Myth #6 – Banks are Waiting on a Bailout and Not Accepting Short Sales
You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.
Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”
Distressed Property Institute, LLC. (2009). Short Sale Myths. Retrieved on 09/15/09, from http://www.cdpe.com/short-sale-myths.html
Tags: foreclosure, northern virginia, short sale, woodbridge va
Foreclosures and Short Sales, Real Estate for Sellers | Patrick Duffy September 20, 2009
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