In almost 90% plus , the bank or lending company releases the seller from paying the remainder of the amount, and the lender accepts less than what’s owed on the mortgage from the buyer. The remaining balance, which is called a deficiency, is not always forgiven, but 90% plus of our Short Sales it is.
I can make the process for completing short sales is quite simple for you.
Property owners who are at risk of foreclosure are wise to contact Macomb County MI Leading Short Sale Specialist like Rick Giese certified CDPE associate broker with RE/MAX Advisors, before contacting their lender about a Short Sale.
What is a Short Sale?
The short sale process starts when the borrower is proves to the mortgage company that he is unable to make his house payments because of financial problems. The creditor who is holding the lein against the property must then approve the debtor’s application for a short sale that is essentially asking the lender to accept less than is owed on the property.
We will help you put together a short sale package, which a real estate agent can sometimes advise him on. He has to write a sincere letter that explains his hardships and why the short sale is necessary. All of the information on the application needs to be thorough and accurate. It’s against the law to lie or exaggerate on the application.
Many of the large banks have a loss mitigation department that evaluate these applications, but even small companies will be able to do this. Some companies have criteria that is pre-determined in order to help them evaluate when to approve short sales. Oftentimes they look at the current market value of your Macomb County Michigan property and obtain an CMA or a independent evaluation of your property.
The short sale process can sometimes take several months for the buyer and seller. It can also take multiple levels of approval. Be patient, because it’s worth it.
Since the subprime mortgage crisis, over two million short sales have been completed in the United States. This has prevent that many foreclosures as well. In a foreclosure, the former property owners now face eviction, and they have to deal with the fact that the home they once owned is put up for public foreclosure auction or sale. A short sale, however, prevents all of that, and it may even help preserve one’s credit report, depending on the circumstances and agreement.
Short sales have absolutely been an asset to the Macomb County Michigan real estate market. Quite simply, a short sale is very much preferable to a foreclosure in most cases because it causes a cessation of additional fees and expenses to the mortgage company as well as the borrower. Although the property owner can still receive negative things on his credit report in a short sale, it is far more likely to happen with a foreclosure.
Are you or do you know a neighbor, relative, work associate who is struggling to make their house payment, have them get a FREE copy of my book "The Home Owner's Guide to Real Estate Short Sales" A guide to help you avoid foreclosure. Get your FREE Copy here www.miforeclosurehelp.com
If you are considering a short sale, please contact me Rick Giese, associate broker at RE/MAX Advisors at 586-242-3100 so that we can discuss your unique situation.
Owe more than your property is worth? Missed a payment or your bank is threatening foreclosure, I can help. A short sale of the property might be the answer. Call me, Rick Giese at 586-242-3100 or email email@example.com My FREE book explains how you can avoid Foreclosure and walk away paying and owing Nothing!
I never charge a fee to our sellers. All fees are paid by your lender, when we succeed in the short sale of your property.
The right representation will make the difference in your transaction. Rick Giese is an experienced Short Sale REALTOR, having closed over 250 Short Sales in the past 5 years! Rick's Negotiators will fight to accomplish your goals and get you out of that upside down property.