Hi, I am a Real Estate Agent. You have some good information on short sales. But, is it written assuming that banks actually want to do short sales. I have worked on a particular short sale with a large national bank. We started on it seven months ago. They sent out an appraiser a couple of months ago.
Then, they said they were transferring the file over to a third party short sale negotiating company. Now, we have to start the process at the beginning with this new short sale processor. What can I do to get the process moving along. It seems to me like the banks do not want to work with us on a short sale. -Elaina.
Hello, Elaina. Banks do like to do short sales. The problem is that some banks are overwhelmed with so many short sale and loan modification applications. Here is why the banks prefer a short sale to a foreclosure. They have learned from past experience that a short sale dramatically reduces their losses compared to a foreclosure.
They know that a short sale is sold 6-12 months sooner than they can sell a house. Short Sale Homes usually sell for more money than a foreclosure. In addition, they are able to reduce a lot of costs associated with a foreclosure. Those costs include legal fees, court fees, interest, property taxes and a lot of other costs. This helps out their bottom line. So although it may seem like they don't like short sales, the truth is that they do.
Then, they said they were transferring the file over to a third party short sale negotiating company. Now, we have to start the process at the beginning with this new short sale processor. What can I do to get the process moving along. It seems to me like the banks do not want to work with us on a short sale. -Elaina.
Hello, Elaina. Banks do like to do short sales. The problem is that some banks are overwhelmed with so many short sale and loan modification applications. Here is why the banks prefer a short sale to a foreclosure. They have learned from past experience that a short sale dramatically reduces their losses compared to a foreclosure.
They know that a short sale is sold 6-12 months sooner than they can sell a house. Short Sale Homes usually sell for more money than a foreclosure. In addition, they are able to reduce a lot of costs associated with a foreclosure. Those costs include legal fees, court fees, interest, property taxes and a lot of other costs. This helps out their bottom line. So although it may seem like they don't like short sales, the truth is that they do.
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