Banks are Crazy… like a fox.

So in the next two weeks we are going to see some significant changes to the purchase contract in Arizona. On a side note, I will be hosting a webinar about these changes on February 22, 2011 10AM Arizona time. Here is the link if you would like to attend by the way
While I am learning about more and more of the changes that are set to occur, I get the impression that most of the changes are weighted towards the seller. Most listing agents are saying, “It’s about time” or “finally”. I think a closer look at the timing of these changes might have to think about a bigger message that could be occurring.
Now before I get all “grassy knoll” and conspiracy theory with everyone hear me out. If you look at most of the changes that have occurred within the lending landscape, you would be hard pressed to find advocates within the mortgage broker and small business community. In fact most of the changes, outright were a benefit to “big bank”… I am now calling the 6-7 largest banks in the world, “big bank” just like we call the oil conglomerates “big oil” and the tobacco conglomerates “big tobacco”. So with these changes that favor “big bank”, it allows them to capture more revenue, more profits, and continue to squeeze small business even further.
So that plan is coming along nicely. Next, gain the upper hand in real estate. If you look at the market today, the majority of sales are occurring in REO properties or Short Sales. If you recall I mentioned that the majority changes favored the seller, not the buyer. Now think about whom is the seller in an REO transaction… that’s right, the Bank. Further, if you look at who is look at who controls the short sale approval…yes it is the banks. Who befits the most from these changes… sellers, and who are today’s sellers… Big Bank..
When the new changes came from AAR, Arizona Association of Realtors, a lot of Realtors scratched their collective heads and wondered where these changes were coming from. Others commented on the fact that they just released a Short Sale disclosure, so why more changes… almost seemed like someone was behind these changes and had a different agenda. These changes seem much more in line if someone was lobbing from the outside to make these new changes, a group of people (or corporations) who could flex enough clout to force change… someone like, Big Bank.

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18 Responses to Banks are Crazy… like a fox.

  1. You are absolutely right, while all of us short sale agents believe we are helping our Seller. The sale ultimately depends on the bank’s approval. So most buyers are buying from the banks.

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