Why Would A Bank Accept a Short Sale?
Banks often accept short sale transactions when they believe that the financial amount lost from the discounted payoff is less than the loss associated with the foreclosure. A bank will not have the burden of carrying costs or the trouble of the selling the property, so short sales are often a better option if foreclosure is likely.
Do Banks Accept all Short Sales?
No. That is why it is critical for you to acquire the education and experience necessary to work with homeowners and at getting short sales approved. From the presentation of the short sale package to the lender, to working with the lenders’ loss mitigation departments, knowledge is your best weapon to keep the file moving towards approval.