Short sales have become a HUGE part of the real estate business, here in Michigan and all across the country. I have received many calls and emails from sellers asking me if they can sell their home on a short sale.
The question is a tough one to answer...not everyone is able to sell on a short sale. You first must show the bank or lender that you have "hardship". Meaning you can't make your payments on time. If there is no "hardship" in most cases, your bank won't except a short offer.
Another thing to keep in mind is the time it takes to A: sell and B: close. If you are buying a short sale, the process can take 6-8 weeks or longer just to get an answer and you still might not get the house. If you are selling on a short sale, once you receive an offer you will wait the same 6-8 weeks just to hear if they accept or reject the offer.
If you can get a short sale price up front before you actually have an offer on the table you are ahead of the game...this can be very difficult. Many agents that are marketing short sales will keep reducing the price down until they get an offer they can present to the bank. So buyers...always ask if the short sale price has been accepted by the bank before you fall in love with that home...if not, the odds are slim you will get the house at that price if at all!
For more information on short sales please feel free to email me tim@timcourtney.com or call me at 734-354-8440. Short sales do work and could work for you. Give me a call and lets talk about your situation.