Southeast Michigan
Real Estate Short Sale AND FORECLOSURE Properties
"Short sale" is a term used to describe
the sale of a home for less than the seller owes
to his or her mortgage lender. A short sale is
preferable for a seller that owes more than the
home is worth because in Michigan, a bank can
pursue the borrower for a deficiency judgment in
court for the difference between the sherriff
sale amount and the amount owed.
The benefit to a
southeast Michigan short sale seller is that if
the short sale is approved by the lender:
- The seller will usually be relieved from
paying the difference between what is owed
and what the home sells for.
- Or paying a reduced amount to the bank
over time.
- The seller avoids a foreclosure on his
or her credit record.
While a short sale does blemish a seller's
credit rating, it does not damage it to the
extent of a bank foreclosure. On the downside
for the seller, there is a lot of time and
paperwork involved and you must prove to the
bank that you are not and will not be able to
make your monthly payments.
Generally, you will also need to be behind in
your mortgage payments before a bank will
consider a southeast Michigan short sale. If a
short sale seller is able to find a buyer, and
if the mortgage lender, after all is said and
done, does not believe that the buyer has
offered "fair market value" for the home, it
will not approve the sale.
If you are a buyer, you might be able to get
a good deal on a home that will probably be in
better condition than one of the bank owned
foreclosures. However, since a short sale
approval can take several months to close, a
buyer who needs a home within thirty to sixty
days should probably not waste his or her time
on a short sale property.
Are you interested in looking for a southeast
Michigan short sale property?
Contact me today!
Want to Build Value with One of the Southeast
Michigan Foreclosures?
"Bank Owned, Repossessed or Foreclosures."
These are homes that the mortgage lender owns
because it has taken the home either through the
foreclosure process or had the borrower/owner
deed the property over to the mortgage lender.
There are good deals to be found in some of the
southeast Michigan foreclosures, but you need
an experienced REALTOR®
and lawyer to help you through the
complicated process.
When you’re looking at foreclosures, most,
but not all, of these homes are in poor
condition and have been stripped of the
appliances by the previous owner. So, if you are
a buyer, you will have to view many of these
homes until you find one that can be lived in
and financed by your lender.
After you take title, you will have to
purchase the appliances and make any needed
repairs and updates, and pay for them out of
your own pocket as opposed to buying a home that
has its appliances, and is in top condition.
Below are some important items you’ll find when
purchasing one of the southeast Michigan
foreclosures:
- Typically, banks price these homes by
figuring out what it will cost to repair
them and then subtract that amount from the
fair market value of a similar home in good
condition.
- The banks selling these homes, usually
require a buyer to sign non negotiable
documentation that is very one sided in the
bank's favor regarding the condition of the
home and the bank's and the buyer's
respective responsibilities.
- Lastly, many bank owned homes have been
winterized and have had the utilities turned
off. If the buyer wants them turned on for
an inspection, he or she will have to
arrange it and it will be at his or her
cost.
If you’re interested in finding a good deal:
Click to find
southeast Michigan foreclosures or
contact me now.
If you need more information about some of
the available short sale or southeast Michigan
foreclosures, I’d love to assist you! I can help
you find and buy a home that fits your needs…and
at the best price and terms.
Contact me today to
get started.
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