When you want to put your Michigan home for sale you may find out that you owe more than it can be sold for. You may be going through a divorce or have lost your job. You can't afford the home or need to downsize. But what can you do? Do you put your Michigan home up for sale or do you just let it go into foreclosure?
You may want to contact your bank. A short sale is where the bank accepts less than what you owe on the mortgage. For example you may owe $270,000 on your 2200 square foot Livonia home. Many 2200 square foot Livonia homes are selling in the $215,000 to the $225,000 range. So the bank would have to either accept less money than what you owe or take the chance of getting back as a foreclosure.
Unfortunately the issues with a short sale is that many banks don't have enough qualified personnel to handle all the Michigan short sales. There are so many Michigan Homes for sale that just can't be sold for what is owed on the home.
The two major reasons you may not want to get involved with a short sale are. Many of them never get closed. Many banks don't accept the offer. Many times they are so far removed from the Michigan real estate market that they don't know what a Michigan Home for sale is worth. The bank rejects the offer and eventually it becomes a foreclosure.
The other issue is that it takes weeks for a bank to accept or reject an offer. Sometimes you won't hear from the bank in 4-6 weeks. Most buyers don't want to wait that long.
My thought whether you are buying or selling is to stay away from a short sale. Too much trouble to put your Michigan home for sale as a short sale for the trouble and grief involved.
For more on Michigan real estate go to my other websites. www.RussRavary.com or www.DetroitMichiganRealEstateHomes.com You can search over 60,000 Michigan homes for sale or get great buyers tips and seller tips
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