News & Views on Real Estate

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Time is Money? Really? TELL THAT TO THE BANK!!!

One of the best lessons I've learnt in Real Estate came from a client.   I was advising her to wait for a better offer, one that I knew I could get her.  She said no, time is money and for every day the property stays on the market, money is lost.  ...Say no more; I got it!

 

Obviously the banks haven't had any such tutor.  They have absolutely no understanding about the relationship between time and money.  I thought it was only happening with short sales, where the 2-6 months closings seem to be the norm.  

 

Two days ago I brought one of the top banks a cash offer to close in 7 days on one of their REO's.  They accepted the offer, but they moved the closing date to 60 days later.  SAY WHAT??????????????????  Let me see if I understand this:  my Buyer has CASH, and he wants to close NOW and the Seller (the Bank) says:  "I don't have time to take your money NOW; you'll have to wait till I get good and ready to take your money?"

 

I'm still scratching my head...  Please help me!  What am I missing here? 

 

Mirela Monte, Your Myrtle Beach Real Estate Connection                                           Join The Optimist Group!

Comment balloon 7 commentsTim Maitski • September 14 2008 06:43AM

Comments

this has to do with the corporate side of the buisiness, not the property side.  lenders have to deal with balancing profits and loss.  to optimize that they need to offload properties when it best serves their balance sheets.  cock-eyed i know, but on a much deeper level it dies make sense i promise.

 

LOL

 

Chris the implementer

Posted by Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974 (Chris Brown | Certified Mortgage Planners) over 10 years ago

Well, I guess Chris explained it somewhat. Personally, I don't understand how the banks work either. They don't even communicate well among their own departments.  (sigh!)

Posted by Sherry Peckhoon Sim, Broker/Owner, Covering the Beautiful Central Coast (Sims & Company) over 10 years ago

Indeed, time is money, but I can't imagine a bank holding onto a property when there are five willing buyers and the market is still declining. That doesn't seem to "best serve their balance sheet," as Chris said. By the time the banks are willing to best serve their balance sheets, the five buyers have disappeared and the property languishes on their books for another six months. Personally, I think that some of these banks need to take Financing 101. I think there's a reason why WaMu just fired their CEO.

Posted by Jim Frimmer, Realtor & CDPE, Mission Valley specialist (HomeSmart Realty West) over 10 years ago

Interesting topic !!!!!!

Hi Tim!  Thanks for stopping by my page to welcome me to Activerain.com!!!  I appreciate your thoughtfulness.  It was nice of Mike in Tucson to recommend me to this wonderful website.  The pose you commented about was just action, camera, business card!!  Self portrait, slightly off angle.

Peace!!!!!!!!  Tanya "Tiyheen" Tennyson

Posted by Ty Tennyson (Ty Tennyson) over 10 years ago

Missing is the fact that everyone presumes that banks have the same number of staff even though their income dropped dramatically as foreclosure rates rose.

There are lots of people paying with cash, but it's first come, first serve. It's kind of like that old cartoon that many businesses used to have above their order desk: "I'll get to your rush job just after the other 100 rush jobs I'm already doing."

Too many people think this about me-me-me, even with cash, without realizing that there are 100 other customers ahead of them, all of them with cash, too.

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