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Do you know what a short sale is? It's essentially when you owe more on a home than what it is really worth. For instance, if you owe a bank $200,000 and the home is really only worth $150,000.
Do you know what a short sale is? It's essentially when you owe more on a home than what it is really worth. For instance, if you owe a bank $200,000 and the home is really only worth $150,000.
How can I help you in a situation like this? I can help you in communicating with the bank in regards to what your situation is, in order to help them understand what might be happening.
What I'll also do is ask the bank to re-appraise the home, and if the home appraises out at $150,000, the bank will likely approve of the short sale and that debt will be forgiven.
In one case, a client of mine had a home that the bank valued at $350,000, but it only sold for $175,000. The bank actually forgave the difference and so it worked out very well.
If you know of anyone that's stuck in a short sale, please refer them to me because I would love to help get them out of that rut.
As always, please consider me as your #1 sources for Grand Rapids real estate!
