I have been doing short sales for over 5 years now. Through this time I have seen short sales help sellers but having less impact to their credit, being able to stay in their home free of payments for some months to save money for a rental, and less impact to their credit than a foreclosure.
I have seen short sales help buyers too. Buyers get a lower price and usually the homes are well maintained.
Real estate agents learn skills in working with distressed home owners and banks and also are able to make good commissions where in most cases the sellers do not care about the price of the home. Sellers just want to get rid of the home with as little hassle as possible.
Banks like short sales as the price of the homes is usually higher than foreclosures and there is less work and maintenance for them.
Short sales are a win -win - win for everyone in a distressed situation
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