the govt (usually in the form of well-hidden subsidies such as loan guarantees, or high loan spreads caused by low short term interest rates, or…)

If any big bank thought that its survival, and that of its management, truly depended on getting the best price for its REOs, then they would find a way to do that, and not be overwhelmed logistically as they are.

[5yes]

My husband and I put in offers on over 20 properties in TV in the last few months. All were outbid beyond what my piggington trained senses could understand. A couple times we ran into houses that had offers accepted before hitting the market. Then one day at our favorite park we noticed some action in a house down the street. We had looked at the house previously as a short sale and the price was just over what we were looking for. We wandered over and behold, it was an agent from a broker who was changing the key code and taking over the listing since it had just foreclosed. We told him that we wanted the house. He wrote us up an offer immediately and turned it in to the bank even though the house was not listed or in any way ready for sale. We kept along our way, putting in other offers, but 3 weeks later the broker called to let us know that our offer was accepted! They went ahead and listed the house, but put on the listing that it had an offer already. I know that other offers came in but the bank had already accepted ours and took the others as back ups. Have I compromised my morals? I don’t see how: I mostly lucky to be in the park that day and aggressive enough to go ask a guy in suit what he was up to. Now I am getting a great house, bigger and nicer than I’ve ever lived in, for less than I’ve been paying in rent these last few piggington fueled years.

[5yes]

My husband and I put in offers on over 20 properties in TV in the last few months. All were outbid beyond what my piggington trained senses could understand. A couple times we ran into houses that had offers accepted before hitting the market. Then one day at our favorite park we noticed some action in a house down the street. We had looked at the house previously as a short sale and the price was just over what we were looking for. We wandered over and behold, it was an agent from a broker who was changing the key code and taking over the listing since it had just foreclosed. We told him that we wanted the house. He wrote us up an offer immediately and turned it in to the bank even though the house was not listed or in any way ready for sale. We kept along our way, putting in other offers, but 3 weeks later the broker called to let us know that our offer was accepted! They went ahead and listed the house, but put on the listing that it had an offer already. I know that other offers came in but the bank had already accepted ours and took the others as back ups. Have I compromised my morals? I don’t see how: I mostly lucky to be in the park that day and aggressive enough to go ask a guy in suit what he was up to. Now I am getting a great house, bigger and nicer than I’ve ever lived in, for less than I’ve been paying in rent these last few piggington fueled years.

[5yes]

My husband and I put in offers on over 20 properties in TV in the last few months. All were outbid beyond what my piggington trained senses could understand. A couple times we ran into houses that had offers accepted before hitting the market. Then one day at our favorite park we noticed some action in a house down the street. We had looked at the house previously as a short sale and the price was just over what we were looking for. We wandered over and behold, it was an agent from a broker who was changing the key code and taking over the listing since it had just foreclosed. We told him that we wanted the house. He wrote us up an offer immediately and turned it in to the bank even though the house was not listed or in any way ready for sale. We kept along our way, putting in other offers, but 3 weeks later the broker called to let us know that our offer was accepted! They went ahead and listed the house, but put on the listing that it had an offer already. I know that other offers came in but the bank had already accepted ours and took the others as back ups. Have I compromised my morals? I don’t see how: I mostly lucky to be in the park that day and aggressive enough to go ask a guy in suit what he was up to. Now I am getting a great house, bigger and nicer than I’ve ever lived in, for less than I’ve been paying in rent these last few piggington fueled years.

[5yes]

My husband and I put in offers on over 20 properties in TV in the last few months. All were outbid beyond what my piggington trained senses could understand. A couple times we ran into houses that had offers accepted before hitting the market. Then one day at our favorite park we noticed some action in a house down the street. We had looked at the house previously as a short sale and the price was just over what we were looking for. We wandered over and behold, it was an agent from a broker who was changing the key code and taking over the listing since it had just foreclosed. We told him that we wanted the house. He wrote us up an offer immediately and turned it in to the bank even though the house was not listed or in any way ready for sale. We kept along our way, putting in other offers, but 3 weeks later the broker called to let us know that our offer was accepted! They went ahead and listed the house, but put on the listing that it had an offer already. I know that other offers came in but the bank had already accepted ours and took the others as back ups. Have I compromised my morals? I don’t see how: I mostly lucky to be in the park that day and aggressive enough to go ask a guy in suit what he was up to. Now I am getting a great house, bigger and nicer than I’ve ever lived in, for less than I’ve been paying in rent these last few piggington fueled years.

[5yes]

My husband and I put in offers on over 20 properties in TV in the last few months. All were outbid beyond what my piggington trained senses could understand. A couple times we ran into houses that had offers accepted before hitting the market. Then one day at our favorite park we noticed some action in a house down the street. We had looked at the house previously as a short sale and the price was just over what we were looking for. We wandered over and behold, it was an agent from a broker who was changing the key code and taking over the listing since it had just foreclosed. We told him that we wanted the house. He wrote us up an offer immediately and turned it in to the bank even though the house was not listed or in any way ready for sale. We kept along our way, putting in other offers, but 3 weeks later the broker called to let us know that our offer was accepted! They went ahead and listed the house, but put on the listing that it had an offer already. I know that other offers came in but the bank had already accepted ours and took the others as back ups. Have I compromised my morals? I don’t see how: I mostly lucky to be in the park that day and aggressive enough to go ask a guy in suit what he was up to. Now I am getting a great house, bigger and nicer than I’ve ever lived in, for less than I’ve been paying in rent these last few piggington fueled years.

[sdrealtor]

OK guys here is some bad behavior of a very different variety. Wells Fargo has been using a number of REO guys for many years. many of them have been with them since the last cycle and beyond. Suddenly the REO’s stopped going to them and started going to Prudential agents. Anyone want to guess how Prudential California and Wells Fargo are so closely in bed together?

HINT: Someone from Omaha is a major shareholder in both corps.

[sdrealtor]

OK guys here is some bad behavior of a very different variety. Wells Fargo has been using a number of REO guys for many years. many of them have been with them since the last cycle and beyond. Suddenly the REO’s stopped going to them and started going to Prudential agents. Anyone want to guess how Prudential California and Wells Fargo are so closely in bed together?

HINT: Someone from Omaha is a major shareholder in both corps.

[sdrealtor]

OK guys here is some bad behavior of a very different variety. Wells Fargo has been using a number of REO guys for many years. many of them have been with them since the last cycle and beyond. Suddenly the REO’s stopped going to them and started going to Prudential agents. Anyone want to guess how Prudential California and Wells Fargo are so closely in bed together?

HINT: Someone from Omaha is a major shareholder in both corps.

[sdrealtor]

OK guys here is some bad behavior of a very different variety. Wells Fargo has been using a number of REO guys for many years. many of them have been with them since the last cycle and beyond. Suddenly the REO’s stopped going to them and started going to Prudential agents. Anyone want to guess how Prudential California and Wells Fargo are so closely in bed together?

HINT: Someone from Omaha is a major shareholder in both corps.

[Author]

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