Real Estate Trends - Palmdale, Lancaster, Anaverde and the Greater Antelope Valley February 26 - 2010
By Richard & Janet OBrian, Listing Specialist Palmdale, Lancaster CA
(Home Based Realty)
Real Estate Trends - Palmdale, Lancaster, Anaverde and the Greater Antelope Valley February 26 - 2010 Who benefits from the Short Sale? Short sales are a win-win situation. Lenders, Mortgagees and Realtors all benefit from the successful short sale. Mortgagors get the majority of their money back, Mortgagees get the relief they need and are able to sell their property and avoid foreclosure, and Realtors can facilitate the transaction and receive compensation (commission the bank pays) from the sale of the property. Why would banks forgive the difference? To mitigate their losses, banks often accept a settlement of less than what is owed on the property. When faced with the option of getting the property ‘back’ through foreclosure, a short sale often makes a much wiser business decision...