My visitors know I try hard to spin as much positive as possible out of negativity.

However, I am beside myself with anger at the state of the housing market and the people making decisions at the lending institutions.

The Economic Recovery Act should be renamed to the Economic Disaster Act!!!

It’s gotten’ insane.

The lenders are foreclosing on more properties than any time in history and our government is helping them do so by empowering them with the so called economic bail out!

I was under the impression the economic bailout of lending banks was supposed to help our economy and save homes of those in need, not give lenders carte blanche to foreclose  and ruin the housing market!

How am I as a top selling Panama City real estate agent supposed to help my customers if the lenders have their heads shoved where the sun doesn’t shine!!!

Here’s an example:

I had a condo listed as a short sale.  I received multiple offers between $75,000 – $85,000 and submitted them to Bank of America: the lending bank.

The chief bottle washer at BofA declined all the offers, foreclosed on the property and sold it for $55,000!!!

Incredible!

I ask you… How is that helping the Economy?

I am so livid at the insanity these lenders are displaying – why were they bailed out?  What moron at Bank of America running the show  decided $55,000 is  more than $85,000?

Here’s another example:

I had another short sale listing and received and lost several offers due to waiting for the lender to respond.  We all know that short sales can take awhile, but more than 6 months is ludicrous!

The 2nd lien holder demanded an extra 6K at closing.

What happened?

The buyer walked, and the property is scheduled to foreclose next week.

Want another example?

I  received a contract for $220,000 on another listing.  The bank foreclosed and re-listed the property which sold for $195,000!!

The insanity has to end.

President Obama – please help the citizens of the U.S. – I implore you to have someone investigate how and why lending institutions are making these incredibly idiotic decisions.

Banks/lenders need to get a grip on reality. The hand out in the form of the economic recovery act was to help the citizens of the United States, not give you the go ahead to be incredibly irresponsible and make idiotic decisions.

Lenders – WAKE UP!!!

If you have horror stories of losing your home or dealing with lenders, I’d like to hear them…

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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