You Ask, Rick Giese Macomb MI Leading Short Sale Broker: Understanding the Real Estate "Short Sale"

Here’s what you need to know about how short sales work and what circumstances might call for one.
By: Rick Giese RE/MAX Advisors
 
CHESTERFIELD TWP, Mich. - Sept. 7, 2014 - PRLog -- A short sale is something that occurs when a homeowner is not able to make the mortgage payments on time due to a financial hardship. Instead of foreclosing on the property after one or more missed payments, the bank may agree to allow the homeowner to turn the home over to the bank, which will sell it to as close to market value as possible.

Here’s what you need to know about how short sales work and what circumstances might call for one.

Step 1: The Homeowner Provides Information To The Bank

The first step in the short sale process is for the homeowner to submit an information package to the bank. The homeowner will provide information such as the reason for the short sale, an authorization letter allowing the real estate agent to talk to the bank, and a financial statement. In addition, the seller may need to provide an HUD-1 statement as well as a list of comparable homes in the area.

Step 2: The Buyer Makes An Offer

Once the house is put on the market, a buyer can make an offer just as he or she would on any other home. The seller will then have the opportunity to accept any offer that he or she receives from a prospective buyer.

Step 3: The Bank Makes A Decision About The Offer

Once the seller accepts an offer to buy the home on short sale, the seller is responsible for sending information about the sale to the bank. Before the sale is finalized, the bank must approve the buyer’s offer. It could take as little as two weeks or as long as 120 days for the bank to approve the offer.

However, not all short sales are immediately approved. The seller’s bank bank might decline the buyer’s offer for one reason or another. A bank may decline a short sale offer if the bank negotiator thinks the house is worth more than the buyer’s offer or if the seller violates a clause in the short sale agreement – such as moving out of the property and violating a clause that states only owner-occupied properties are eligible for short sale.

Rick Giese associate broker with RE/MAX Advisors is Certified CDPE & HAFA Short Sale Specialists to help you.

You can contact Rick Giese at 586.242.3100 or rick@rickgiese.com

Things to Know About Short Sales…

Every person’s financial situation is different, and every real estate transaction is unique. As you enter into negotiations you should first realize that the term “short sale” is a misnomer as applied to the time it takes for the deal to close. Short sales are not a short term process. Depending on the number of lien holders involved, extensive negations will be required to get everyone on board with the deal.

Patience should be your watchword upon entering into any negotiation, and you should do so with an experienced real estate negotiator by your side. The Southeastern Michigan real estate market is a dynamic environment that requires fast action and knowledgeable resources to affect a deal. As such, when looking for a partner in your Macomb County short sale, you should look to the expert credentials of Rick Giese to increase your chances for success.

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.

Contact
Rick Giese RE/MAX Advisors
***@rickgiese.com
End
Source:Rick Giese RE/MAX Advisors
Email:***@rickgiese.com Email Verified
Tags:Short Sale, Avoid Foreclosure, Rick Giese, Drone photos, RE/MAX Advisors
Industry:Family, Real Estate
Location:Chesterfield Twp - Michigan - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
RE/MAX First News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share