Word: banke
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...offers were above the asking price, none have been accepted. He is not the only one being rejected. Of the four houses Delao has considered, two remain unsold. He made his most recent offer in late August, and is still waiting to hear back from the seller's bank to find out if it will be approved. "Seems like it is just screwed up all around," says Delao. "It's a great time to get into the real estate market, but the process to go through is often ridiculous...
Distressed sellers are the biggest problem. According to the National Association of Realtors, nearly 40% of all houses on the market today are owned by sellers who are either behind on their mortgage or owe more than their house is worth. Banks have to approve deals in which the sale price is below the mortgage owed, often called short sales, and bankers are not typically eager to go for such sales because they result in losses for the lender. Realtors, even the ones who know how to work their contacts at banks, say it takes at least two months...
Nicholae Blanchard, an agent in Cape Coral, Fla., says she has been waiting for a year for a bank to approve one deal. In all, she has completed 10 short sales on behalf of buyers or sellers this year, but she says things have been getting slower lately. She's had only one deal approved in the past two weeks - and that was for a vacant lot. Two other deals were rejected. Blanchard says banks and investors are dragging their feet to see how the government bailout will benefit them. "The bank negotiators told me they are doing fewer short...
...beautiful while it lasted: Impressive growth rates, speedy development, and a strong and diversified financial services industry put miniscule Iceland on the economic map. But it wouldn’t last forever. In the past month, all three major Icelandic banks have been effectively nationalized, the stock market has crashed, and the International Monetary Fund (IMF) has been called in to calm international investors and prevent the country’s bankruptcy. As the global financial crisis claims its first sovereign victim, it is important to understand that every party involved would have benefited from more coordinated international regulation...
...group in charge of investing the University’s $36.9 billion endowment—may be trying to unload a large portion of its riskiest assets, according to a recent article in the trade publication Private Equity Week. The article reported that HMC has hired Cogent Investment Bank to sell approximately $1 billion of its private equity portfolio on the secondary market. As of June 30, HMC’s planned allocation to private equity for 2009 was up to 13 percent of the University’s endowment, or just under $4.8 billion, meaning that the proposed sale...