Wednesday, June 29, 2011

Cleveland Ohio Real Estate Update

This year is definately better than last year. I am seeing a lot of people purchase homes and owner finance them back to family,friends or employees. This is the best investment you can do right now. You can get interest on your investment and have something tangible like the title to the house as collateral. I think this is a great time to invest in some of these bank owned peoperties if you have the money.

I am still seeing people lose their homes. Some who have struggled to hang on are calling me to find out their options. The banks are just nasty to deal with. At this moment I have been waiting for a short sale bank negotiator to call me back. He has emailed me that he will call me before 1 pm today. I am doing everything to keep my phone line open so I don't miss his call. My seller is desperate and wants to get the bank to work with the offer that is on the table. I know the negotiator has about 400 other properties he is working with. We are just another phone call and number. I'm the one in the trenches feeling the emotions of the homeowner and the potential buyer.

I hear advertisements on the radio about Save your home but the Federal government is doing nothing about the shake down the banks are doing to the general public. The banks basically force you into selling your home. This is not The American Way!

Alot of these people could simply hold on if the banks would let them readjust their interest rate to a lower current rate. If you are in trouble you can't qualify for a refinance so what is the point. I've had people who lost their jobs and just needed to add maybe 4-6 months on the back of their loan and they would be able to stay in their home but the process is not n place to make this any easy solution.

I did finally get a call back from the negotiatior. It turns out the appraisal on the house is too high! Now if this was an outright pruchase the appriasial would be too low! So they are telling me I have to wait 3 more months to possibly get a new appraisal and maybe then I can get this house sold. In the mean time I will send in my own comparable sales and show the feedback on all the showings and maybe they will work something out. Unfortunately not with this buyer who just walked from the deal!!!

There are a lot of problems with these bank and mortgage systems. The best advise I can give you is try to work with a bank who services their own loans. That way if trouble happens you might be able to work something out. Right now the trap is wide and open and good people are falling in left and right.

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