I’m Frustrated and Fed Up

You may have noticed a halt in postings these last couple of weeks.  I apologize.  But I’m really frustrated and fed up with real estate in America right now.  And to Bank of America I say a loud “Boo” to you.

Seems these freaking banks are bent on destroying realtors’ lively hoods.  They certainly helped to create the financing mess we found/find ourselves in.  Then they couldn’t find their asses with both hands during the rise of short sales.  And now they have decided that all the foreclosures they have done/have been doing may not (or may have.  Who knows?  We’re just lawyers.) have been legally sound.  Who is running these banks?  Anyone anywhere have a clue?

People and realtors and businessmen from all points across America disagreed with me when I yelled “Let’em fail!”  I was told the economy couldn’t handle it.  Main Street would be devastated along with Wall Street.

Well, you know what?  Who keeps taking it in the shorts?

I don’t get to draw a six figure salary while screwing up and then get government backed loans and guarantees if I mess something up.  These cats do?

Who is going to compensate me for the closings I have that have now been halted?  I’ve done the work. I’ve identified the properties.  I brought a ready, willing and able buyer.   I read through and explained their 34 pages of ridiculous addenda.

And what about the buyers?  They are willing to redo these houses and get the inventory off the public-backed payroll…so to speak.  Now these homes will languish causing banks asset sheets to look bleak requiring a conservation of capital which will choke lending which will require taxpayers to come to the rescue again which…  Get it?

During the real estate boom banks were fighting states to get in to the real estate business.  Is their goal to bankrupt the established real estate structure?  (Maybe I’m a bit overboard there.  Maybe not.)

First financing caused me to have to move away from multi-family homes.  So I adjusted and started working with foreclosures.  This time, I am not sure how much I care to adjust and come up with a new strategy.  I have options.  I’m mad.  And I probably shouldn’t even be publishing this.

But many of you know me from years of reading. If you have an account at a large bank, I’m begging you to close it and move it to a community bank that was more fiscally responsible.  Let’s all just say “screw you” to these people where it matters.

10 Comments

Filed under Social Issues

10 responses to “I’m Frustrated and Fed Up

  1. Another Investor

    A number of agents I know simply refuse to list or sell a Bank of America short sale or foreclosure. If a client asks about a B of A short sale, they tell the client that Bank of America is impossible to work with, the sale has very little if any chance of closing, and they would do the client a disservice if they wrote a contract. Some agents who were selling their foreclosures will think twice now.

    I think the best thing to do is simply to boycott the cancer that was Countrywide. Don’t list for them, and explain to your buyers the problems of buying their listings. Suggest to your buyers they look elsewhere for financing. When B of A gets the message they aren’t welcome, they may change their tune. Maybe they will fire everyone in Calabasas and move the jobs to Kansas City.

  2. You’re not alone, Chris. Things must change, your opinion is what I foresee as the industry sentiment nationwide within the month.

  3. AI – two years ago I started boycotting short sales from BOA. I was on that nonsense early. I would help people neither buy or sell them unless they would pay me up front. I worked with them before that and it always just ended up with me spending countless hours with zero return and frustrated clients.

    But buying a foreclosure? A home that has been through the legal process? Now I learn that BOA attorneys simply file thousands a day without actually reading the docs?

    Hell, if I send them in their 34 page addendum and miss a set of initials on page 13, sub-section paragraph (b) they make get the initials. But read documents they are attesting to in court and they cannot be bothered?

    It’s sickening and maddening and I’ve had enough. Why anyone keeps any money in BOA is completely beyond me.

  4. Lani – Industry wide realtors keep being treated like we all got rich and this doesn’t matter. I actually refused to sell overpriced crap in the urban core. I did the right thing. And now I’m really paying for it. Maybe I should have been part of the problem then I would have been able to bank more money to ride this out longer? Is that the lesson I keep getting taught?

    I’m just sick of it. I love working with real estate that will make money and provide quality housing. But I also like knowing I can provide, with consistency, for my family. I hate having months go by when all my work vanishes and there is no income.

  5. Hey Chris — I’m with ya, big time. Closed my B of A account over two years ago, and love the new one. They never got involved with risky stuff.

    I think Lani’s correct. The general population, specifically the RE industry, will shun B of A and those like ’em.

    Expect to hear from me today.

  6. KC Investor

    We’ve had a few bad run-ins trying to make deals on BOA properties, but this one was nuts …
    Listing agent said the bank called her the day we looked at the short sale and said “Get it sold”. She indicated they’d likely take less than list. We offered a very reasonable 6% less than list. FIVE WEEKS later they countered at 2% MORE than list. Huh? Don’t know how they’ll ever get all these homes off the books … Understand your frustration.

  7. Eric

    Amen brother, keep fighting the good fight.

    I’m in the process of transferring all my banking out of BOA. I used to love them for their convenience, but apparently that convenience comes at a cost I’m no longer willing to pay. The few added hassles of a local bank are much easier to stomach than knowing the fact that my money is being used to fuel the engine of suffering that Bank of America has become.

    Still, my banking doesn’t amount to much, and it feels like a futile gesture. I can only hope there are thousands of people across the country who feel the same, and are taking the same steps.

  8. Chris,

    We are going to have to suggest to KCRAR that we should not only designate listings as short sale offerings, but also name the lender we are dealing with, right on MLS. Then we could guide the buyers as well.

    Personally, we have bought foreclosures, preforeclosures, and REOS. We are now looking very closely at who the lender is.

    We are also ramping up our marketing for motivated sellers again – go with owners that have the equity and a reason to sell at a good price and avoid dealing with banks all together.

    Even on the buying side, we avoid the banks – using private funds rather than borrowing from a bank . . . of course as a full time real estate investor, I doubt I could get very far in obtaining a rehab loan from a bank these days if I tried.

    • Glenn Mcconell

      Hi

      We live in Australia but my wifes parents live in Kansas City Missouri. We are looking to buy several investment properties in Kansas city. My father-in-law is keen to be involved re the maintenance side of things as he is extremely handy.

      I am confused with what I am eading about how should deal with BOA etc. I still need to look into finaincing becase although we have a stack of equity in our home over here (over $700,000, houses are very expensive in Melbourne!!)) I get the feeling that wont count in USA. There should be no problem with us getting finance because of the equity in our home here, our US shares and our excellent high paying jobs etc.

      I wonder if you can assist us to invest in Kansas City.

      Thanks
      Glenn McConell

  9. Hello Glenn,

    I just responded to the email you sent me….

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s