Dearborn Short Sales - Advantages & Disadvantages
How to Buy Short Sale Homes in Dearborn Michigan
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.
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 well...it 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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CENTURY 21 Curran & Christie
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
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Licensed Realtor® Since 1987
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