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Steve Hatfield - real estate Dearborn Michigan Realtors MI - Century21 Curran and Christie Steve Hatfield, Realtor, ABR, CRS, e-PRO
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Dearborn Short Sales - Advantages & Disadvantages
How to Buy Short Sale Homes in Dearborn Michigan

Special Report:
How to Buy Short Sale Homes - Advantages and Disadvantages

Short sales are completely different than foreclosed homes. In the case of short sale homes, the owner is "hoping" that their mortgage lender(s) will take less than what than what is owed on the mortgage(s). They are called "short sales" becuause ultimately the seller's mortgage lender(s) are being asked to take an amount that is "short" of the total due on the the homeowner's current mortgage(s).

Am I guaranteed that if my offer is selected that I will eventually close?
There is NO guaratee that you will close. In fact, many short sale homes never close. If anyone ever offers you a guarantee that you will close they are not being truthful with you.

When a homeowner puts their house on the market for sale as a short sale, they generally do not know if their mortgage lenders will approve their requested short sale. The owner is simply seeking to obtain offers on their property in an effort to supply them to their mortgage lender along with hardship papers (including all their personal financial information/documentation). Once offers and documentation are submitted to the homeowner's mortgage lender(s), the homeowner and buyer can only "hope" the bank will actually approve the short sale and allow the property to be sold for the price and terms agreed upon.

Advantage: Price may be less than other homes in the area
Disadvantages: Many! Just a few of the many disadvantages are...
  • Misleading original asking price: Short sales are often put on the market at a low price to create a bidding war. In those cases, be ready to put in an offer for over asking price or your offer won't have a chance.

  • The price may change! Just because you and the seller agreed on a price that does not mean the seller's bank(s) will agree to the same price. The bank(s) will do their own pricing evaluation via one or more appraisals. After review of those appraisals they may inform all parties involved that they are not willing to approve the short sale at that price and want more $$ for the home.

  • Be prepared to wait...and wait! Homes sold on a short sale may take many months to close...IF you even close at all. A year of waiting would not be unheard of. So, get ready for a long wait and keep in mind, if your offer is selected, you will be locked in to the purchase for 2-4 months or more. Nobody can give you an accurate estimate for your waiting period. If someone does give you a time estimate...they are only guessing.

  • Many short sale homes NEVER close. The short sale process is very complicated. There are many, MANY variables that can throw a wrench in the works at any time. You could be waiting 6 or more months only to find out that the whole deal is off because the seller cannot get approved for the short sale.
Ask Steve about buying a short sale home
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Most Importantly...
Whatever route you feel is best for you, it is VERY IMPORTANT to be represented by an experienced, knowledgeable real estate professional like Steve Hatfield. Many agents simply aren't as qualified as Steve and if you happen to end up with a real estate agent that really does not know his/her business very can cost you in more ways than you could ever imagine!

If you are not yet represented by a real estate agent, Steve would be happy to sit down with you and go over all your options so you can make informed decisions... contact Steve now.

You'll find tons of valuable tips and advice in Steve's "Home Buyer Survival Kit"
Get your FREE Home Buyer Survival Kit now!
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Buying a home is a BIG investment...don't pick the wrong real estate agent!

Steve Hatfield is a highly "Qualified" Buyer's Agent!
Honesty, sincerity, professionalism..
As a buyer, you will benefit greatly from his 20+ years experience and extensive knowledge!.
That is why you need to Contact Steve if you are thinking about buying a home!.
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Special REPORTS:
An UNQualified Buyer's Agent...
How many Realtors do I need?
Say "NO!" to pushy agents
Dangerous home buying pitfalls...
Finding YOU the "Perfect" home

Foreclosures & Short Sales:
How to Buy Bank Foreclosures
How to Buy Short Sale Homes

Veterans Mortgages VA Loans:
Veterans: Buy a Home Zero Down!

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Mission Statement
In the world of real estate, there is no substitute for experience. As an experienced real estate agent, I will guide you through the complexities of buying or selling a home, help you to achieve your goals and strive to make the final outcome exciting rather than stressful!

Whether you are buying a home or selling your existing home, please allow me the opportunity to assist you with your real estate transaction. I am prepared to exceed your highest expectations through exceptional service, reliable communication and knowledge of the local real estate market.

Steve Hatfield
Realtor®, ABR, CRS, SFR, e-PRO

REALTOR® ABR, CRS, e-PRO Certified
CENTURY 21 Curran & Christie.
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
Contact Steve Now
Michigan Real Estate Salesperson #6501221773.
Licensed Realtor® Since 1987
REALTOR Accredited Buyer Representative Certified Residential Specialist e-PRO

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Steve Hatfield, Realtor® provides real estate / home buying and selling services in Dearborn Michigan, Dearborn Heights Michigan, the Wayne County MI (Southeast Michigan) communities of Redford, Westland, Garden City, Livonia, Canton, Plymouth, Northville, Allen Park, Taylor, Southgate, Wyandotte and the Oakland County cities of Farmington / Farmington Hills and Novi Michigan.

Equal Housing Opportunity.

In accordance with the law, the properties, real estate services and homes for sale featured on this web site are offered without respect to race, religion, color, creed, national origin, sex, physical limitations / disabilities or familiar status.

REALTOR® is a registered collective membership trademark that identifies a real estate agent / professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict code of ethics.

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