What Business Model are Banks Following

What are they thinking?

It's no wonder that banks need a bail out. By the way they are acting lately they'll need another bailout soon.

Recently I've personally been involved in with different banks who were trying to sell a distressed property.

In one instance a home was listed for sale as a short sale, after months of waiting to hear a response from the bank they finally made a decision. They turned down the short sale offer. This resulted in the bank listing the property FOR LESS THAN THE AMOUNT OF THE SHORT SALE CONTRACT. The house went under contract in less than a day for the list price. ????

Another short sale resulted in the bank conducting an auction. When the auction didn't produce acceptable results the bank proceeded to negotiate with one of the higher bidders. Post auction other offers were submitted to the bank, through their agent. The bank didn't foreclose, loosing over $70k in seasonal rental income. They took almost 2 months to decide to accept the LOWER of the two best offers. So they lost income, took a lesser offer and will now get to write off a greater amount than necessary. ????

The final example is how another bank decided to market one of their bank owned properties. They hired an agent from several counties away, who has never conducted any business in this area to handle the marketing of the property. Their agent changed the locks, didn't put a sign in the yard, didn't put a lock box on the property and didn't answer messages for almost the first week of the listing. My only guess is that they felt with the extremely low price the house would sell quickly. Many contract were submitted and after 30 days the bank hadn't responded to any of the offers. ????

Thank Goodness this is only a financial crisis not national defense!!

To get information on Sandbridge Beach homes and condos for sale go to: www.SandbridgeRE.com