Don Sabinske

For those of you following the problems with the frustrations with Bank of America, you may be interested in seeing the final cut of the interview I gave the local affiliate on July 3, 2009.

We have seen short sales cut off at the last minute many times. But, they called us telling us they would accept our short sale SIX MONTHS after the offer was withdrawn and THREE MONTHS after they owned the home!

In the interest of AR rules, I will just give you the information to find it,

WWW.wcco.com In the search box, type "sabinske" and it will pop up.

Hope you enjoy...more to follow

Well, Bank of America, the press is now aware of the folly of your acceptance nine months after the submission of a short sale. On Monday, I was interviewed by an investigative reporter from WCCO, the local CBS affiliate. My associate, Suzanne McLaughlin, had alerted a very astute reporter she had worked with in the past on another matter. He was actually looking for someone on this matter...the banks being very difficult, at best, to work with on short sales and bank-owneds that could not be sold. This worked well for all concerned. We will get the word out that the banks have no business being in the real estate sales business. They may have helped to create the mess, but the best way to help us all is to get out of the way and let the real estate professionals take over and move the property off the market to their advantage and let us all move on.

Today, a representative from Bank of America called to let me know that they would accept the short sale offer on a property that we had listed. GREAT!!!!

Problem No. 1 We listed the property last July at $314,900. And canceled the listing in early January.

Problem No. 2We got a nearly full price offer which they sat on for 3 months. The buyer and the backup buyer went away.

Problem No. 3 They now own the property that they are willing to accept a short sale on nearly nine months after it was tendered.

Their explanation is that they have "had a lot of turnover." We hounded them at least three times a week for three months. Hmmm.....

The only explanation is that they couldn't run a business with an instruction manual. And, we, the stakeholders in their business, should have some say.

They are trying to short sale an asset they already own....and will net nearly one-third less in this marke than hey could have obtained last fall. We have trired to get our legislators to listen but they politely brush us off. We have tried to get the media to get the message out, but to no avail. When is the public going to be so incensed with this stupidity that we get some action? Please let me know when you hear from someone, anyone.........Until then catch me with Broker Bryant, we'll be fishing.

This is a letter I wrote to our senator today. I'm fairly certain that most of you have similar stories. If each of those who have experienced frustration wrote, perhaps we could get some movement from Congress.

(I altered the addresses for publication on the Rain. Everything else is factual.)

Dear Senator,

Thank you for your response.

The following data is fact as to how the banking industry is acting and reacting to the home crisis situation and their toxic assets.

We have has many homes on the market in pre foreclosure status or to be reviewed for a "Short Sale", (a home being sold for less than what is owed on the mortgage prior to the bank taking ownership).

FACT:

194XXRawlins we received an offer for $325,000 back in June of 2008 which Bank of America refused December of 2008. The home was listed a few weeks ago for $229,000 and is pending. Even if the bank gets asking price in this market it is still a $96,000 Loss

FACT:

194XX Rawlings we submitted an offer for $303,000 September of 2008 and in February the executive for JP Morgan Chase refused the offer. This home is pending at $244,850. Again, if the bank gets asking price the loss is $58,150.

These are just two homes in the same neighborhood. I have an endless supply of similar files.

Since on average 97% of a banks revenue is based on deposits, with good financial decisions, they could handle the losses of the toxic assets without any help and still remain profitable.

I thought you should know.

Perhaps you have heard of this. The World Wildlife Federation started this in Sydney, Australia in 2007. It has grown to a global movement and this year will occur on March 28th at 8:30 pm your local time. It is intended to make a statement about climate change. It won't make much difference in your household likely. But, it will present some unity on a global effort. Last year more than 100 cities across North America participated, including the US flagships-Atlanta, Chicago, Phoenix and San Francisco and Ottawa, Montreal, Toronto and Vancouver.

To sign up, simply go to http://www.earthhour.org/about/

So, at 8:30 PM your local time on March 28, please switch off the lights in an effort to make a statement about climate change. Life will go on....