Posted on March 19th, 2010 in Short Selling/Buying.

MUTUAL FEDERAL BANK DECISIONS CAUSE NEEDLESS FORECLOSURES AND NEGATIVELY IMPACT COMMUNITY OF TRI-TAYLOR (Opinion by Phil Buoscio based upon his factual interpretation of the events surrounding the sale of 1010 S Oakley, Chicago Il)

I worked tirelessly to list and sell the property at 1010 oakley to short sell it at $350,000 to get my client out of foreclosure(she owed well over that). We worked six – plus months to market the property, do showings, etc. all to save our client from foreclosure and get the bank highest and best value. We did get an offer for nearly $350,000. I tried for a win-win deal with the bank with our attorney’s assistance over and over….
The property was over appraised at 450,000 by your bank in the first place…. (cash out refi) in 2007-2008. My client had a real hardship–declining business income, lost rent/tennants who would not pay, building and city violations, among other challenges. To overcome all these challenges we secured a willing and able buyer and brought them to the table–with a construction loan to overcome all the issues and violations of the building and the building would have been improved, owner occupied and an asset to the community six months ago.  Here we are, nearly a year later…. and you just got a whopping $170,000 for the building. How you have helped the community?!! A vacant building sitting for over a year.. .a low sale to bring down the comparables. Lost income on your part. A foreclosure on my client’s part. Why??

You would not accept this short sale and tried tirelessly for nearly six months to extract a deficiency judgement, a lien etc… from my client.. and once you finally were threatened with “loan fraud” by the family of the Seller/Owner you backed down from the “rough handed” tactics and approved the short sale but it was too late. The “over appraised” value of the property in 2007 and 2008 and “loose” loan that was given according to the seller was not totally clear to her when she got it.  In the end… the building was vandalized and everyone lost out. 

Next time anyone is in a foreclosure with your bank… or you have a Realtor trying to work a short sale with your bank please try and be more logical, more compassionate and act in your own and your boards’ interest … and try to think larger — about the community  — and the owners — and the family who waited for months to buy and paid for bids, loan fees, etc. all on good faith. You would have walked with more money and it would have been win-win and my client, the community, the buyer, the agents, etc. etc. 

Please spread this email to the Pilsen community as this bank resides here. Many owners of many buildings bank here. Hold deposits here. We need to vote with our money and move our money where we find our communities benefit. This is my opinion.

Phil Buoscio, Broker and Short Sale Specialist
Buoscio Brokerage Inc.
Better Living Realty
2202 S Halsted, Chgo Il 60608