Metro Detroit Short Sale Help Team

Our goal is to help those home owners that are facing a foreclosure situation and/or upside down on their mortgage. We will meet with you to review your financial situation and gain an understanding of why you need to sell your home. We will negotiate with the bank, skillfully explain your situation, and find a beneficial solution regarding the sale of your home. Based on our review with you the homeowner, we will develop a tailored marketing strategy which will result in a quick sale of your home at the best possible price.

Archive for June, 2009

What NOT to do when you’ve missed Mortgage Payments!

Jun 28

Posted by msecord in Facing Foreclosure | 1 Comment

  • Do not hire an agent who has never done a short sale. Interview agents who have done short sales before and… have gotten them approved! Most Agents hate them, they’re a lot of work and there’s no guarantee they’ll go through. If an agent wants to do your short sale, they genuinely want to help. Period!
  • Do not let your property sit on the market 2 weeks without an offer! The bank will not even look at your file without an offer. If it’s been 30 days and you still don’t have an offer, this means you are not negotiating with the bank yet… and time is ticking.
  • Do not sign with an agent that says “I can get you more money” the market is what it is. Getting more money for the property has very little to do with getting the short sale approved! We price your property where it needs to be according to the market and prove it to the bank; that this is where it needs to be!
  • Do not try to “sell it yourself”! You’re wasting your time! You need a buyer and… try to negotiate the short sale. Just hire a professional. It’s a totally different ball game.
  • Don’t wait until the last minute to hire a real estate agent to do a short sale. Short Sales can take 3-6 months and we need that time to try and get it done. Call us as soon as you get the “Notice of Default” or better yet, before you miss a payment.
  • Do not procrastinate! Once you get a notice of default, find a solution quick. Let the professionals handle it. It’s less stressful if you hire an experienced short sale professional to handle this type of emergency.

You must find a buyer, that is where we can help!

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What is worse? A Short Sale or a Foreclosure?

Jun 22

Posted by msecord in Short Sale | 7 Comments

If you are one of many Metro Detroit homeowners who have fallen behind or are in the fear of falling behind on your mortgage payments, you are probably wondering what is worse a Foreclosure or a Short Sale and which one will allow me to have a fresh start with the least amount of damage to my ability to purchase a home again in the future.  I am here to say most definitely a Short Sale is your best option of the two.

What is a Short Sale?

A short sale is when the lender(s) agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the home.

What is in it for the Seller?

The ideal scenario would be for the seller to catch up on their payments and stay in their home.  But for an increasing number of homeowners, this is not a realistic possibility.   This is why they look at Short Sales as a way to resolve the problem rather than hide from their lender.

As a seller, there are myths to a short sale, such as you will lose your home (but that will happen anyway with a foreclosure) or that you have to be behind in your payments – both are not true at all.   There are pros as well, such as your credit score will recover faster than with a foreclosure.

What Motivates the Lender?

Why would a lender let you walk away from the home and forgive the shortfall on your loan? To save time and money.  The foreclosure process is a long and very expensive process for the bank.  Once the bank realizes a foreclosure is eminent, a Short Sale may seem like the lesser of 2 evils.  Also, with a short sale the property was never listed as a foreclosure, therefore improves the lenders foreclosure rate not to mention the property continues to be inhabited and maintained so it doesn’t become a blight on the surrounding neighborhood.

Negotiating a short sale is not for the faint of heart.  It can be very time consuming and take months to negotiate from start to finish.  A well put together short sale package along with an experienced Realtor will net the best results with dealing with the lender.



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