Is your home worth less than you owe on your mortgage?

You may be able to sell your home with no out of pocket costs.

Typically lenders net more money when the home is sold through a short sale rather than letting it go into foreclosure. It’s a numbers game, pure and simple.

When the home is offered as a short sale, the bank gets the impression that foreclosure is imminent, where the home will most likely not be bought at a trustee sale auction. After foreclosure, the property usually reverts back to the lender, that lender will eventually put the home on the market for sale at market value.

Instead of wasting time, money, and resources going through the foreclosure, it makes financial sense to simply take the market value being offered by a willing buyer now. The more time passes, the less the home will be worth. The passage of time and lack of maintenance will lower the value of the home once the foreclosed homeowner moves out.

The banks generally prefer to cut their losses and agree to short sales.