Don Mailey
RE/MAX Results
952-212-0968
Wednesday, November 23, 2011
Most Lenders Are Receptive To Short Sales
Some homeowners, have trouble fathoming how a bank would willingly forgive a portion of their debt. It is not out of the goodness of their hearts. This recent analysis, shows what generally happens to the sale price of homes that go all the way through the foreclosure process and are ultimately sold by the lender. Of course, this article doesn't even begin to factor in the cost of listing and selling a foreclosed property or the tremendous legal expenses incurred in pursuing a foreclosure from start to finish. Most lenders have figured out, writing off $50,000 in debt is cheaper than spending $125,000 to foreclose and dispose of a property.
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