Banks have no one to blame but themselves

Foreclosures aplenty and who is to blame? My answer is without question, it's the banks fault.

Banks (i.e. lenders) gave people money to buy homes without regard to the buyers true ability to repay. They looked the other way just for the opportunity to get some money from the buyer without considering they may never get paid back.

But now, with so many bank-owned properties on the market, banks are doing it to themselves again by not working very hard to sell a home before it goes to foreclosure.

Here's teh scenario. Buyer likes a home that's about to go into foreclosure. Buyer makes a reasonable offer to buy the home. Buyer submits a contract with all the proper legal jargon around it, including dates for closing and a reply to the offer.

Next step? The banks need to review the offer and make a reply! Seems simple does it not? But I keep hearing and have experienced banks taking up to 40 days just to reply to the offer! 40 days!!! The banks usually claim that they are so backlogged that they can't reply very quickly. It takes about 2 minutes to review an offer, and another 1 minute to compose an email reply. That's 3 minutes. Therefore, a bank employee should be able to process 20 offers per hour if it were their only job. But few banks have a dedicated person who does this and instead, they make that person handle the foreclosure process.

They sure could prevent a great many more foreclosures if they would just get off their asses and take what they can get. It saves time AND money in the long run as well as in the short term.