Arizona Short Sale Realtor Cody Sperber Explains

 

 

There are many reasons Why A Lender Would Accept A Real Estate Short Sale.  The lender(s) have to incur expenses to complete a Foreclosure and take the property back. These expenses include attorney fees, court fees, and the lack of income from your monthly payments. Lenders also face unforeseen losses from damage to the property, vandalism if the property is vacant and then the additional costs of selling the property. Along with the expenses comes the risk of the property depreciating further, and having to hold the property on the books for an undetermined amount of time. Having a non-performing asset on their books prevents them from lending out more money that will produce a return. Plus, banks are not in the business to own real estate. They have to take back, inventory, and then hire a Realtor to list the property for retail on the open market. We all know how horrible the real estate market is right now and therefore they end up holding the property for many months, and then fire selling it for a loss anyways! Plus, if the homeowner leaves the property and it is left vacant, many times the property is vandalized and becomes costlier and harder to sell! Lastly, statistics show that almost 50% of homes that go to Foreclosure, just before the Foreclosure Sale, the old homeowners gut the house and sell all the items as a way to “get back” at the lender(s). This is illegal but nonetheless happens on occasion. Many lenders are tired of taking back trashed homes and choose to short sale instead. So basically, in most instances, a Short Sale is less expensive than the Foreclosure Process so lenders choose to cut their losses early and Short Sale instead.  These are just a few of the reasons Why A Lender Would Accept A Short Sale.  CLICK HERE TO CONTACT ME NOW!