Why would a bank be receptive to a short sale offer?

The bank will typically determine the value of the property by determining the probable selling price from an appraisal or Broker Price Opinion (BPO). The bank knows from experience that a “market price” short sale offer will not only save them the time and expense of a foreclosure; the time, trouble and expense of taking title to the property after a foreclosure and selling it through their REO (Real Estate Owned) department; but will usually bring 15% to 20% more than if it goes through foreclosure.

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