A Letter to President Obama From My Home Buyer
Posted by Marc Rasmussen on Monday, July 6th, 2009 at 12:17pm.
A client of mine recently wrote this letter to President Obama about the short sale process he has been in the last 5 months. I thought the letter was great. He gave me permission to post it.
Dear President Obama,
I am currently entangled in a 5 month long real estate "short
sale" purchase. For the first time in my 40 year life I have hired an attorney.
Despite my efforts and patience I am no closer to purchasing this home than I
was 5 months ago when the process started. During the five months I have heard
everyone say the short sale process is ridiculous, flawed, dysfunctional, etc.
but nobody has done anything about it. Maybe you can!
My suggestion would be to push a bill through requiring
lenders to respond to a short-sale offer within 30 days with either an
acceptance or a counter offer. If the lender does not respond then a
judge/arbitrator would have the ability to approve/disapprove the sale. If a
lender does not want to sell the house they can simply respond to the buyer's
offer with a counter offer that is really high. This sends the message to the
buyer that the lender just does not want to sell the property for a loss and the
buyer can move on to a different property. Currently, the lender simply
withholds a response indefinitely and everyone involved in the situation sits in
eternal limbo.
We, the American people, have poured billions of taxpayer
money into saving these lenders from themselves only to have them do nothing to
improve the real estate situation. I think the lenders owe us (that’s all of us,
buyers, sellers, real estate agents, lawyers, construction workers, mortgage
brokers, title companies, appraisers, local governments, etc.) some action.
According to my attorney, Bank of America only has 8
employees for the entire country responsible for negotiating these short sales.
How can a company with billions of dollars on the books only employ 8 people for
this? We need some pressure on these big companies to meet some reasonable
timelines because their stalling tactics are only serving to stall our nation's
recovery.
I could give you plenty of details on my situation but in the
interest of brevity I have omitted them because I believe they are no different
than the thousands of other families that are experiencing this same situation.
Please feel free to contact me for further information if needed.
You are the most talented man we have had as president for a
long time and we all wish you well.
Name withheld
Sarasota, Florida.
Print
Share4 Responses to "A Letter to President Obama From My Home Buyer"
[...][...]
Posted on Monday, July 6th, 2009 at 1:26 PM.
BAC is a perfect example of
how hard it is to do business in fair and timely manner with a Corporation with an adjenda we know nothing about. I wonder does anyone know?
Posted on Monday, July 6th, 2009 at 2:14 PM.
What talented man? He must have been talking about some president of some company, because it sure isn't the President of the USA.. The country him and his wifey don't like.!!! He is selling us down the river to the enemy!!!
Posted on Monday, July 6th, 2009 at 8:22 PM.
"Most talented man we have had as President for a long time" Are you kidding??? His policies are failing and resulting in an economic debacle.
Posted on Monday, July 6th, 2009 at 1:13 PM.