Why do Banks Participate in Short Sales?
- Banks participate in short sales to help homeowners and themselves prevent foreclosures.
- Banks cooperate to avoid the costs associated with foreclosing, and thus the managing and reselling of REO (Real Estate Owned) assets.
- Compared to foreclosures, short sales are less costly, less time-consuming and more likely to see completion.
- The over supply of foreclosure properties is a financial burden against the banks. Banks cannot afford to take back all of the foreclosed homes.
What are Some of the Benefits from a Short Sale?
The Seller, Homeowner: The seller avoids the credit disaster of losing a home to foreclosure. It's viewed as the "responsible choice".The Lender: By completing the short sale, the lender reduces the actual loss and eliminates the exposure to risk that goes with acquiring a property through foreclosure.
The Buyer: The buyer that hangs in through the short sale process can get a property at a below market price.
.........................................................................................................................
If you feel you are in a situation where you need to Short Sale your home, please Call or Text me at 410-917-1991 or e-mail me at [email protected]. I will provide you with a free, confidential and no obligation evaluation of your home.
