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Buying a short sale home in Macomb County MI

June 1st, 2010 · 2 Comments · short sale advice in Macomb County MI, tips for home buyers

A gentleman that I know in the mortgage banking industry in Birmingham Michigan wrote an excellent article about purchasing a short sale and things that a buyer and their agent should pay heed to before writing the offer.

One of the things that my buyer clients and I often talk about are the differences between short sales & foreclosures. A foreclosure is fully bank owned. Short sales take place when the seller of the home owes more than the value of the home and asks their lender for permission to sell “short”.

There are quirks and practices and local customs that pertain to each of these purchases, and the best advice that I can offer is to hire a competent buyers agent prior to starting your home search. Also, please make sure that your mortgage lender is familiar with both foreclosures and short sales. Drew Sygit, the gentleman who wrote the article, is one of the mortgage lenders who familiarizes himself with all of the different purchase processes and can help guide his buyer clients through it all.

If you’d like to know more about how to purchase a short sale home please feel free to contact me or Drew and we’ll be happy to answer your questions. No pressure – just conversation.

~Kris Wales~ A partner for your real estate needs in Macomb County MI
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2 responses so far ↓

  • 1 Stacy // Feb 9, 2012 at 2:23 pm

    OK Here is my question. I’ve put in an offer for a short sale and the bank is Wells Fargo. The home was listed at $18,000 and was reduced 4 weeks ago by the listing agent to $13,000. We offered $16,000 and was accepted by the homeowner now how long do we have to wait on the bank to review?

    Thx, Stacy

  • 2 Kris Wales // Feb 9, 2012 at 3:49 pm

    Hi Stacey,

    I have no idea how long you’ll have to wait. It all depends on how swamped the asset manager is for Wells Fargo, and where it is in the system. Hopefully you’ll hear something soon so you can move on with things.

    Kris Wales

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