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NSAIF related: Home Short Sale

nicole&carlnicole&carl
in Success after IF

Has anyone done a short sale on their house? My DH and I own in MI, but live in AZ. We really want to unload our MI house, even though we have renters...who are horrible. We can't sell, cause we owe a lot more than it's worth and don't want to foreclose and ruin our credit for the next 7 years. Any advice is appreciated!

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Re: NSAIF related: Home Short Sale

  • LucyPevensieLucyPevensie member

    I don't know a lot about it except to say that even though the housing market appears to be recovering - there are still a TON of foreclosures out there and banks AREN'T looking to take on any more.  Which means - they are more willing than ever to work with homeowners under less than ideal circumstances.  I'd call a realtor in the area (MI) to talk it over - and I'd also call your lender - just to feel it out.  Also - do a little sneaky detective work on your own - google "your lender, short sale" and see if you can find evidence of them allowing short sales in the past.  Then, you'll better know if they'll play ball.   They probably will. 

    However ... I am not sure that your credit won't be affected in some way by doing a short sale.  In fact - I think it will take a hit - not as big as a foreclosure hit - but I don't think you can escape totally unscathed if you do a short sale. 

    GL!!  I hope it can all work out well. 

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  • Mrs.McJeepMrs.McJeep
    My FIL is a real estate investor and my DH and I help with the company.  But I'm more on the management end of things.  He's done some short sales, I'll ask DH to give you some info...going to pm you with my email.
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  • Mrs.Meg&JayMrs.Meg&Jay

    I'm a real estate agent in Fl  =)  You will need to contact a real estate agent and your lender.  Most larger scale lenders (BOA, Wells Fargo etc...) have short sale departments now, so that is where you will be directed. 

    that will need to  be your first step.  You need to understand that it will affect your credit.  Not as bad as a foreclosure, but still not good.  Plus, you really want to get a bank approved price from you lender (lender telling you what they are willing to accept for the home).  Many buyers are starting to shy away from short sales because they take forever and you don't always get the property.  If it is a bank-approved short sale, it should sell quickly since buyers know the price will be accepted. 

    also, do some research on real estate agents in the area and which ones are "specializing" in short sales. That will make a world of difference.  If your working with an agent who doesn't really know the process, or isn't eager to work to make the sale (most agents dread short sales) then you won't have success.  There are extremely knowledgeable agents our there who know the short sale process, and can get it sold quickly.  That is the type of agent you want working for you =)

    If you have more specific questions, feel free to PM me ~

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