Dangerous Short Sale Myths: Banks Are Not Accepting Short Sales

 

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This is our second installment of our seven part series on shorts sales! To read the first one, click here.

Many people have heard that banks don’t really want to do short sales, and they not accepting offers on them. There have been rumors floating around that banks are waiting on bailouts instead of accepting any short sales. This is completely untrue!

The reality is that banks are trying to do avoid foreclosures, more than anything. They will not deny a short sale because they hope of future legislation passing that will pay them for their loss of money. In fact, many banks are aggressively pursuing short sales.

In addition to pursuing short sales, banks are also looking for agents, like a Certified Distressed Property Expert, who understand how to process short sales. For example, Freddie Mac recently held a national training webinar for real estate agents. The goal of this was “eliminating distressed assets through modification or short sale”.

Avoiding foreclosures are the banks’ #1 priority, and a short sale is great way for them to avoid foreclosure. Banks welcome short sales, especially in comparison to the possibilities of foreclosure.