We still get asked this frequently. In today’s market, the short sale is widely accepted and looked at favorably by the banking industry.
Why? Simply said, banks net more money from a short sale on average than they do an foreclosures…as much as 15 % more. The cost of 1 foreclosure or REO (Real Estate Owned) can exceed $70,000.00 to the bank due to legal fees, internal costs, property repairs and maintenance, marketing and broker fees.
Our VLOG further explains the benefits to the seller as it pertains to credit and opportunity to repurchase.
