Metro Detroit real estate is hard enough to sell with out getting extra people involved. Here is a story of some poor homeowner that thought they were getting help.
I hate Metro Detroit short sales because it is such an iffy proposition and it takes so long to get an offer accepted. Many banks are overwelmed with the amount of metro Detroit foreclosures and Michigan short sales. They just don’t have the manpower to handle the huge number of Metro Detroit short sales and the ones across the nation. But one of my clients wanted to go through the short sales too. Well we found one they liked and they wanted to put in an offer on this Northville short sale. The home is in redemption period. It was sold at sheriff sale on February 18. On August 18 it becomes the banks property and the homeowner will lose all rights to the home.
The house they found is over a hundred years old, needs updating, and has many projects in the home that were started by a do-it yourself homeowner. Unfortunately many of these projects are unfinished. The home will take lots to hard work to bring up to be a “decent Northville home” But somehow the homeowner has gotten an investor/third party involved. We put in an offer of $120,000 that we thought would be submitted to the bank. But low and behold on this Metro Detroit short sale it was different. The listing realtor called me and said they have a counter offer from the “investor client” Now remember that the house has already been bought back by the bank at the sheriff sale. They are just waiting to take it back over after the mandatory 6 month redemption period. (the homeowner would have to come up with $190,000 to pay off the sheriff sale price.)
I can’t believe this poor homeowner has created more problems by getting a third party involved with this Metro Detroit short sale Instead of the offer going to the bank on this Northville home we are dealing with a third party who’s whole involvement is based on how much money they will make. The poor homeowner is getting a short end of the stick. Normally the homeowner will just pass the offer on to the bank. They don’t care what the bank will accept. They just want to be free of the house. Unfortunately for this homeowner and my buyer this deal has a “bottom feeder” involved. This “bottom feeder” does not have the best interest of the homeowner at heart. Unfortunately the realtor’s client is the investor and not the homeowner. So the realtors loyalty lies with the investor. The listing realtor must do what the “investor client” wanted and not what is best for the homeowner.
My client will have to walk away from this deal because of the counter offer by somebody just looking to make money off of somebody else’s troubles. Don’t let this happen to you. If your Michigan home is in foreclosure and you need to have a short sale. Contact a Licensed realtor to help you, not a investor or a third party. If you contact a third party to help you then the realtor will have to protect their interests before yours. For more on Michigan real estate go to my website www.southeasternmichiganhomes.com You can search over 60,000 Michigan homes for sale and many Michigan foreclosures by clicking on the search for homes button above..
Have a great day!
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