You should.
Just your friendly banker.
Once upon a time we thought bankers were pretty smart cookies. They protected our money. They kept our special things safe in tiny boxes.
They were good guys.
Now we know different.
It’s not entirely their fault actually.
They don’t go to regular universities and colleges to learn how to count and so forth.
They go to CLOWN SCHOOL. Which means they are very good with seltzer water and paper flowers, but your money? Honey, better to stick it under the mattress where it can be safe.
Now, this is not new news I grant you. But after the fiasco of 2008, we hoped they might have learned something. At least we hoped they would learn what they did not know. Which was quite a lot.
But alas, such is not the case.
I should have known that I was operating in dangerous waters when my local bank in Iowa had not the intelligence when informed of our move and how we were going to deal with our accounts, that we needed to sign papers there BEFORE WE LEFT. No, we were told no such thing, and I did speak directly to the bank manager. So we managed to end-around that snafu, mostly because they were somewhat emBARE-ASSED when they realized their inadequacy.
Then I saw the stupid behavior of JP Morgan who got caught with their weenies and tatas showing, having gambled away something to the tune of 3 BILLIONS of their monies on derivatives trading. I shoulda known I would be better off dealing with a pet shop for advice and care of my dough.
And then there is JP Morgan and it’s frackin’ up of the Facebook offering. And the ensuing investigations which always result in NOBODY ever going to the hoosegow.
We made an offer on a house that was offered as a short sale. What this means is the “owner” is under water, and has been GIVEN PERMISSION by the bank in question to sell the house short of the mortgage still due. It’s all fine for the buyer, because the owner and bank work out their own arrangements as to how much if any of the balance the owner will be held liable for. The buyer gets a full clean title.
We negotiated the offer with the real estate agent offering the short sale, and she was sure it was fine, since the bank had already certified a sale price as acceptable. We just had to wait extra long because banks like to play with paper and send it to the North Pole, spin it around the Horn of Plenty, and drop it out of the Leaning Tower of Pisa before signing on the dotted line.
Today was their due date.
NO ANSWER is forthcoming.
They are getting what they asked for, but they don’t seem to want to complete the deal, which we are told is par for the course with banks these days. Perhaps they are waiting for the voodoo doll to arrive from Jamaica first. In any case, we are not stupid enough to give them any more time, so we are cancelling our offer as of noon tomorrow.
If there are no new listings, we will make an offer on a second house, that we agonized over before deciding against it, even though it has the view to die for. The mountains in all their splendor. And the landscaping is newly done, and the house is only about 100 square feet smaller. So we aren’t giving up much and we will pay a good deal less. It’s still available as of today, so we are hopeful. It’s been on the market for nearly a year now, so they are primed to accept a decent offer.
Which is all to say, that dang, watch out for banks. We opened up an account with a credit union here. We got that smart at least.
I don’t know why bankers have become dumber than rocks. But apparently they have.
I apologize to rocks. You are beautiful and remind us of just how long time is.
Life is not a bowl of cherries, nor apricots for that matter.
love the pic
yay. Glad ya did.
😉
You’re almost home, Sherry. Good decision to move on and take the other choice, which sounds so lovely!
yes, just wish it wasn’t’ adding to the wait. We shall see, and I’ll keep you guys informed…..ad nauseum of course! lol
Hopin all works out! Chances are it will. Just ridiculously complicated – every one I know who is trying to buy a house these days is finding it ridiculous. The banks are evil.
amen to that. The point is that real estate agents can’t figure out why they are offering to sell, since when they get an offer that meets their requirements, they delay so long that people cancel. Are they hoping that if they hold on long enough they can make a profit? Fat chance of that for about 5 more years at least. Probably more. They definitely have little experience in managing property it seems or in maintaining it. The yard on the one we are cancelling was a mess, they weren’t even keeping the weeds pulled. Given the environment, that is less a problem than in the midwest of course, but still, it looked raggedy and that is no way to encourage an offer.
Maybe the deal gone bad that’s directing you to the other house with the view to die for is … your destiny.
Hope so.
Sherry,
Life may not be a bowl of cherries at the moment, but short sales are always the pits!
Why? As it was explained to me (and this may be wrong), bankers are reluctant to do short sales because any short sale will result in the bank having to post a LOSS on the property, which will reduce paper profits, and reflect badly on the current management, which could reduce their bonuses, or get them fired. (Horrors!) As long as the property belongs to the bank, or has someone paying the mortgage, it can be carried on the books as an asset at full value- so no losses (on paper).
I have seen speculation on various economics blogs that many banks have so many foreclosed and overpriced properties on their books that if they actually sold them off, they would be insolvent and get taken over by the FDIC.
I’ve been banking with various credit unions for the last 30 years, and have been very pleased with both their customer service and their expertise.
Good luck on the house with a view!
thanks for explaining all this. Now I get it! Details to follow.
So, what you are saying is that life can be good…. just don’t bank on it?
hardy harr harr.