Why Do Some Macomb County Michigan Short Sales Fail While Others Succeed?

CHESTERFIELD TWP, Mich. - July 14, 2014 - PRLog -- Macomb MI – I recently received a question from James. Here was his question.

“I’ve heard that there is a 70% failure rate on short sales. Is that true? If so, then why do so many short sales fail? James”

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Here is the answer to his question. Yes, a lot of short sales do fail. However, those statistics are for individual short sale offers submitted to lenders. If the first offer on a short sale is turned down, then another offer is usually submitted.

On each individual house being sold, the failure rate is much lower. Here are the reasons that many short sales do fail.

Reason #1: The sales price is lower than the lender wants. The lender thinks the house is worth X, but the sales price is $30,000 lower than X.

The lenders are not always getting good information on the property values. In my opinion, their valuation method is flawed.

There is a serious conflict of interest in the way lenders obtain their property value. But, the lenders don’t really care to fix it.

Reason #2: The tenant doesn’t want the home to be showed. Many short sales are rental properties. However, the tenant doesn’t want the home to be shown to buyers.

Why not? Well, if the house sells then they will have to move out and find another place. They are comfortable where they are at and they don’t want to move.

This is why a home that is rented is much harder to short sell than a vacant home. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at rick@rickgiese.com  I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 586.242.3100

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. (http://www.miforeclosurehelp.com/)

If you are considering a short sale on your current home, contact me Rick Giese at 586-242-3100 to help you with the process.  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 rick@rickgiese.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.