Metro Detroit short sales
Recently one of my clients emailed me and asked
“how much will they take on this Farmington short sale?”
It is impossible to know what the bank would accept for the short sale. Every bank and every house is different right now. The only way to find out is to put an offer in. On this particular piece of Farmington Hills real estateit will not become the banks property until Aug 24 and then it could take any where from 2 months to 6 months to come on the market. It just depends on the banks management on what they decide to take.
And it may never come on the market as a Farmington Hills foreclosure if it is sold as a short sale. What happens with the short sale is that the bank hires an appraiser, or a real estate agent to tell them what the fair market value is.
If your offer on the house is close to what the appraiser said the bank will consider taking and accepting the offer. If it is a low ball offer many times they just turn it down and try to sell it as a foreclosure.
There are many other factors that come into play in shorts sales. The seller has to cooperate. Sometimes they don’t cooperate with the bank. Their has to be enough time to get the deal done. A short salesometimes takes 4 months to complete. It depends on the bank personnel handling the Farmington home.
You just never know because there are no guide lines for the banks. I always say it is like the wild, wild west. Anything goes at least in the banks favor. If you like the house let me know and I will get you inside of it and you can make a decision about it.
More Metro Detroit short sale information and explanations
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Russ Ravary your Metro Detroit real estate agent
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