Raleigh NC – A recent article in the Tampa Bay Times shows how much lenders prefer short sales to a foreclosure. It discussed how Bank of America recently came out with new short sale incentives.
Bank of America is willing to pay borrowers up to $ 30,000 for moving expenses to short sale their house. I doubt that many homeowners will receive $ 30,000. Most will receive the lower amount of $ 2,500. Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
But that is still better than repaying your lender thousands of dollars for their loss. As you can see, banks like short sales. But, why is that?
It comes down to one simple thing: money. The banks have foreclosed on thousands of properties. They have also assisted with thousands of short sales.
Over time they realized that selling a property as a short sale usually nets them more money. Here is an example. We had a home for sale as a short sale. A buyer offered to buy the home for $ 275,000.
The bank reviewed the offer and turned it down. They thought the house was worth more than that. We tried and tried to convince them to accept the offer. But, they wouldn’t accept it.
So we put the property back on the market. The market continued to decline. We submitted all of the new offers to the lender. However, they continued to turn them down.
Finally 18 months later they accepted an offer. But, this time the house was selling for $ 235,000. I’m sure that shocks you. What! That lender just lost $ 40,000! Wouldn’t someone be angry?
No. No one is angry. That’s crazy, isn’t it? But, it’s just part of life for these lenders. They have to make decisions every day. They are used to losing money on foreclosures and short sales.
They have seen this story before on many other homes. Overall they know that short sale will net them more money than a foreclosure. As a result they prefer short sales over a foreclosure. 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 ken@goldensrealty.com. I will contact you for a free consultation.
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 (919) 606-8751
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Raleigh loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Ken Smith.
Ken is a Real Estate Broker at Goldens Realty. Raleigh Short Sales Realtor:
Phone: (919) 606-8751. ken@goldensrealty.com.
Friendly, loyal, intelligent service!
View My homes for sale at www.GoldensRealty.com.
Ken Smith specializes in loan modification assistance and short sales in Raleigh North Carolina. Raleigh Loan Modification Help, Raleigh Short Sales. Raleigh Short Sale Realtor. Raleigh NC Short Sales. Raleigh Realtor.
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