Main Content

Why Do Lenders Agree To Short Sales? Venice Short Sale Agents Explain Why

Are you facing foreclosure on your home but don’t think your lender will approve a short sale? Venice short sale agents claim that this is one of the main reasons that homeowners facing foreclosure don’t take action; they believe their lender won’t agree to the short sale. While this can be very frustrating to Venice short sale agents that are ready and waiting to help, they can understand the hesitation, apprehension and fear. Once Venice short sale agent, however, argues that you don’t know what the outcome of your short sale will be until you try; the reality of the situation is that the lender more than likely will approve your short sale if you have a legitimate hardship.

So, why do lenders approve short sales instead of foreclosing on homes? Venice short sale agents explain it’s quite simple, actually. When a lender agrees to a short sale on a property, they are actually saving themselves about 20% more than if they were to foreclose on a home. This may not make sense to many homeowners, but Venice short sale agents say that when a bank forecloses on a home they essentially are the property owner. They’re required to maintain the home, pay any taxes or fees associated with it as well as any repairs. This can be very costly to the bank and because of this they’d rather take a smaller hit and rid themselves of the portfolio by agreeing to the short sale.

Venice short sale agents want you to get in touch with them if you are facing foreclosure and are unsure whether or not your bank will approve your short sale. They can review your situation with you, help you determine your hardship and tell you what types of documents you need to gather to get the short sale started. Venice short sale agents want you to remember that the worst thing that could happen is that your short sale doesn’t get approved but you’ll be no worse off than you were before. Remember, you don’t know unless you try. Contact a Venice short sale agent today to start the path to getting your short sale approved.