{"id":9384,"date":"2009-08-01T12:24:01","date_gmt":"2009-08-01T19:24:01","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=9384"},"modified":"2009-08-01T16:51:43","modified_gmt":"2009-08-01T23:51:43","slug":"banks-have-all-the-money-money-is-the-root-of-all-evil-therefore-banks-are-evil","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9384\/banks-have-all-the-money-money-is-the-root-of-all-evil-therefore-banks-are-evil\/","title":{"rendered":"Banks Have All The Money – Money Is The Root Of All Evil – Therefore Banks Are Evil"},"content":{"rendered":"

Another “Don’t Ya Just Love Working For Free” Story<\/strong><\/p>\n

In the minefield of residential real estate lies the ubiquitous short sale. Fundamentally, all\u00a0 short sales have a commonality – the market value of the property does not exceed the disposition costs plus mortgage liens and other encumbrances. A short sale requires a successful negotiation with the lien holders – and the operative word here, boys and girls, is successful<\/em>.<\/p>\n

It was the summer of 2007, I found a nice big lake lot for my clients. After many years struggling to advance in their careers, they finally reached the point where they could build their dream home. Their kids were now adults, and it was time for them to begin to enjoy the fruits of their labor.<\/p>\n

With a builder in mind, they set out to acquire this lot and begin construction on a 3500 sf 5 bedroom 4.5 bath home. The bank had many requirements, including a set of plans and specifications, as well as a variety of documents from the builder.<\/p>\n

The bank – that shall remain unnamed – would only finance 70% of the appraised estimated value of the completed property. Not an uncommon practice – as it gave the bank a level of protection in the event that the future wouldn’t turn out as planned… and we all now know what happened to the residential real estate market since the summer of 2007.<\/p>\n

The house was slated to be completed in April of 2008 – a goal that seemed more than attainable. Eight months to build a\u00a0 home like this would be considered child’s play for any builder. Unfortunately for all the parties involved – that wasn’t the case.<\/p>\n

The builder was having problems with his other projects – so much so that he was having great difficulty even getting started on this project. The owners threatened to pull\u00a0 him off of the project if he didn’t get started – so after several months with nothing taking place on site, the construction began.<\/p>\n

Although the house was making progress – and the builder assured the owners that the house would\u00a0 be complete by the one-year Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Another “Don’t Ya Just Love Working For Free” Story In the minefield of residential real estate lies the ubiquitous short sale. Fundamentally, all\u00a0 short sales have a commonality – the market value of the property does not exceed the disposition costs plus mortgage liens and other encumbrances. A short sale requires a successful negotiation with […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-9384","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1040,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1040\/hillary-clinton-and-rotarian-socialism-whats-wrong-with-the-nar\/","url_meta":{"origin":9384,"position":0},"title":"Hillary Clinton and Rotarian Socialism: What’s wrong with the NAR?","author":"Greg Swann","date":"February 13, 2007","format":false,"excerpt":"Business Week's Hot Property wrote yesterday about the NAR's having gotten into bed with Hillary Clinton -- who is \"sponsoring a bill that bars commercial banks from hiring real estate brokers\/agents\" -- but that's just the tip of the iceberg. The National Association of Realtor is routinely, habitually, congenitally anti-free\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7867,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7867\/california-proposes-to-regulate-realtors-alongside-pawn-shops-and-lenders-and-banksoh-my\/","url_meta":{"origin":9384,"position":1},"title":"California Proposes to Regulate REALTORS Alongside Pawn Shops, and Lenders, and Banks…Oh MY!","author":"Brian Brady","date":"April 14, 2009","format":false,"excerpt":"Assemblyman Pedro Nava sponsored a bill (CA-AB33) to reorganize our state's financial services' regulators to be under one umbrella, the newly created Department of Financial Services.\u00a0 The idea is to save a bunch of money for the State. Of course, CAR is going nuts.\u00a0 Amy Steele reports via ActiveRain.com: AB\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2265,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2265\/examining-myths-crummy-markets-mean-a-short-sale-extravaganza\/","url_meta":{"origin":9384,"position":2},"title":"Examining Myths: Crummy Markets Mean a Short Sale Extravaganza!","author":"Eric Bramlett","date":"November 26, 2007","format":false,"excerpt":"With the recent events in the mortgage industry & in most of the markets around the country, many homeowners are left upside down on their homes, and unable to sell.\u00a0 This is one of the real dangers of homeownership.\u00a0 While we (real estate professionals) all tout the many advantages of\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4648,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4648\/you-know-i-was-wondering\/","url_meta":{"origin":9384,"position":3},"title":"You know, I was wondering….","author":"Tom Vanderwell","date":"September 24, 2008","format":false,"excerpt":"All of the talking heads and all of the politicians keep talking about how we aren\u2019t just giving $700 Billion to Wall Street, we\u2019re investing in mortgage backed securities that we\u2019ll eventually be able to resell and earn a good portion of that $700 Billion back, heck we might even\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2053,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2053\/disingenuous-diatribe-compliance-is-crap-its-about-the-cash\/","url_meta":{"origin":9384,"position":4},"title":"Disingenuous Diatribe: Compliance is Crap-It’s About the Cash","author":"Brian Brady","date":"October 15, 2007","format":false,"excerpt":"Broker-controlled blogging was a hot topic this weekend. I tried to raise some eyebrows (and awareness) with my speculation about the internet land grab the employing brokers and banks might try. I think a few things might have gotten lost in the translation. While I said that the brokers and\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11498,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11498\/obamas-short-sale-program-could-put-downward-pressure-on-home-prices\/","url_meta":{"origin":9384,"position":5},"title":"Obama’s Short Sale Program could put downward pressure on home prices","author":"Al Lorenz","date":"March 8, 2010","format":false,"excerpt":"Mr. Obama's latest program for the foreclosure crisis attempts to stabilize the market in a different way than his previous attempts.\u00a0 Before, the feds tried to keep people in their homes by negotiating reduced payments through loan modifications.\u00a0 Few people were able to use the programs and of those that\u2026","rel":"","context":"In "Carnival of Real Estate"","block_context":{"text":"Carnival of Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/carnival-of-real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=9384"}],"version-history":[{"count":25,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9384\/revisions"}],"predecessor-version":[{"id":9409,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9384\/revisions\/9409"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=9384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=9384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=9384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}