How Can A Homeowner Let Others Now Of A Ss Opp?
Hello, we are a homeowner in despareate need of a short sale. House is in great shape, accross from the park and close to a MAJOR university. We had to relocate and husbands relo benefits expired b/c house has been on market more than a year. No we would owe real estate fees please any amount needed to be eaten on the equity. we can no longer support rent + morgage as we vacated prop over a yr ago. We are not behind on payments. How to market to investors?
You DO realize that the lending institutions usually allow zero dollars be paid to the homeowners in a short sale situation?
[addsig]
Why not lease it out to a non tenured college professor?
Short Sale...
That me be true in NJ and other states...but not in MI at this time. The market here is in a tailspin! Detroit News Article from 9/14/06 FORECLOSURES SOAR:
http://detroitnews.com/apps/pbcs.dll/article?AID=/20060913/BIZ03/609130382&SearchID=73256776852059
What, specifically, do you not agree with in my post? That any property properly priced and exposed to the market should sell? Or are DILs becoming commonplace?
SS:
Thanks for the report from your appraiser friend. This is what I am hearing from appraisers as well. Most underwriters are taking an automatic 15% reduction in an "appraisal review" in most appraisals submitted from Michigan. This has caused two of my sales to tank in recent months.
While underwriters understand the Michigan market, Loss Mitigation has not read their memo yet. My Short Sale packet includes 10-20 pages of headlines about the economy and real estate market conditions... but the last few Short Sales would not budge off an unrealistic price. IT was just reported last week that there have been 35,000 foreclosures in Wayne Co. to date... maybe after it hits 60,000 (the forecast) these work out Depts. will begin to budge.