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A short sales is one of the tools mortgage lenders use in soft real estate markets to deal with the high tide of foreclosures they’re experiencing today. When a homeowner with a high mortgage balance gets behind on his loan payments, a lender has a decision to make related to how to handle the default. He can either start foreclosure procedure or try to get the homeowner to sell the property and pay off the loan.
If the owner is willing to cooperate and sell the property, lenders will often settle for an amount far less than the current balance owed on the mortgage loan. Lenders would rather give homeowners a shot at selling the property below market value before running a foreclosure auction. When a home is sold at a price that won’t net enough proceeds to pay of the entire mortgage balance, this is called a short sale.
Though it seems counterintuitive, lenders are willing to give the go ahead for home sales at prices that won’t satisfy the full balance owed on the mortgage. This short sale process provides a lender-approved means of mitigating a lender’s losses due to a homeowner’s default and subsequent foreclosure on the property.
It seems strange that lenders would approve a short sale, knowing that financial loss will result. Why is this so? Lenders use this strategy to avoid foreclosing on a property because an actual foreclosure is an extremely costly process. Not only must the lender repossess the home and resell it, but there are legal fees, insurance, taxes, real estate commissions, lost interest revenue and eviction costs as well.
The net amount available to pay the lender is often more with a negotiated short sale than a home acquired through foreclosure and then resold to the highest bidder. Lenders are now so overwhelmed with REOs (repossessed homes) that they simply can’t afford to add more foreclosure homes to an already enormous roster of non-income generating assets. The soaring costs of foreclosure aren’t the only reason that lenders look to short sales as an alternative.
They also face major scrutiny from local municipalities to maintain their repossessed empty houses in good condition in order to keep drug related activities away, as well as reduce the vandalism. Some local government go as far as filing lawsuits against lenders who have a high number of REO properties in the area causing further expenses and losses. Under these circumstances a quick short sale settlement may look likeas a desirable alternative to foreclosure.
Many lenders try to get rid of their large inventory of REO homes by making huge price cuts. Still, many lenders have found that owning a large inventory of foreclosure properties is more of a burden than it is worth. This is why lenders are increasingly reluctant to avoid foreclosing on homes if there is any other alternative available. Short sale has become such a widely used option that many lenders now have staff on hand whose job is to negotiate short sale offers submitted on foreclosure properties. Lenders are taking every possible step to avoid adding to the ever-growing burden and expense of owning vacant foreclosure properties.
For those who buy homes through a short sale process, there is a golden opportunity to buy a home at a deep discount prior to the public foreclosure auction. Consider though that a short sale can only take place with lender approval. For investors, short sales present an opportunity to buy and resell a property at a significant profit, or to convert the property to a rental for ongoing cash flow.
But why would a homeowner agree to a short sale? With so many homeowners out of work and unable to pay their mortgages, more and more homeowners are facing the real possibility of foreclosure.
When homeowners are in over their heads with over-financed homes and no resources to pay high mortgage costs, short sale is often the only choice to exit a home gracefully after defaulting on a mortgage loan. For investors, short sales present an ideal opportunity to sell a foreclosure home at a great profit.