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S.S.S. (Short Sales Skinny) A new challenge for home buyers in Macomb County MI
Disclaimer 1: I don't market homes that are in a short sale position. Why not? I don't have the expertise and feel strongly that anyone who works with sellers in this situation should know what the heck they are doing!Disclaimer 2: I haven't had a buyer make an offer on a short sale. Why not? All of the home buyers I've worked with this year have had time frames that needed to be met to be in to their new homes. After reading much about short sales, and listening to real experiences being told by the agents who are working with these sales I have learned enough to know the following and pass along the S.S.S. to you:
A home owner puts his home on the market for less than what they owe on their mortgage (or 2 mortgages, or 3 mortgages.) The sellers real estate agent and the seller then put together a package for the lender (and 2nd lender, and third lender if applicable) to explain the hardship that the seller is facing, the falling property values in the area and the seller also sends along all of their financial information. (Think of this as the documentation for applying ... more

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