Why Banks/Lenders Prefer Doing Short Sales
Posted by The Cascade Team Real Estate on Wednesday, October 17th, 2012 at 4:14pm.
Bank/lenders created the Short Sale process as an alternative to foreclosure and or bankruptcy. Your bank/lender will generally collect more of what is owed to them by doing a Short Sale instead of a foreclosure and or bankruptcy. Bank/lenders spend a great deal of time and money with attorneys to complete the foreclosure and or bankruptcy process.
A short sale is typically executed to prevent a home from going to the foreclosure auction, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe it will result in a smaller financial loss than foreclosing, as there are carrying costs associated with a foreclosure. A lender will typically determine the amount of equity, or lack thereof, by determining the probable selling price from a real estate Broker Price Opinion (BPO) or through a home valuation by an appraiser. The cost of taking of home through foreclosure is very expensive and most lender would prefer to negotiate a short sale and save the expense of completing a foreclosure action.
We are a FREE Service to the homeowner. Short sales are complex and very time consuming transactions. We only do Short Sales. We have a full time experienced professional team to negotiate your Short Sale. When a Short Sale is being negotiated it is an 8 to 10 hours a day process. If a call is missed when a bank/lender returns a call, it could sometimes take weeks before you can get them back on the phone again. Most Lawyers and Realtors have never closed a Short Sale and they are not willing to spend 8 to 10 hours a day, 6 days a week talking on the phone trying to close your Short Sales. It is not worth their time or money. This is a full time job and it is what we do best.
How Much Does It Cost?: It is FREE...There is NO cost to the homeowner. We get paid directly out of the close of the Short Sale from escrow. You will always know that we are working hard for you, because we only make money when your Short Sale has been is successfully competed.
We Get Your Short Sale Closed Fast: We have some of the fastest approval times. No one knows how long it will take to complete a Short Sale, but after we submit the required Short Sale package to the bank/lender, our average Short Sale approval and closing time is between 60 and 90 days.
The Cascade Team Get Short Sales Closed Faster For Its Customers: The National Average Is Now Taking More Than Four Months. Read "LinkedIn" News Article: "Most Short Sale Transactions Taking Four or More Months to Complete" LinkedIn: How Do I Get Started?: Just click on the "CONTACT US" button and fill out your basic information. We will call you back with in 48 hours to discuss how we can best serve you.
The Cascade Team connects our clients with our in-house short sale department to work with you throughout the process. Because we are not attorney's or credit counselors, we have negotiated to provide our clients a FREE attorney consultation to provide information on the impacts of a short sale, credit implications, concerns regarding deficiencies, etc. There is NO COST to you for this service. In addition, our short sale team will work with you to ensure all the information required by the lender when evaluating a short sale is submitted to the lender with the purchase and sale contract. Because the selling price yields an amount less than what is owed to the creditor, all closing costs are absorbed by the creditor and there are no out of pocket costs to the seller. The Cascade Team Real Estate utilizes our same aggressive marketing strategies to obtain an offer as quickly as possible and turns that over to our short sale negotiating partner to begin the process with the lender.
Advantages For Our Short Sale Clients
As a seller working with The Cascade Team on a short sale transaction, you will receive the following benefits:
- FREE legal consultation and direct access to our in-house short sale team.
- Leading edge software program to manage the process and submit a complete package to the lender, which helps expedite the assignment of a negotiator.
- You get the same aggressive marketing program to bring in an offer as quickly as possible.
- You have our short sale team following up on a regular basis with the lender and negotiating on your behalf.
- Online access for our client, agents and buyer to stay up to date on the progress being made with the lender.
- You will have your real estate agent as a trusted resource to walk you through the process.
- We are licensed agents and CDPE Certified Negotiators. This is very important, as many negotiators do not carry real estate licenses. The Washington State Department of Licensing is starting to come down on unlicensed negotiators. In addition, many negotiators pass their fees along to the buyers, which deters them from making an offer on your home. Our negotiator works with the lender to pay the fee and the buyer is never stuck having to pay to purchase your house. With our short sale negotiator's track record, this means that you, our client, get your home sold and closed quicker.
If you are in a situation where you need to sell your home, and you owe more than what it is worth, please contact one of our agents, or the main office at (800) 509-6905, for more information on how we might assist you through this process.
If you think you may need to sell your home short and would like more information, please contact us and let us know. We would be happy to assist in determining if a short sale is your best option or not. Feel free to check out our short sale video library to learn more about the HAFA program and loan modifications.
Simply Outrageous Service! Not Outrageous Commissions!
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