Why would lenders be okay with getting less than they’re owed? Because the loss they take in short sales can be less than the loss they’d take if the home went into foreclosure. Plus, they won’t have to deal with marketing and selling the property. Just so it’s clear, this doesn’t mean you’ll get the deal of the century on a short sale. Lenders still want to get the most they can! (Wouldn’t you?) Overall, short sales are good for everyone, even if they take longer to close, and no guarantee they will. Investors get a good deal, lenders get a significant amount of money without having to deal with the foreclosure/REO process, and homeowners don’t get foreclosed on, which can tank their credit score.
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