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The Tampa Tribune

Published: February 27, 2009

Banks Cause Slow Sales

I am in the process of purchasing a foreclosure - called a short sale - and have run into a snag. The closing date came and went. The necessary documents required from the seller (the bank) weren't provided to the title company.

I agreed to an extension, and a repeat occurred again. And then another extension and again a repeat.

My broker finally learned from the bank's broker why the documents aren't available. The bank doesn't deal with these properties on a daily basis. The offers are held for 90 days until the end of the quarter; then they are acted upon. If the offer is refused it goes back to the buyer to make another offer. Another 90-day wait.

If the offer is accepted then the sale proceeds, we hope. While the property is being held in limbo by the bank it accrues expenses like taxes, insurance, homeowners' fees and if they're in a cold climate, utilities to heat the house so the pipes don't freeze. The banks come to taxpayers for a bailout to operate like this? And now they're asking for even more.

As long as the taxpayer cornucopia of money is available they will keep asking for more and more.

WILLIAM E. SIMMONS

Riverview

Naming Obama's Dog

Regarding "Obamas Pick A Pooch" and "Obama Dog Won't Be Moose" (Feb. 26):

It would have been nice if the president would have given the public as much information and time to read the stimulus bill as has been given to the selection and name of the family dog.

I have a suggestion: Why not name it "Stimulus," because this bill is a real dog!

RALPH LAMBERT

Tampa

Smooth Ride No Stimulus

After listening to President Obama's speech Tuesday night and hearing him say the earmarked spending had been eliminated, I was indeed surprised to read the headline Tuesday "Stimulus To Benefit HART." Curious to read about the new jobs created ( sorely needed), I read on.

The only benefit to be received is a softer ride. How is this going to stimulate the economy of Tampa?

BOB TATEM

Sun City Center

Bonus For What?

Let me get this straight. The U.S. Postal Service lost over $3 billion last year. The price of first-class stamps is going up. However, the postmaster general is receiving over $800,000 in bonuses.

Is America great or what?

WAYNE DOZARK

Tampa

JOIN DISCUSSION

The Tribune welcomes letters and e-mails from readers. The text should be original and no longer than 150 words. By making a submission, you agree the Tribune may edit the letter for length and clarity, and publish it in any medium.

Please include your name, address and daytime phone number. Mail to: P.O. Box 191, Tampa, FL 33601-0191. Or e-mail without attachments: tribletters@tampatrib.com.

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