PRLog - Feb. 8, 2014 - CHESTERFIELD TWP, Mich. -- A short sale occurs when the seller owes more on the property than it is worth, does not have the means to pay the difference, and the bank agrees to accept LESS than a full payoff for the amount owed. In such cases, the seller must demonstrate a genuine financial hardship.
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Banks lose LESS money on short sales than they lose on foreclosures. Therefore, they have a logical reason to accept a short sale, especially if the sale price is close to the current market value of the property, and it appears that a foreclosure may be likely. The amount owed is not the determining factor. What is important? The fact that the property is worth less than what is owed, and that the seller has a GENUINE FINANCIAL HARDSHIP. These are the two qualifications that are necessary. The fact that the property is worth less than what is owed does not automatically qualify the owner for a short sale by itself.
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Some financial hardship examples include: loss of job, business failure, damage to the property, death of a spouse, death of family members, severe illness, inheritance (when the property is inherited with a mortgage the heirs cannot pay), divorce, mandatory job relocation, medical bills, military service, payment increase, insurance or tax increase, reduced income, separation, too much debt, incarceration.
Sellers do not have to pay the Realtor’s commission or closing costs in a short sale. These funds come from the sale of the property, and this is made possible by the fact that the lender is taking less than what is owed.
Sellers are NOT ALLOWED to receive any funds from the sale of the property, unless they qualify for short sale relocation funds. After all, the lender is agreeing to take less than what is owed by the borrower. This often amounts to losses of 100′s of thousands of dollars on a single mortgage. Weigh the cost of the seller renting a moving truck against the repayment of the mortgage balance and it will quickly become evident who is benefiting the most from a successful short sale – the seller!
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Do not believe all of the myths you have heard about short sales. The short sale option is there to help you not have to go through a foreclosure. There are many homeowners in Southeastern Michigan that are facing the possibility of having a foreclosure done on their property. Do not wait any longer, call 586-242-3100 to speak with Rick Giese Macomb Counties Short Sale Specialist.
“After making the decision to sell our home as a short sale I researched a number of options to assist with the process. I selected Rick Giese after reviewing various companies. I can honestly say that I have been extremely pleased with this decision and my wife was also impressed with the way they handled this from beginning to end. I strongly recommend Rick Giese to handle your short sale.” ~ Mr. Collins
No matter your situation, visit my FREE Online CMA site at: www.MyMIHomeValue.com for a FREE No-Obligation comparative market analysis of your home or condo. This system can tell you how much your property is worth in today's market.
Rick Giese has more than 27 years of experience selling residential real estate, probate, trust and conservatorship. Rick can help you. Contact Rick Giese, associate broker at RE/MAX Advisors at 1-800-274-5656 or email@example.com
Consistently ranked as one of Southeastern Michigan's associate brokers of Equity Sales and Short Sales. Rick Giese has over 27 years of Real Estate experience and is one of the areas Rick has a strong focus on assisting homeowners in need, Rick Giese offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family. As every situation is different, Rick offers his insight and knowledge of the real estate transaction process and all the options available to you to get the most money the market will pay or to help you avoid foreclosure. Call Rick Giese today at toll free 1-800-274-5656 or your free consultation of your situation and sleep better tonight
Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oakland and southern St Clair County Areas of . Loan Modification Help, Short Sale Help. Oakland Short Sale Help Macomb and our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County