What is a Short Sale?
and what you need to know about Short Sales
It is fairly common to come across a home listing that says; "subject to short sale approval". When buying a short sale, you will want to get as much information as available about the possibility of an approval. If you are selling your home and wondering if a short sale may be necessary, again, it is important on all potential short sales to get as much information as possible from a Realtor, Attorney, Account, Tax Advisor etc.
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View Macomb County Real Estate
Clinton Twp Home for Sale Mckishine Farms
- Price:
- $14,900,000
- City:
- Chesterfield Twp
- Beds:
- 3
- Baths:
- 2
- Type:
- Residential
- MLS® #:
- 31103413
- Provider:
- Exit Action Team Realty
Bruce Twp Home for Sale
- Price:
- $5,499,000
- City:
- Romeo
- Beds:
- 5
- Baths:
- 8
- Type:
- Residential
- MLS® #:
- 31095633
- Provider:
- Real Estate One-roch
Timeless French Country Estate On Nearly 100 Acres Of Pristine Land. Perfect For Family Living O...
Harrison Twp Home for Sale St. Clair Haven Subdivision
- Price:
- $2,500,000
- City:
- Harrison Twp
- Beds:
- 4
- Baths:
- 7
- Type:
- Residential
- MLS® #:
- 31090847
- Provider:
- Realty Executives Midwest
All Sizes Are Approximate. Entertainer's Paradise!! Almost 8,000 Sq. Ft. Waterfront Home Built ...
New Baltimore Home for Sale Assessors Plat No 6
- Price:
- $1,950,000
- City:
- New Baltimore
- Beds:
- 4
- Baths:
- 5
- Type:
- Residential
- MLS® #:
- 31101094
- Provider:
- Re/max Advisors
Absolutely Stunning! New Balimore's Finest. This Prestigious Home Takes Full Advantage Of Waterfr...
Shelby Twp Home for Sale LAKE IN THE WOODS
- Price:
- $1,499,000
- City:
- Shelby
- Beds:
- 5
- Baths:
- 7
- Type:
- Residential
- MLS® #:
- 31057852
- Provider:
- Century 21 Collins-romeo
All Sizes Are Approximate.magnificent-stunning-incredible-all Brick Ranch With Attached Six Car G...
Shelby Twp Home for Sale Tuscany Grove #697
- Price:
- $1,250,000
- City:
- Shelby
- Beds:
- 4
- Baths:
- 6
- Type:
- Residential
- MLS® #:
- 31095773
- Provider:
- Century 21 Aaa North-macomb
One Of A Kind Architectual Masterpiece Featuring Over 9000 Sq.ft. Of Finley Appointed Finished Li...
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So What is a Short Sale?
Basically, a short sale is when you need to sell your home but the current market value does not allow you to net enough money, from the sale, to pay your lender in full. It then becomes necessary to get your lender to approve a payoff amount that is short of what is owed.
When selling a Macomb, Shelby Twp, Washington Twp or Rochester Hills short sale, a lender will usually require all of some of the following information:
- Lender authorization & Release form
- Copy of drivers license
- Mortgage statements for all loans
- Any additional lien documents
- Two most recent paystubs or profit & loss statement (if self employed)
- Two most recent bank statements for all accounts
- Federal income tax returns for last two years
- Detailed letter of hardship
- Supporting hardship information & documentation
- Fully detailed income & expense statement
- Fully executed listing agreement & supporting documents
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All listings provided courtesy of MiRealSource © Copyright 2012.
The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Listing information last updated on May 23rd, 2012 at 5:15pm EDT.
