Detroit Real Estate

That's what a potential client said, "my real estate agent told me I could buy a house"  This client had recently sold a Redford home.  He had orginally bought the house for $95,000 and it was worth only $25,000 when he sold it.

The client had sold the home as a short sale because the homes value had fallen so much and the area was getting worse.  He could afford the payments but he was more concerned with the "area".  He thought the crime had gone up.  It was now a undesirable "area" for him.  He wanted out.

So he listened to a metro Detroit real estate agent that told him that he could buy a home after they sold the Redford home as a short sale.  Unfortunately he let the payments lapse.  He was over 120 days late on his payments. When you go 120 days late on your mortgage payments that is as bad as a foreclosure on your credit report.    So now he basically has a foreclosure on his record because of the 120 day lates. 

Now he can't buy a new Michigan water front home for 3 years.  He wanted to look at Pontiac Lake homes White Lake and White Lake homes in Oakland County MI, but now he has to rent. 

My advice to anybody considering a short sale is to research it, be sure to consult with an attorney, a mortgage person, and CPA to find out your potential liabilities.  If you have decided to sell your home as a short sale give me a call or email me.  I will help you through the short sale process.

My quote of the day is:

 Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, vision cleared, ambition inspired, and success achieved.

                                                                              Helen Keller