Kelly Quigley is the former managing editor of REALTOR® Magazine.
Notes From Readers: Banks Need to Do Their Part
Readers of REALTOR® Magazine share insights and comments from recent events and articles.
November 1, 2009
I’ve been working on a short sale transaction, waiting four months to close the deal with no foreseeable end. With delays like this, most willing buyers would just walk away. If the banks would do their part by effectively coming up with a better procedure to move these short sales, it would improve the real estate market. Part of the bailout money that banks received should be used to facilitate this process. Banks need to hire more personnel or revamp what they do have in place.
Many real estate professionals have had contracts on short sales with closing dates scheduled only to find out days before closing that the property has gone into foreclosure. This is costing more money. Are they deliberately trying to sabotage the real estate industry? Is there some advantage for the bank when a property goes into foreclosure status? Am I missing something? When is the madness ever going to stop in the banking industry? —Linda Cummings, Prudential Gary Greene, Friendswood, Texas
Market Conditions Form Poses Problems
There have been several articles written recently on the use of the HVCC and how that is impacting the appraisal efforts. (September 2009, “The Trouble With the HVCC,” page 24; July 31, 2009, Speaking of Real Estate Blog, “HVCC Appraisal Rules are Posing a Challenge.”) I wanted to point out that there are also problems with Fannie Mae’s new market conditions form. These problems primarily exist because the use of the form assumes a uniform sale rate over the year. It doesn’t take into consideration that many markets have a strong seasonal nature and that the use of the market conditions form will cause lenders and appraisers to come to incorrect conclusions.
For a great discussion on that topic, visit www.focus1st.com to see the “Visual Appraisal for Real Estate” demo. While the 15-minute demo is primarily a sales tool for the company’s product, the example that they show is an eye-opening example of the problem that the market conditions form creates.—Tim DeLeon, CRS®, GRI, associate broker and partner, The Group Inc. Real Estate, Fort Collins, Colo.
The Social Web in Action
Regarding the article on the business value of social media sites (September 2009, “Connections Made. Now What?” page 18), I found it to be very well written, useful, and practical. I loved the approach you took of talking about the realities of it, as opposed to the “limitless potential” I always hear people talk about.—John Morley, CRS®, Morley Real Estate Group, Huntsville, Ala.
Updated: September 17, 2019