Why Do Banks Short Sale?

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A Lender or bank takes a discount or agrees a short sale because it saves them money. It gets bad debt off their books so they can reinvest that money by giving out another loan to a customer.

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On average a Lender loses between $30,000 to $80,000 on each property that they take back as a bank owned property.

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• In many cases a short sale is necessary in order to get you out from under your mortgage debt.

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• By doing a short sale, you will be able to take a large bite out of the money you owe to your mortgage company, so that you are no longer liable for the entire amount.

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Also, here are the most common reasons banks will agree to a short sale:

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The mortgage is in arrears or foreclosure

New homes in the area are being chosen over existing homes

The property is in poor condition

The homeowner has hardships and cannot afford the payments

The area or neighborhood has depreciated in value

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Some banks are required to prove a loss each month. Let's help them out!

An REO is a liability, not asset. Too many liabilities will cause anybusiness to go under if not dealt with quickly.

Some banks are required to have an amount equal to or up to six times the retail value of each REO "on hand" - Ouch, that hurts!

The bank's shareholders are concerned when there are too many defaulting loans on the books

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• As you can see, the homeowner actually has the advantage when it comes to a short sale. • The banks would rather deal with the hassle of the long short sale process than taking a foreclose hit.

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9740 S. McCarran Blvd #103, Reno, NV 89523

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Contact MARSHALL CARRASCO

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