Deb Wheeler
Deb Wheeler West Michigan Real Estate Your Real Estate Consultantt For Life

Deb Helps Homeowners


 

Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

  • A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
  • A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

 

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

  • Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  • Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

 

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world


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Republican presidential candidate, former House Speaker Newt Gingrich, left, talks to an unidentified man after arriving at Exciting Idlewild Baptist Church, Sunday, Jan. 29, 2012, in Lutz, Fla. (AP Photo/Matt Rourke)AP - Newt Gingrich slammed GOP presidential rival Mitt Romney for "carpet-bombing" his record ahead of Tuesday's presidential primary in Florida, trying to cut into the resurgent front-runner's lead in the final 48 hours before the vote.


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Welcome to Five Star Real estate


 

Welcome to Five Star Real estate, your source for Grand Rapids real estate.

In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Grand Rapids with my New Listings Notification

 If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.

 

Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction.

In addition, if you have any general questions about buying or selling real estate in Michigan, please contact me as I'm more than willing to help.

Please browse my website for listings, reports and important local real estate information.

Sincerely,

Deb Wheeler
Five Star Real Estate

 

Our Listings


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5294 32nd St
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302 W. South St
Greenville Greenville MLS® SALE PENDING
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2966 4th St
Wayland Wayland Township MLS® $66,900 USD Single Story Lots and Land
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237 Brown SE
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1023 Cooper
Grand Rapids Grand Rapids MLS® 1,341 sq. ft. Single Story Residential



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