In a short sale the bank's number 1 victory is that they do not have to pursue the foreclosure process which can be costly and result in them taking possession of the home. During a short sale the homeowner is the "seller" and the bank is only approving the deficiency at closing. This takes quite a bit of liability off of the bank.
When the bank takes a home through the foreclosure process they must pay for the notices, trustee services, winterizing empty houses, and it can be delayed several times. When they get the home back it can be in a range of conditions depending on the homeowners who left. They must assume electrical payments, taxes, insurance, etc. and protect their investment from squatters, theft, and vandalism.
To be able to avoid all of these risks, approving a short sale makes sense.
As a homeowner the bank appreciates your cooperation and that is why you are able to purchase a home earlier than if you let it go to foreclosure.
Call me today if you are interested in selling your home and you need help navigating through the paperwork!
