Getting Short Sale Help

If you are struggling with the burden of having a mortgage you can no longer afford, a short sale realtor in Northville can help you. The economy has affected millions of Americans and, as jobs have been lost and equity in homes stripped from them, it has become increasingly harder to sell a home that is no longer affordable.

A short sale is the sale of your home for less than what you owe against it. What you owe includes your first and possible second mortgages. These lenders must agree to accept proceeds which are less than the full loan payoff in order for a short sale to be completed. A realtor in Northville who specializes in short sales will work your banks to successfully complete a short sale.

The difference between what your home sells for and the mortgage debt is commonly called the deficiency amount, or the ‘shorted’ amount. Sometimes, a lender will approve a short sale but will then demand that you pay a part of or the full amount of that difference. For example, if you owned a home and you owed $100,000 and the value of the home was just $80,000, your bank may approve the home to be sold for less than the $100,000 but then they could demand that you pay the remaining $20,000.

Part of the job of a short sale realtor in Northville is to negotiate with your lender to release you from that deficiency amount. It takes a lot of perseverance and determination, but a good short sale real estate agent can get the mortgage lender(s) to agree that it makes more sense for them to accept the short sale offer and let you off the hook for the remaining amount rather than deny the short sale and allow the home to go to foreclosure. Banks know that homes sold as real estate owned (REO) properties go for less than homes sold as short sales. In the end, a bank will take the type of sale which gets them the most money.

When looking for a short sale realtor in Northville, it is important to find out if the agent practices real estate full time– part time real estate agents will not be able to adequately represent you– and that they are very experienced in short sales. You want to ask if they have any certifications handling short sales and how many short sales they successfully complete each year. Typically, an agent who closes ten or more short sales a year more than likely has a good knowledge of how to complete a short sale.

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