Short sales successes

Short Sale

When we started selling homes in 2001, short sales were unheard of in Metro Detroit.  Foreclosures were rare in Oakland County.  But times have changed and this year we have had an enormous uptick in our short sale business.

Short sales are taking place in every price range.  In the last 30 days we’ve helped buyers and sellers to close on homes with list prices between $110,000 and $999,000 in communities like Bloomfield Hills, Royal Oak and Orchard Lake.  We’ve got 5 other short sale homes in the pipeline right now, all with offers on them and in to the bank for evaluation.

Some scenarios can make a short sale even more challenging to handle successfully.  Dmitry recently navigated treachorous waters with a short sale that involved private lien holders in addition to the banks.  Three individuals had made personal loans to the owner and did not really want to accept anything less than payment in full.  The banks were offering a few grand to them to scram.  If the home and gone to foreclosure they would not have seen a nickle.  In the end there was intense drama for a few weeks but Dmitry got everyone to the closing table.  The buyers got a great house and the seller got out of a bad situation.

Buyers, you can get a deal with a short sale, but it comes at a price.  If you have the time and the patience you could be rewarded handsomely.

Comments

  1. says

    Good article, Maureen! What makes it tough for our short sale buyers in the San Diego market is competitive bidding. Well-priced homes–whether short sale, foreclosure or something resembling normal–are likely to get multiple offers. On the other hand, our market has already had considerable softening.

    Roberta Murphy’s last blog post..Buying a San Diego Home? Close Quickly!

  2. says

    I like to say I totally agree but common sense doesn’t always work. People sometimes take the, I don’t care mentality. They forget that when things get better for them they have totally blown their ability to function. They become credit challenged. Many want to sell and when it comes down to it they want something out of it. Even if they already got all the equity out at the top of the market with a credit line one top of their first mortgage.
    The future is not import till you get there!

  3. says

    Short sales can be a nail-biter right down to getting the HUD-1 approved, and require more patience than most buyers can muster. Good to hear that the banks are getting yours approved… now I hope they aren’t screwing around on the $$ to you like they recently did to me.

    Bummer! I’ll try and use the “commentluv” to link to a post.

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