Why We Occupy: A sad letter from a realtor about banks and foreclosures

[kpete]

SAT OCT 29, 2011 AT 10:57 AM PDT
A sad letter from a realtor about banks and foreclosures
bydoctor oFollow

I was given the following letter by a friend who received it in the mail from a local real estate agent. I have redacted the names and places at the agent's request, but it is a powerful statement of why we are Occupying Wall Street.

Oct. 20, 2011
Dear XXXXX:
The home at XXXXX was foreclosed upon on Oct. 4, 2011. I want to explain what happened in the 271 days that I had this property on the market as a short sale. A short sale is when there is more money owed on the home that it is worth.

I brought XXXX bank 17 offers over a 9 month period in which they turned them all down. I even had an all cash offer where a buyer said he would close in 7 days with no inspections. The bank's goal was to foreclose and wipe out the lender in second position. With the second gone, their profit margin is greater. The negotiator at XXXX bank made it quite clear that they do not concern themselves with what happens to property values in a neighborhood when they foreclose. It is strictly a numbers game to the guy sitting behind the desk.

The bank gave the listing to an agent in a city who has never sold a property in your county.

......

Sincerely,

XXXXXX

XXXXX Realtors

http://www.dailykos.com/story/2011/10/29/1031273/-A-sad-letter-from-a-realtor-about-banks-and-foreclosures?via=siderec

[dkf]

1. For the borrower, what is the difference between a foreclosure and a short sale?

[tridim]

2. Your credit rating.

And your ability to buy another house down the road.

[DURHAM D]

3. Are you asking about the original borrower (owner) or

a new buyer?

[dkf]

5. Original owner.

[Mimosa]

4. It's a money/property grab.

I understand what they are doing. :(