Lenders have begun to realize that they will come out much better negotiating a short sale rather than foreclosing on a property, taking title, paying for the upkeep and costs of marketing these properties for sale.
“In Las Vegas, banks make $80 per square foot on foreclosures but $130 per square foot on average in short sales, said Steve Bottfeld, executive vice president of Marketing Solutions.”
Also, the government will begin providing $2,500 subsidies to encourage short sales this spring.
Nicolas Cage’s mortgage lender however, chose to foreclose.
