Michigan Short Sale Process.. Avoid Foreclosure in Michigan http://www.foreclosurehelpinmichigan.com
By Clint Maki, Broker, GRI. Foreclosure Avoidance / Short Sale Specialist
Clint Maki is a Realtor and Real Estate Broker in West Michigan near Grand Rapids Michigan and he specializes in Short Sale and helping people Avoid Foreclosure. Read this article and watch the associated video if you are behind on your mortgage payments or have decided that you need to sell your home, but owe more than it is worth.
In today’s Real Estate market in Michigan It’s very important to know how to do a Short Sale on a property should you find yourself in a position that you want to avoid foreclosure. A short sale is a process by which we help property owners sell their property regardless of what they owe. We sell it “Short” of the balance of the mortgage and the lender9s) agree to accept an amount less than owed.
Note: To see a video explaining the process sees my YouTube channel at
YouTube/RealtorClint/ Michigan Short sale Process by Clint Maki Avoid foreclosure
Here are a few points to consider. There is a lot more to this process than I can write in one article and every person’s situation is different. A short sale in NOT suitable for everyone. The process is very long at times, so be prepared to endure MONTHS of waiting while people make decisions behind the scenes. Here are the main points to consider:
-Your Lenders DO NOT want to foreclose. They want you to sell short.
-Your Lenders DO NOT want you to sell your own home. DO NOT try to sell it yourself.
-The lender will pay the commissions out of the sale price as well as all back taxes and liens.
-Hire a Realtor that SPECIALIZES in short sales. Make them prove their competence and experience.
-List the property at a price you expect it to SELL for, not what you think it’s worth. What you OWE has no bearing upon market value.
-Your Realtor will contact your lender. You will need to fill out paperwork. Supply all data as requested. Make sure it is all very complete and timely.
-Expect people to drive by and take photos. Appraisals need to be done. There will be several completed during the course of the sale.
-Be sure the buyer is well qualified and is willing to wait the process of Short Sale out long enough to close.
-The buyer must complete inspections and loan applications during the short sale process so they can execute their mortgage within 30 days after the deal is approved by your lenders.
-You MUST negotiate all mortgages. This includes second mortgages and HELOC.
-Deficiency judgments are common. You may need to consult a bankruptcy attorney after the closing, but sometimes we get the lender to waive amounts owed in excess of the sale price.
This is a partial list, of course, so view the video mentioned above and contact me with questions.
If you find yourself in a position where you have decided you cannot make the payments on your home or MUST sell it, then contact me for a no-cost consultation. If I am unable to help you I can find a local agent for you that is competent.
Clint Maki is a Realtor in the state of Michigan and specializes in helping people avoid foreclosure, short sales REO properties and credit rating protection strategies.
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