Banks, lenders and asset management companies continue to add to their own misery.  Recently we had yet another asset company turn down a sale because it did not conform to their tin bucket of rules.  Here is what happened:

An offer for full price was received from an all cash buyer (with proof of funds) that wanted to close in 30 days.  The asset management company countered with a 14 day close (that was their policy for cash buyers) and a $100 per day per-diem… The buyer accepted the per-diem but countered the counter with the original 30 day close.  The asset management company said sorry that was their policy for all cash sales.  The buyer walked and purchased another home.  Twenty days later the asset management company accepted another offer, with financing, from another buyer for $5,000 less with a 30 day close.

Here’s “One for the Books: Like most American’s today I have lots I’d like to say about the economy and what’s going on.  Here’s “One for the Books” is a weekly article focusing on real estate related article about industry changes, blunders, screw ups and unbelievable actions all worth a laugh or just a shaking of your head. Check in weekly for the latest news/opinions.  If you have “One for the Books” be sure and let us know so we can publish it for you.

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