Mortgage Lenders Try to Clip Flippers

We're hearing more horror stories about banks doing dumb short sale deals, only to learn the entire deal was set up by the real estate agent, and the buyer flipped the property a week or two after closing. One problem banks face is the sheer volume of problem properties. Banksters simply don't have the manpower or the experience to handle these properties. So the turn to asset managers who then turn to real estate brokers that are less than professional.

Instead of training, procedures, process and check points, banks simply want to exclude investors from the market. And rightly so. When unscrupulos real estate brokers hook up with unqualified asset managers, it is not only a recipe for disaster for the lender, but it hurts property values in the markets these players are active in.

We see foreclosure properties that are never listed in the MLS as they are required to be, that are flipped a week or two after closing. These properties are sold at deep discounts, which in turn hurts local appraisals of remaining inventory. But the entire problem rests with the banks. If they hired competent asset managers AND the asset managers qualified the real estate agents they hired, maybe . . . just maybe things would get better. Unfortunately, even when the asset managers think they have hired decent real estate agents, the asset managers have NO system to check up on these idiots . . . and once the agents realize that, they let the properties fall into disrepair, until the price gets lower and lower and lower. At that point, they bring in a friend and buy the property for a quick flip.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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