Hello, I’m Matt Fetick, with Keller Williams Real Estate and in the Philadelphia and Wilmington, Delaware’s premiere short sale specialist. I often get asked why the bank would consider doing a short sale instead of just foreclosing on the home.

The answer lies in the fact that banks are in the lending business and they don’t want to be home owners. When banks have to foreclose, it means that they become home owners. That means they also take on all of the responsibilities that the home owner has. The bank has to insure the property, secure it to guard against vandalism, maintain the law and maintain the utilities. Banks don’t want to do that. They want to lend money. However, when a homeowner defaults on their loan, the bank is left with no choice.

That is where we enter the picture. Right now, we have the ability to execute a short sale. A short sale is where the lender allows the home owner to stay in the home and sell the home for the best price. The bank will accept less than what is owed on the mortgage, and accept that money as a payment in full. This is a great opportunity for home owners that are upside down in the home and need to sell for various reasons. Some of those reasons may include:

  • Divorce
  • Job Change
  • Job Relocation
  • Medical Reason
  • and a host of other reasons.

If you are in a situation where you may be foreclosed on or you are upside down in your home and you need to sell now, please give me a call. We can take care of negotiating with the bank directly on your behalf.