Home Buying in 48184>Question Details

Heldmyw, Home Buyer in 48184

How can I search for "Short Sale" properties? What are the pitfalls?

Asked by Heldmyw, 48184 Sun Feb 3, 2008

Is it common to ask a realtor to assist with this strategy? Is it worth it?

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Heldmyw, The properties below should all be short sale homes. An member of Realcomp, this areas Multiple Listing Service can search by remarks for these homes. Each home purchase will have it's own particular challenges. The Michigan Group, hires a third party to negotiate completion of your short sale.

As a Realtor(R), of course I suggest you utilize a Realtor(R) in any real estate transaction. You are able to review most common real estate transaction forms at http://www.mi-living.com

Usually there is no additional fee having a Realtor(R) reprisent your best interests, as a Buyers Agent.

To view additional information about the homes in the 48184 zip code below, simply click on the underlined list number to open a whole page. All homes indicate short sale in the remarks. List will remain active through February 9th.
1 vote Thank Flag Link Sun Feb 3, 2008
If you are looking in Washteanw County, we have a distressed property page that is updated weekly at http://www.kathytoth.com/custompages_reports.php?key=b81162 if you want to sign up.
We also have a short sale site that atracts this type of seller to us at http://www.AnnArborShortSale.com.
The best suggestion is to hire a buyers agent you feel comfotable with who has done short sales. We currently have a great water front short sale on the Portage Chain of Lakes at http://www.kathytoth.com/custompages_propdetail.php?id=123614

This is listed at $245k and was listed last year over $300k.
2 votes Thank Flag Link Sun Feb 3, 2008
You can use the keyword search in the left side of a Trulia results page to search for 'short sales. Just perform a search in the city or zip code you are interested in and then enter 'short sale' in the keyword search box down on the left side of the results page, click search and you will see any properties listed with a description that includes short sale. I have included a link for Wayne, MI as an example.
1 vote Thank Flag Link Sun Feb 3, 2008
We help clients all the time with short sales. The only pit fall is if you need a quick answer. If you have patience the homes for sale as "short sale" are great values.
You should ask a Realtor or Buyer Agent to represent you,they speak to banks all the time, but make sure you ask if they have done short sales, if not they are learning, along side you.
1 vote Thank Flag Link Sun Feb 3, 2008
Heldmyw, I know as an agent I can see some additional comments to let me know that a property is a short sale. You can certainly have your buyers agent assist you in finding these properties if you would like. However, I don't know if it is in your best interest to only look at distressed homes. Find a home that you really like and want to live in and go for it. If that is your situation anyway.

I think that you can get god deals buying short sales, but you are also getting good deals on bank foreclosures as well. There is a difference in the wait time for answers though. Short sales can sometimes take months for answers, where as a lot of time with bank foreclosures you can have answers back in a couple of days or so. Not to mention there still are motivated sellers out there who are willing to negotiate!!!

If it is the right house for you...wait for it via short sale. I hope this information helps! Best Wishes to you!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Tue Mar 25, 2008
I have sold 6 bankowned properties since January from the listing side. I am working with 3 different banks. One bank is extremely responsive. I got an offer today and it is signed and done! A different bank, so slow and not seeming to care. I withdrew the listings from them!

So the long answer, it depends on the bank! If you have any questions on properties, feel free to call or email!
Web Reference: http://mcallisterteam.info
0 votes Thank Flag Link Fri Mar 21, 2008
If you want a list of available potential short sale properties visit http://www.MIforeclosureDeals.com and complete the list request form and enter "short sale properties" in the additional information field. You wll receive a list for just the city or zip codes you are interested in.
0 votes Thank Flag Link Fri Mar 14, 2008
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