Charlie Ragonesi Big Canoe Realestate's Blog

They made the mess and they continue to make the mess RANT !

 The big banks and finance houses wounded housing. We all know this. But the real tragedy is that they continue to hurt housing.

Bank of America is now talking about their losses in housing. Consider this. First they do not modify enough loans. And even if you are in the middle of a modification with a bank there is no guarantee that the foreclosure arm of the bank will stop and not take your house.

Second these folks put the homes back on the market at terribly low prices. So what happens? The regular folks in a neighborhood cannot sell because now their homes do not appraise. Chances are in this market if you are trying to sell you NEED to. So you cannot sell and end up in foreclosure , because you couldn't get modified. Your home comes back on the market at a ridiculously low price. The bank loses on the mortgage, other sellers cannot sell due to these foreclosures , so they go into foreclosure , and the beat goes on.

WAKE UP ! As long as banks fire sale homes we will never get out of this mess. The banks that drove the values up and created the bubble are now driving the values down !!! I am not sure which is worse.

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

12 comments • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • June 15 2011 12:23PM

2011 foreclosures

Te evidence is clear . Foreclosures are being held until 2011. I have heard this from multiple banker friends. So if you are looking to buy a foreclosed property you might want to sit back and enjoy the holidays. I can tell you a lot of my BPO business has dried up and some of the plans we have for working foreclosures have been put on hold with lenders.

If you are trying to or thinking about selling your home  now might be a good time to put it on the market . Get Ready for round 2 or is it 3 or 4.

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

1 comment • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • December 22 2010 03:09PM

Just for Kicks

Just for kicks the boys from GMAC, Allied Bank, and now Bank of America, and soon to be Chase, have stopped processing foreclosures in 23 States. Why, because they STILL do not have their paper work right. Whats up guys? this really isn't that hard. It would seem to me that you are not putting in the resources needed to deal with the problems. Home owners who have closed may be in for some surprises.

This is why by the way I have insisted that all the sales I have done with foreclosures are done with the Buyers closing attorney. Hope this will prove to be enough to protect the folks i worked for

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

4 comments • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • October 04 2010 12:36PM

Foreclosure strategy changing

There has been a change in the way we bid on foreclosures for our buyers. In the old days, 1 year ago, you looked at the bank price and put in an offer. Usually the offer was lower than the asking price. If you were all cash you were even lower.

Then things started to change. We had multiple bids on property so the banks would come back and ask you for your highest and best offer. But if you were all cash you still usually came out OK. Lately we have seen starting offers go in at OVER the asking price, including all cash offers. I have even lost deals where we were all cash full price and 11 day close! We were not even asked for our highest and best. They just took another offer.

This tells me that money feels the market is turning and the good deals are becoming fewer. Buyers are more and more surprised at this turn of events. There is a lag in what the buyers are doing as opposed to market changing conditions. I am interested to know if you all are seeing the same thing. So

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

4 comments • Charlie Ragonesi Big Canoe, Jasper, North Georgia Pros • July 17 2009 01:02PM