Why would a bank or mortgage lender want to do a short sale?

House with dollar sign illustrates why banks consider short sale offersKalamazoo Real Estate – Banks and lenders do not want to own real estate, they want to lend money and collect interest. When a lender takes a property back via a foreclosure, it is a long and expensive process.  The bank is often forced to hold the property in their inventory as a non-performing asset.  Non-performing assets do not look good to bank investors.    Banks want to limit to the number and amount of non-performing assets they want to hold.   In this real estate market there have been unusually high numbers of foreclosures.  This costs the bank a lot of money and may tend to keep investors in their bank away.  They have strong incentive to get rid of the properties at discount prices. For a lender, doing a short sale avoids many of the costs associated with the foreclosure process and cuts short the need for them to carry the non-performing asset.  Attorney fees, delays from borrower bankruptcy, damage to the property, costs associated with resale, property tax, insurance, etc. all must be paid by the bank during a foreclosure. In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster.

The Veenstra Team has a professional  team assembled to successfully sell short sale properties.  There is no fee to the home seller and, in many instances, the seller is able to be permanently relieved of thousands of dollars of debt.    Call the Veenstra Team, your Kalamazoo MI REALTORS and short sale specialists today at 269-350-5514.

Yes, I would like to learn more about an investor purchase or short sale.