BANKS that are representing short sales seem to be saying that if they can’t fool everyone than they’ll just fool themselves; being as they have the wherewithal to do so.

As just one example, we have a qualified buyer for a short sale where the bank is asking $145,000 and my qualified client offered $145,100. She made this offer a month ago and a week ago they asked for my client, through their agent, to sign a 45-day extension UNTIL they make up their mind, which she did and which they didn’t, (make up their mind.)

Now, these things are being done through my wife, also an agent, and the bank’s Realtor, who has the listing; if you can call it a “listing,” but they are also, supposedly, the BANK’S directives. Something needs to change and soon or we are just going to be spinning our collective wheels. It is next to impossible to get someone from the bank who has the authority to “set a sales price” on these homes and you just hear over and over the same old song: “give us your highest and best.” Hey: “give me your SALES PRICE!” This “highest and best” is just a cover for the fact that the banks do not, apparently, TRUST ANYONE, including their appraisers to set a value on any property that they are holding more notes on than the market will currently bear.

Wait a minute didn’t Obama declare that TARP funds were going to these banks to “help” them sell these troubled assets? And so ... they keep the Troubled Asset Relief Program money, repair their troubled asset-strapped books and play the “give us your highest and best offer” game.

We need the FAR/NAR to force these banks to set a “sales-price” so we can move the economy forward instead of in a standstill. In the Marine Corps we used to have a drill called “marking-time” where you actually are running in place, very tiring even though you’re not actually going anywhere, which is EXACTLY where the majority of today’s short sales are headed: NOWHERE! Man, I don’t know about you but I’m getting tired already!

Peace,