Taxpayers gave money to the banks – now make them negotiate

Editor,

I read your article about the lack of response from Countrywide Mortgage. As a Realtor, I am now involved in another short sale through Countrywide. After five months of negotiations, they cannot locate documents sent to them on four separate occasions. As a result, put us back to the beginning stage of negotiations.

We have a selling Realtor and a listing Realtor with over 20 years experience each, two willing and cooperative sellers, two willing and cooperative buyers, and a cash offer with no contingencies. The property has been on the market for over a year. The offer is not only fair, but is the only offer.

This situation is frustrating for all concerned. However, I am even more frustrated with the overall situation. This is not an isolated case. As Realtors we are working and paying taxes. Our tax dollars are being spent to bail out Countrywide/Bank of America, among others. Yet their complete ineptitude results in lost sales and inflated inventory, which keeps the real estate market in a perpetually distressed state.

What is NAR or FAR doing about this situation? We continue to promote more of our tax dollars being spent to keep people in their houses, prevent foreclosure, and assist in purchasing homes, but we seem unable or unwilling to take any action that would force lenders to act more responsibly.

Diane D’Andrea
Coldwell Banker Residential Real Estate
Punta Gorda

Editor’s note: As a national problem, NAR takes the lead in dealing with the issue, and works with federal lawmakers to speed up the process. In addition, Congress and the president have put pressure on lenders. To see read more about NAR efforts, visit their website at: http://www.realtor.org/realtors/basics_short_sales?lid=ronav0019