Southeast Michigan currently has a thriving specialty market that's attracted savvy buyers from across the globe: short sales. Boasting phenomenal living opportunities in some of Oakland and Macomb Counties' best neighborhoods, these stunning homes are a once-in-a-lifetime opportunity.
When mortgage lenders agree to take a loss on the short sale of a property, the savings can be massive for the buyer. That means you can find great property at an even better price, allowing you to invest in your dream home—for less money!
Oakland & Macomb Short Sales
Short Sales in Oakland County & Macomb County
Are you a Macomb or Oakland County home owner worried about foreclosure? Just because you haven't qualified for measures that would allow you to stay in your home, doesn't always mean you're completely out of luck. A short sale is an option that many distressed properties qualify for.
A short sale is an alternative to a foreclosure or bankruptcy. It's applied to home owners who are unable to continue making mortgage payments.
Want to buy a short sale? Learn more with our Buyer's FAQ!
There are several benefits to short sales, which include:
Benefits Of Short Sales:
- Credit scores can be protected, if you continue to make payments until the home is sold, or the lender agrees not to report the shortage
- If there is no effect on your credit score, you may purchase a new home immediately
- Even with a reported credit shortage, you may purchase a new home in 2 years (instead of 5 - 7 with foreclosure)
- Avoid the social stigma of having a foreclosure
- Have the exciting experience of selling your own home
Lenders often agree to take a loss on the overall value of the home, in exchange for allowing home owners to sell their distressed properties. They often agree because this saves the lender from using their own resources to sell the home. When you both have the same goal, to sell the home for as much as possible, lenders are often willing to negotiate. This is the basis of the short sale process.
How Do I Qualify For a Short Sale?
Whether you qualify for a short sale is determined by a number of factors. The bank looks at your overall situation and does a full analysis before deciding whether a home owner qualifies for short sale. One of the main factors that banks look at with short sales is whether a home owner is working directly with an experienced short sale agent.
If you're interested in selling your short sale property, contact us today. Lang Premier Properties can tell you everything you need to know and help you receive short sale approval.
Provided through IDX through Realcomp II Ltd. Courtesy of Lang Premier Properties. Copyright 2018 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.