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Top 10 Short Sale Myths Exposed

1. Banks don’t like doing short sales

The fact is that all banks do short sales, some are easier to work with than others and some banks approve more short sales than others but regardless of how easy or hard they are to deal with banks have large departments set up to do nothing but handle short sales. So why do banks like doing short sales? Because of one reason only… it makes financial sense for their balance sheet and their shareholders. Banks are not in the business of owning property, there are in the business of lending money. Banks are required to set aside a loan loss reserve fund against their foreclosure assets. This is money that is not available to them to lend out to new borrowers. A short sale helps a bank to clean up its balance sheet and frees up money to lend.