Sherman Oaks Homes For SaleWhen Should the Bank Approve a Short Sale in Sherman Oaks?
Seems like a logical and not too tough question to ask and answer, right?
Though many sellers approach the process forgetting that banks are in the business of making money... not losing it.
Banks approve Sherman Oaks short sales when it is in their best financial interest to do so.
Would it surprise you to know... around eighty percent of all loans are NOT owned by the bank that is handling it?
That means that an unskilled short selling agent may not understand that they aren't originally negotiating with the party who has the financial interest. That agent may not understand why the bank would be rejecting a reasonable short sale offer....
Sadly, not knowing how to get the Sherman Oaks Short Sale approved, the unskilled agent has just cost his client more loss of credit standing, and ultimately, burdened the market with another foreclosure, further driving down prices and bank stocks.
Looking to buy a good value home? Search Sherman Oaks Homes For sale.
Not only does the bank with the financial interest in the property stand to lose from the administrative costs of going through a foreclosure, there are usually significant rehabilitation costs from disgruntled short sellers who may not have kept up the yard work or even the housekeeping, once they knew that their short sale was turned down.
As a Certified Preforeclsoure Specialist, I have successfully guided my clients and completed their short sales, even getting past the intitial "no" to a mutually beneficial conclusion. The Value of a good agent is often in the details, the negotiation skills, and knowing who at the Bank can say "Yes" to your short sale.
Peace to you and yours.
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An overview of the real estate market conditions and neighborhoods in and around Sherman Oaks, Los Angeles.