This is a Royal Oak Short Sale that I listed and closed. My seller needed to sell. He was stuck in a predator loan with a very high monthly payment. The balance of this loan was so high; I don't know how the borrowers could have qualified. The loan was a no doc, stated income "liar loan". The fees on the refinance were so high it was criminal.
The seller could not afford the loan in the first place and with the economic downturn he was certain to be foreclosed on. The Seller and Buyer were both thrilled by my services. Without a Short Sale, the seller would have been foreclosed on. This would result in years of debt and probable litigation.
PROFILE:
Location: Downtown, Royal Oak, MI
Type: Duplex 1930's, great location.
Condition: Need of some repair. Also need a variance to keep the multi-family zoning.
Lender #1: Homecomings Financial
Amount Owed: 310,000
Sold Price: $195,000
Negotiation time: 2 month
Amount owed by seller post closing: zero
Seller's out of pocket costs: 0
Hardship: loss of income, failing business and need to reduce expenses.
Happy Seller, Happy Buyer and One less Foreclosure in Michigan.
Call me, I can help
Sell My Home to Stop Foreclosure Now
Mike Sher
Office: (248) 644-4700x242 Fax :(248) 499-1020
4120 Telegraph Rd, Bloomfield Hills, MI 48302
E-mail: mike@mikerealtor.com
Blog/Profile: http://activerain.com/mikerealtor Web: www.mikerealtor.com
Linkedin: http://www.linkedin.com/in/mikesher CDPE: http://hosted.cdpe.com/MikeRealtor/
he Mike Realtor Team Blog - Metro Detroit/Oakland County
Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City
But, We Can Help!
This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.
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