Does a short sale benefit the home owner?
Why Would a Bank Accept a Short Sale?
Many people in Austin and San Antonio, Texas, are in a tough situation where they want to sell their house but they owe more on their house than it is worth and they are behind on payments. Is there an alternative to foreclosure if you are in this situation? Yes, a short sale may be a good alternative to foreclosure.
A short sale is a sale in which the lender agrees to accept less than what is currently owed on the property. So, for example, if your home is worth $150,000 but you owe $175,000. By performing a short sale, the lender may be willing to accept an offer for less than the $150,000 market price in order to get the house sold and avoid foreclosure.
Why would a bank want to have a short sale performed rather than foreclose?
Shenoah Grove of Hippie Hollow Homes in Austin and San Antonio, Texas, explains in this video what a short sale is and why a bank would accept such a deal. With over 1,200 real estate transactions performed since 2003, there is very little that Hippie Hollow Homes hasn’t experienced, especially when it comes to helping home owners sell their houses fast.
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