Lenders often agree to short sales because they cost the lender less than foreclosing.
Prudential Real Estate of the Rockies
A short sale is basically when you sell your home for less than what is owed on your mortgage. You are shorting the bank the funds owed to them. With the dramatic drop in real estate prices, banks have been more willing to accomadate such transactions. However, you do need a valid reason for a bank to accept such a transaction, such as loss of income or someother hardship. I hope this helps. Feel free to contact me at anytime for more information.
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Actually, a short sale is when someone owes more on their house than it is worth. They convinced the bank to take less than is owed on the house if it sells.
Basically it is a cheaper way to out compared to foreclosure for the bank than letting it be foreclosed on. It can take forever for an offer to be accepted. Sometimes, it goes fairly quickly.