Thursday, April 16, 2009
Why I detest REO.
Fricking REO really chaps my hide. My buyers put in offers over the asking price, wait three weeks to hear something from the Asset Managers, then are asked for their highest bid, made to wait for another month and then told "sorry, we went with another offer that was 25% lower but all cash". I swear I want to wring the neck of these non-call returning, non-email returning, totally on their own schedule asset managers. It's almost to the point where I don't want to show any REO any more because of the nightmare of dealing with banks.
Let's take a step back and observe how disgusting this situation is.
Countrywide, Wamu, etc. all ventured into subprime lending, got greedy then got served with a hot, fresh plate of foreclosed houses. They come crying to the U.S. govt which writes them a blank check to cover their losses, then they turn around and resell the REO for PURE PROFIT!!! (remember, their initial mortgage losses were either totally paid off when they sold the crap paper to the next guy in line or were repaid with our ingenious Bush regime TARP plan.) In most cases, these lenders are out NOTHING on their foreclosures!!! Wait, someone has to foot this trillion dollar tab. Oh right, it's us taxpayers. And furthermore, the banks that sucked up all the TARP money are the ones buying the cream of the crop from the banks that can't stay solvent enough to pay their utility bills that month. These properties aren't getting sold to the general public, they are being sucked up by the heinously corrupt banks that are laughing all the way to the...er...bank with your and my money. I feel sick.