It is very possible to negotiate a short sale with your bank, you need to find a real estate professional that not only specializes in your area but also has experience in negotiation a short sale, I have been successful in every short sale I have negotiated, I also live and specialize in Chelsea, I would love to talk to you about your options please feel free to give me a call, I have a short sale packet that I can email to you that will help answer some questions and will prepare you for the short sale process. Give me a call anytime.

I have done several of these short sales over the past year. They are handeled differently depending on who the bank is that holds the mortgage. A few important questions I have for you are : Is it a Fannie Mae backed Loan? Is there a 2nd mortgage on the home? if so is it held by the same bank as the 1st mortgage? Is there a hardshipship situation? unemployment etc.? all of these things will play into whether your bank will consider a short sale and if so under what terms.

I'm looking for a home in the Ann Arbor area. Can you email some pics to me, or arrange for a walk thru?

The comment below is right, price it to sell, get an offer submitted to the bank for approval and move on. We do short sales all the time by partnering wth an expert who monitors the bank and works with the extra paperwork. Time is of the essence in a declining market, don't you agree?

It has nothing to do with an appraisal. The bank will do it when you get an offer or your realtor can show the bank the sold comparables. Just have your realtor price it for a short sale in the remarks, get an offer and get it submitted to the bank. If it has been on he market for 2 years, it is time to sell. There are several new constructions homes on the market in that price point, are you aware of that? They are in Sylvan Crossing so I'm sure that is hurting you. No one can tell you if or when you should move on.

First things first, start talking to your bank about the situation. Secondly, understand you are not alone ... sadly there are many people in your situation. The market is what it is. All lenders operate a little differently in how they handle short sales, but you will need to fill out some forms. I would next get in touch with a qualified realtor who deals with short sales. I'm certainly happy to help ... my office is nearby. I have 2 listings right now in the exact same situaiton as you and have dealt with many others. If you'd like any additional assistance, please don't hesitate to email me at LisaBender@realestateone.com.