There are many different reasons that a bank or lender would want to approve a short sale for a home owner.
Many of the mortgage companies are now allowing homeowners to Short Sale their homes.
First, foreclosure costs are extremely high for lenders.
They have to pay asset management companies and realtors to handle the foreclosure process.
This cost and what it takes to keep properties maintained, keep utilities on, and make repairs when damage occurs, can drag down the amount that the lender will make when they end up selling the home as a foreclosure after they have paid all of the money that it took to obtain the property thruogh the legal means of foreclosure.
This has a direct impact on the lender's bottom line, and when it boils down to it, this is of the upmost importance to the banks.
Second, when a homeowner works to short sale their home, they typically continue to live in the property and take care of the property.
This is a great benefit to lenders as they work to clean up delinquent and non-performing loans.
So, when done correctly, there are a number of reasons why a mortgage company would agree to approve a short sale.
If you would like more information about how to get a Short Sale approved for you, just give us a call or complete the following form:
More at: Why do mortgage companies agree to approve a Short Sale?
The Earl of Real Estate™ Team
Keller Williams Realty
Phone: 571-926-9230
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