Don’t Believe This Myth About Short Sales: Banks Don’t Like Short Sales And Prefer Foreclosure Instead
One of the agents in our office talked to a homeowner recently about a short sale. Her house was close to being foreclosed upon.
She had thought about short selling the house. But, she had heard from her friends that banks don’t really like short sales and never pursued the option.
The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.
Banks always knew that a short sale would reduce their losses compared to a foreclosure. Even the federal government agrees. That is why congress added short sale incentives to the recent loan modification laws.
FHA is another quasi federal agency that prefers short sales over foreclosure. They pay lenders $750 to process a short sale. I don’t think they pay them anything extra to process a foreclosure.
The bottom line is that most lenders do prefer short sales over foreclosure. The reason is best explained by a recent study done by Boston Consulting Group.
The study found that a short sale nets a lender 20% more than a foreclosure. Banks understand numbers and want to reduce their losses. Thinking about a short sale?
Short sales can drag out giving you time. It takes maybe sometimes a month to sell the house. Then, the short sale negotiations start. They can drag out for 3-6 months. So instead of foreclosure here is what you should do.Here is a tactic you can use to delay the foreclosure process and even stop a foreclosure sale. Stop Your Foreclosure With A Short Sale Click here * http://instantbizsites.com/VaughnRice/stop-foreclosure
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *http://www.isellyourfloridahome.com/#!contact/c15n8
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com I will contact you for a free consultation. Click Here *
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 813-679-3477 or visit at http://www.isellyourfloridahome.com/
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here *
Helping you sell & buy homes in Tampa, Brandon, Riverview, and Valrico. . The Tampa bay area.
Thanks for reading this, Vaughn Rice.
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Vaughn Rice specializes in assistance with short sales in Tamp Bay Area of Florida
Vaughn Rice, Quicksilver Real Estate Group is not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. I can offer you loan modification information.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Vaughn’s personal views and do not reflect the views of Quicksilver Real Estate Group.
Helping you sell & buy homes in Tampa, Brandon, Riverview, and Valrico. . The Tampa bay area. E-mail: firstname.lastname@example.org or visit at http://www.isellyourfloridahome.com/
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This information on, Don’t Believe This Myth About Short Sales: Banks Don’t Like Short Sales And Prefer Foreclosure Instead. Is provided as a courtesy to our viewers to help them make informed decisions.