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.