How Can I Short Sale My Michigan Home?

A short sale takes place when a mortgage lender agrees to allow the homeowner to sell the house at a lower price than the original loan amount

. An alternative to foreclosures, short sales allow homeowners to avoid the credit damage that results from foreclosures. Not all banks and lending companies are willing to accept short sales, but in lieu of Michigans recent combined mortgage and unemployment crises, lending companies are more receptive to short sale offers on Michigan homes than they have been in the past. A number of recently enacted government incentives and the cost efficiency of short sales as opposed to foreclosures have made banks even more receptive to short sale offers.

Reasons to Short Sale

If a homeowner can no longer afford to pay his or her mortgage, a short sale presents a viable alternative to foreclosure. Underwater mortgages, or property mortgages which are higher than the propertys current value, may also benefit from a short sale, as long as the homeowner can prove that his or her mortgage payment is a financial hardship and that the mortgage is likely to become delinquent.

Act Quickly

If youre considering a short sale on your home, chances are youve already missed mortgage payments or are under severe financial stress. Short sales can take considerable time to complete - up to 6 months in some cases - so you must act quickly enough for the sale to be completed before the property is foreclosed. Finding a company which specializes in short sale real estate can help you speed the process up, but you need find an expert who can help you as soon as you realize your mortgage has placed you in financial duress.

Finding a Short Sale Specialist

Short sale transactions are a highly specialized field of real estate, and you will need a company or short sale agent who is experienced with these types of transactions if you want the sale to go through successfully. Look for companies which specialize in short sales, and ask these companies for references or proof of their past success.

Prepare Your House for the Sale

If youre committed to finding a buyer whos willing to stick with you through what can be a long short sale approval process, you should make an effort to make the house as appealing as possible. After youve emotionally prepared yourself to sell the house, take care of all interior and exterior cosmetic problems. Make all necessary minor repairs, clean out kitchen and bedroom closets. Remove personal photos and items and declutter space by emptying bookshelves and cubbies. This will help your potential short sale buyers envision themselves living in your house.

Be Prepared to Move

Once the short sale is completed, things can happen quickly. Closing dates on short sales are often variable, and you want to be able to move as quickly as possible. Get rid of unnecessary items and pack as many of your belongings away in boxes so that when the short sale closing date comes, youre physically and emotionally ready to move.

by: Tom Cronkright

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