She had thought about short selling the house. But, she had heard from her friends that banks don’t really like short sales and never pursued the option.
The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have become more common.
Banks always knew that a short sale would reduce their losses compared to a foreclosure. Even the federal government agrees. That is why congress added short sale incentives to the recent loan modification laws.
FHA is another quasi federal agency that prefers short sales over foreclosure. They pay lenders $750 to process a short sale. I don’t think they pay them anything extra to process a foreclosure.
The bottom line is that most lenders do prefer short sales over foreclosure. The reason is best explained by a recent study done by Boston Consulting Group.
The study found that a short sale nets a lender 20% more than a foreclosure. Banks understand numbers and want to reduce their losses. And although this is all true, you still really need to work with a pro agent that can handle your short sale and actually get it closed.
Thinking about a short sale? Visit the Short Sale Super Man at www.ShortSaleSuperMan.com Helping Chicago homeowner’s short sell their homes.
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. 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 (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chicago 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, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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Phil Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on A Common Myth About Chicago Short Sales: Banks don’t like short sales and prefer foreclosure is provided as a courtesy to our viewers to help them make informed decisions.