What is a Short Sale?
Short Sales Defined. A Special Report for Ann Arbor and Surrounding Areas.
The Ann Arbor Area is experiencing short sales. Both home buyers and sellers need to understand what makes this type of transaction unique.
We keep hearing about them in the news, so what are they? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.
Once upon a time, being involved in a short sale held a stigma. It usually indicated that you were unable to make your payments. Today, almost every community has been hit with them and short sales in Ann Arbor are no exception. Homeowners who are relocating due to job changes, loss of job, major medical bills, or other circumstances may now qualify for special programs.
All types of properties can be bought and sold with a short sale, including Ann Arbor condos or Ann Arbor Commercial Real Estate.
If you have questions about home buying or selling a property in Ann Arbor or any of the surrounding neighborhoods with a short sale, Berkshire Hathaway HomeServices Snyder is ready and able to answer all of your questions! Contact us at firstname.lastname@example.org or call us at (734) 660-0105 today.
When is a Short Sale Used?
If you are having financial difficulties and think that you need to sell your home, you should contact your lender right away. Ask if there are any programs to help you keep your home. If you decide to proceed with a short sale, you must initiate the process with your bank. It is important to find local Ann Arbor Realtors to assist you and make sure they are familiar with the process.
Why You Need a Short Sale Specialist
Why is this so important to work with a specially trained Agent?
- The process can be both lengthy and frustrating.
- The paperwork and terminology can be confusing.
- Not all Homeowners qualify for Short Sale programs.
- IRS could determine forgiveness is income.
- Your credit is at stake.
- Release of lien is not the same as release of obligation.
- Current government programs are changing rapidly.
- Short Sale homes are sometimes stigmatized if not marketed properly.
It’s vital that you work with a Realtor who understands the process and paperwork and can explain it to you thoroughly.
Will a Short Sale Ruin My Credit?
Every case is different and no one can guarantee the outcome of your Short Sale, but here at Berkshire Hathaway HomeServices Snyder & Company, we have trained Realtors who are ready to answer your questions and guide you through the Short Sale process. A Short Sale today doesn’t have to destroy your credit rating. Please note that having a portion of the debt forgiven may have an adverse effect on your credit score, but it will be significantly less than a foreclosure!
I need more information about short sales in Ann Arbor. What do I do next?
As local Ann Arbor Realtors it is our job to understand the paperwork, the expectations, and the pitfalls when working with the banks and short sales in the Ann Arbor Area. In addition, we also know when to defer to attorneys or tax consultants for their assistance. We will work diligently to make sure that the process is as low stress for you as possible.