I think it’s just amazing how the banks have kept the inventory high and the sales low. YES I did say the banks. I’m sitting here after a short sale class and thinking THIS IS INSAIN! I mean really do the banks get it. There are going to have the largest stock pile of homes if they don’t get with it! Who are the buyers and what do they need? CLOSING COST!!!! Many of the buyers I have in my car right now can afford the down payment or the closing cost but not both. Now add that they will do no repairs and they don’t want to be obligated to giving a buyer a home they can actually live in. Here in Hampton roads I think we are a bit better off than many other areas of the country but I still see crazy negotiations and unreasonable tactics by the banks. Here is a great example. I have buyer who wrote an offer on a 264 they offered 245 and wanted 4% cca. The bank said not we went to 246 and 4% cca the bank still said no. Now a few weeks later they lower the price to 249! I don’t get it if they were going to drop the price why did they just not call us back and say hey we have not other offers do you still want to buy the home ? I think if you are an owner occupant of the home you should have the ability to negotiate different terms. I know the banks are tired of losing but they would sell more if they raise the price and negotiate terms
Someone higher up Congress, Senate or the President needs to take a look and see what is going on. I think the housing market would heat up if there was a way to get the banks to negotiate. Raise the price cover closing and ensure the home is in good working condition. I think they would net more and we would not have some many vacant homes. That just my opinion!