Short Selling Your Home in Baltimore - Are you thinking of short selling your home in Baltimore? There are many factors to consider when Short Selling your home in Baltimore. Below I listed Why Banks Participate in Short Selling and What are Some Benefits of Short Selling your home. I’m a Short Sale Specialist in Baltimore and would be more than happy to assist you with all your Short Sale needs. Please feel free to call or text me at 410-917-1991 or e-mail me at firstname.lastname@example.org.
Why do Banks Participate in Short Sales?
- Banks participate in short sales to help homeowners and themselves prevent foreclosures.
- Banks cooperate to avoid the costs associated with foreclosing, and thus the managing and reselling of REO (Real Estate Owned) assets.
- Compared to foreclosures, short sales are less costly, less time-consuming and more likely to see completion.
- The over supply of foreclosure properties is a financial burden against the banks. Banks cannot afford to take back all of the foreclosed homes.
What are Some of the Benefits from a Short Sale?
The Seller, Homeowner: The seller avoids the credit disaster of losing a home to foreclosure. It's viewed as the "responsible choice".
The Lender: By completing the short sale, the lender reduces the actual loss and eliminates the exposure to risk that goes with acquiring a property through foreclosure.
The Buyer: The buyer that hangs in through the short sale process can get a property at a below market price