Hi, I’m Toni Patillo with Toni Patillo and Associates, your leading Venice short sale agents. Today we would like to talk about short sales being preferred by Venice homeowners. One reason homeowners choose to complete a Venice short sale on their home is because it stops the foreclosure process. It does not cost the homeowner any money and a lot of the time lenders are offering cash incentives to complete a short sale on their home rather than go to foreclosure. The lenders would prefer that you not go through with a foreclosure on your home, especially if a short sale is an option. The foreclosure process can be very costly to banks and so that is another reason why they would support a Venice short sale. Lenders usually get back more on their investment through a short sale than through a foreclosure.
In case you aren’t aware of what exactly a Venice short sale is, it is the sale of a property where the proceeds from the sale of the property is less than what is owed on the loan. The lender usually decides to sell the property even though there will be a loss. Also, both parties have to agree to the Venice short sale in order to avoid foreclosure, which is more expensive for the bank. Once everyone agrees to the Venice short sale, the lender will assign a negotiator to list the home at market value. Then a buyer will come along and make an offer. After that, everything seems to always fall in place so you can get your Venice short sale approved and closed. This will allow the homeowner to move on and start over financially until they are ready to own a home again. People can typically purchase a home in as little as two years. Please let us know if you have any other questions for your Venice short sale. We would be happy to work with you on your short sale.