Not really. Things that are too good to be true usually don’t make good economic sense. The short sale makes good common and financial sense for the banks who grant them. The fact of the matter is, Mortgage companies and banks are NOT in the real estate business. They are in the LENDING business. The last thing they want is that property back.
Here are a few common reasons:
1. You bought at the height of the market and the market has now declined or you paid more than the property was worth.
2. The area has become less desirable for any number of reasons, so property values have declined.
3. You purchased the home with little or no money down and wants to sell within a few years of purchase and the property value has not increased during that time. Therefore, costs associated with selling the property may create a balance due at closing,
4. You refinanced the home because of a high appraisal value and now the home has little or no equity.
5. You bought in a brand new subdivision or recently developed area that has not been fully developed or has not appreciated (or has depreciated) in value
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