Dearborn Michigan Short Sales: Seller Information
Selling Your Dearborn Area Home as a Short Sale
Selling Your Dearborn Michigan area Home as a Short Sale
Please note that all short sale selling information provided is not guaranteed and is not intended as legal advice. You should seek qualified legal/financial counsel to explore all options and possible repercussions of selling your home as a short sale.
How does a short sale differ from a foreclosure?
In the case of a short sale, the homeowner retains their home ownership status and if successful with their short sale
process, can sell their home to a buyer for an amount that is less than the homeowner's current mortgage balance(s). In the case of a foreclosure, an entity like a bank repossessed the home (generally
due to non-payment of mortgage) and is now the owner of the home.
A homeowner may decide to pursue the sale of their home via a short sale if they owe more than their home is worth
and for some valid reason(s) cannot continue pay their mortgage payments or can prove some sort of hardship that is/will prevent
them from being able to continue making their current mortgage payments. To sell on a short sale the homeowner's
mortgage lender(s) must agree to take less than what is owed when the home is sold. In other words, the homeowner
to ask their mortgage lender(s) to reduce the amount that would be accepted as the final payoff for their loan balance(s).
Why do they call it a "short sale"?
Because your mortgage lender(s) will be accepting a payoff amount that is "short" of what is owed...if your short sale is successful that is.
Financial documentation will be required by your lenders
Your mortgage lender(s) will need a good reason to approve your short sale so you will need to provide them with
a great deal of financial documentation including your tax returns, bank statements, 401k/savings, detailed income/expenses information and much more. Get
ready to basically provide them with everything about your financial status. You must not leave any important
financial data out. Your mortgage lender(s) will use this information to determine whether they will approve you for your
short sale and if so, if they will require repayment and/or if they will apply any conditions to your short sale approval. Keep in mind
that when you pursue a short sale, there is no guarantee that it will go through or be approved by your mortgage lender(s).
How long does a short sale take?
30 Days to many months is the best answer I can provide as there really isn't any
set or average time frame due to the many variables. There are some situations where you may be able to help expidite the process
by calling your mortgage lender(s) every couple of days to see where they are in the process and ask what else is needed so
that those items can be forwarded immediately. I had one
seller client do that and his short sale was approved in approximately 3 weeks which is very fast (not typical).
I can afford my house but I want to get rid of it so I can buy another at today's prices
If you can afford to pay for your home, can't show a hardship of some sorts, etc., there is a good chance that your mortgage lender(s) will not approve
a short sale for you. Remember, when you pursue the short sale of your home, you are asking your mortgage lender(s) or bank(s) to take a loss on what you owe
them so it is highly likely that a "just because" answer isn't going to suffice.
How much will a short sale affect my credit score?
There really is no cut and dry answer as your credit score actually consists of many, many variables that all come into play. It will definitely
affect your ability to get a mortgage in the future as you will have to wait for a period of years before being able to obtain a new mortgage. Mortgage program requirements/guidelines are contstantly
changing so even if you get an exact answer today from a reliable mortgage lender regarding future financing after a short sale, everything can change in the years to come.
Get an SFR certified Realtor® to assist you with your short sale!
Real estate agents that have the designation "SFR" (short sale and foreclosure resource) are the only Realtors that are
officially certified by
the National Association of Realtors to be a short sale and foreclosure resource. Steve Hatfield is an SFR certified Realtor®.
Contact Steve Hatfield today
if you are thinking about
selling your home on a short sale
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Contact Steve if you are thinking about selling your home!
Specializing in residential home & condominium sales in Dearborn, Dearborn Heights, Livonia, Canton, Plymouth, Northville, Novi, Farmington, Farmington Hills, Allen Park, Southgate, Taylor, Wyandotte, Trenton, Brownstown, Woodhaven, Garden City, Westland and Redford Michigan since 1987
REALTOR® ABR, CRS, e-PRO Certified
CENTURY 21 Curran & Christie
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
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Michigan Real Estate Salesperson #6501221773
Licensed Realtor® Since 1987
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.
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