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Primarily, the big benefit is the increased odds of getting the home for a reduced price, knowing that the house is in short sale mode, and that the owners, and likely even the bank or lender in many cases, will want to sell the home and get out from under the home loan.
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· The Benefits of a short sale: 1. A short sale often allows the seller to walk away owing nothing. You are often able to negotiate away all the debt. Banks know they will net more money with a short sale versus foreclosure. In fact, a recent study showed banks would net 20% more money with a short sale versus foreclosure. Because of this, most short sale banks completely forgive the debt.
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A short sale can be a good way to get the most bang for your home-buying buck – but it’s not always an easy proposition, and it’s far from the magical way of automatically snaring a great.
Short sales offer a number of benefits to buyers. Because, during a short sale, homeowners agree to sell a house for less than the amount owed on the mortgage loan. This type of sale requires the.
Most short sale properties are lower priced than a normal sale because the banks want to encourage the sale. Process has been shortened. In the past, a short sale could take up to six months to process, leaving the buyer stranded and increasing the risk for damage to the home.
However, a short sale is an answer for all parties involved, and can benefit the homeowner, the lender, and you, as an agent.
Primarily, the big benefit is the increased odds of getting the home for a reduced price, knowing that the house is in short sale mode, and that the owners, and likely even the bank or lender in many cases, will want to sell the home and get out from under the home loan.