Why would a bank consider accepting a Short Sale?
Short Sales in the real estate market have started to become more prevalent in this topsy turvy market. Some may ask the question, "why would the banks even consider taking a short sale rather than foreclose?" As most of us know, given the current economic crunch and the fact that many more people are now surviving week to week than say just a short five years ago, many people are facing the possibility of foreclosure in the near future.
The lists of foreclosure properties are growing exponentially and the burden of keeping them in somewhat decent condition is falling into the hands of the banks who have foreclosed and their agents. This puts a strain on the banks financially as many of these homes end up selling for far less than is owed.
If a homeowner sees the handwriting on the wall and begins to market the property aggressively keeping the utilities up to date and the property insured it makes sense that the bank may want to consider allowing the seller to stay until a buyer for the property is procured and then negotiate with the seller for the shortfall.
This can prevent damage to the home and will probably bring a better sales price than if the home were vacated, left unattended, especially in a cold climate, which could result in problems like burst pipes, vandalism, etc.
Let's face it, homeowners for the most part, don't want to see their home go down the tubes because they put in a lot of time, labor, money and love into buying and maintaining it over the years. They did not plan for the illness, injury, divorce, job loss, etc. that put them into this boat and now they must let go of this dream.
Why not allow them some dignity as they return their beloved home to the marketplace? Short Sales can be a win - win - win for the seller, the buyer and the bank.
If you are in a difficult position with your mortgage right now and want to try to avoid foreclosure, please contact us to help determine your best course of action.
Judy Tuscano, REALTOR
Team Tuscano
Prudential Verani Realty
603-498-2263 cell phone
603-679-5654x3919 office
jude1220@yahoo.com
