Should you do a short sale on your Redford home
An old client called and asked me whether they should do a short sale on her boyfriend’s Redford home. They had another real estate company out that advertised heavily on the radio. My past client said they had gotten a bad vibe from the real estate agent. They didn’t feel they could trust them.
So the question was: should they do a short sale or not? What would they be liable for? The issue was that they had no real reason to sell the house other than they wanted a bigger better home. They wanted to move to Livonia, or Novi, or Plymouth. They wanted out but the boyfriend still had a good job, wasn’t sick, wasn’t getting divorced, or laid off. There was no hardship to claim on the short sale.
So there is always a chance that the bank would not do a short sale for them. So what do they do? I can’t guarantee the bank will do the short sale. I can’t guarantee the bank will release them from any liability for the deficiency. I can’t guarantee the bank will not ask them for money. I cannot guarantee the bank will not come after them if they go into foreclosure.
So they are in a predicament. It is a choice they the seller has to make. Do not let any Realtor, attorney, friend, or title person tell you that you will be scott free if you do a short sale. There are many things that the bank looks at. Nobody can guarantee you that your short sale will be accepted. So if you are thinking of doing a short sale take into account that it may never close and that you may damage your credit a little bit or a lot. It all depends on how many payments you miss.
The bottom line is can you afford to damage your credit and how bad do you want to get out of your Redford home? I can’t really give you a solid answer whether your bank will say yes or no. We can only try to get it done for you. I am willing to put my time and effort into it if you are.
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