Lee Morof's Real Estate Blog

Although selling your home as a short sale probably isn’t what you’d prefer, it may be the best option for you.  The good news is that Oakland County MI short sales are becoming the preferred option for lenders hampered by the huge number of foreclosures.

To get you started on your short sale journey, here’s the condensed version of how to sell your home as an Oakland County MI short sale and not be a scammed “flop”:

1. Hire an experienced real estate professional.  Find a real estate attorney and/or agent who have successfully closed a lot of short sales.  REALTORS® with the Certified Distressed Property Expert (CDPE) designation will have a thorough understanding of how to assist their clients in foreclosure avoidance options. Having experienced professionals guide you through the process is crucial to your success.  You want them working for you as soon as possible because they’ll be communicating and negotiating with your lender.

2. Start now.  As soon as you know you can no longer afford your home, hire your real estate professionals and get started.  The longer you wait to get the short sale process started, the harder it’s going to be.  Like everything in life, the more options you have the better off you are.  Don’t wait until foreclosure is your only option.

3. Prove to your lender that you’re truly a financial hardship case.  If you just want to stop paying your mortgage, you won’t be able to sell your home as a short sale.  You must prove you honestly cannot afford your home by giving your lender a:

• Detailed financial worksheet documenting your expenses and income.
• Copy of your income tax returns for at least the last two years.
• Hardship letter providing details about why you cannot pay your mortgage.

4. Submit Letter of Authorization.  Write a letter to your lender giving him permission to talk with your real estate professionals about your loan.  Include the names of all the borrowers and their social security numbers, your real estate professionals’ names and contact information, your home’s address and loan reference number.

5. Take the advice of your real estate professionals.  You hired them for their expertise.  Now, take their advice and allow the pros to guide you the rest of the way through this process.

Whether you have questions about Oakland County MI short sales and the stumbling blocks to selling your home as a short sale, foreclosures or traditional home sales, I can help.  Please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com