Governor’s Foreclosure Task Force looking for Realtor input

3 Responses

1. Alton Parker

   01|May|2012 1

   Bank of America foreclosures require the buyer to be prequalified by their own loan officer on any purchase, however, they still may use their own Mortgage company.

   In many cases this can adversely affect the credit score plus supplying additional documentation to BOA.

   I feel this is causing the buyers undo complications and also gives BOA an unfair advantage over other Mortgage suppliers

   I would like this to be done away with as the frustration level and the additional hoops a buyer must go thru are not needed

   Its another way of tilting the market toward BOA

   Thanks for the opportunity to voice my concern

2. Ginger Wassum

   01|May|2012 2

   I have seen many of the contracts encounter appraisals that are coming in lower than sales price, which has led me to believe that if the market was left to it’s own , that we would see a quicker recovery than what we are seeing currently. With the supply of listings lower and the deman increased, there are many multiple contract scenarios and use of escalation clauses. However, when the appraisal process is put in place, it is seems to hold down the prices. Of course, I am certain, that we do not want to see runaway pricing again. However, it would definitely help if we didn’t have so many low appraisals, when it is obvious that the market supports it.

3. Dee Karlsson

   18|May|2012 3

   What presently and I am sure, will continue to cause head and heartache with short sales are uneducated agents taking these listings without preparing the sellers and knowing how to guide the purchase to closing. They are winging it and causing short sales to have a greater negative stigma. A short sale when handled properly can be a good opportunity for buyers and a problem solved for sellers. Nothing is fast or normal when dealing with short sales.