Hayward Little

I just had a short sale I had listed sell not too long ago. In all, it probably took about 3 months to get the paperwork started, and it was way more work than I had anticipated going into it. Looking at the market right now, I know that the Loss Mitigation departments must be swamped, and towards the end of the year you have holidays and everything else that can slow the process down.

I'm sure everyone wants to see the deal close, so try to hold on a little longer. - Thu Dec 6 2007, 21:02

Hi Lisa,

There are some non-profits that you may want to call. I would start looking at MSHDA's website (http://www.michigan.gov/mshda/0,1607,7-141-5555---,00.html). MSHDA is responsible for handling subsidizing housing throughout the state, not just Detroit. Hope that helps. - Tue Nov 6 2007, 13:48

Hi Watts,

If you do things right - document where money comes from, where money goes, how much you save, you will be in good shape. The things that always exist that you should be aware of is your debt-to-income ratio, credit score, and income & reserves. Many of the 100% financing programs have gone away, so be prepared to pay a downpayment. If these funds are coming from another source (parents, friends, etc.), make sure your loan officer knows now, and not as things get closer to closing.

Before submitting any offers, have a realtor do a CMA for the property so you understand where the values are in the area. I stress planning and education with my buyers. Once you understand what you have to do, then you can execute a plan to make it happen.

It's a great time to buy! - Sun Oct 28 2007, 08:57

I'm going to ride Cindy's answer and recommend you interview agents and find the best option that works for you. Mention to everyone what you would like to do, and find the best option. There are many traditional and non-traditional agents available to work with, so it's up to you to find the best choice for you.

The question is, do you want to save money or sell your house? If you feel your house will sell by just having it listed on the MLS, then you know the answer. - Sun Oct 7 2007, 10:25

Hi Lynn,

Just wondering if you added the 3rd bedroom, would you consider staying in the home or would you still be looking to sell it? From what you have described, your home, as it is right now, might be tough to sell in any market. I say that because it seems there are some unique features that you mention that seem to fit only a few buyers. There have only been a few buyer's that I have worked with that actually wanted a swimming pool. I am biased, but why not seek have an agent come out to view the property and give you more information. The more information you get the better, and I have only heard of a few cases when an agent has bitten someone. Most of us are pretty harmless and good people.

Best of luck! - Sun Oct 7 2007, 10:14