Short Sales ExplainedA 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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Welcome to Five Star Real estate
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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. |
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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.
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Deb Wheeler Five Star Real Estate |
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(8 Photos)
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5294 32nd St
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Hudsonville
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Hudsonville
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MLS®
$124,900 USD
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1,592 sq. ft.
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Single Story
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Residential
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(10 Photos)
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3853 Old Elm
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Bailey's Grove
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MLS®
$114,900 USD
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930 sq. ft."total sq. ft. is approx. 1800"
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Ranch
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Residential
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View
(24 Photos)
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Sale Pending
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965 Royal Oak
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Wyoming
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Godwin Heights
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MLS®
SALE PENDING
$84,900 USD
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1,038 sq. ft.
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Single Story
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Residential
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View
(18 Photos)
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Sale Pending
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302 W. South St
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Greenville
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Greenville
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MLS®
SALE PENDING
$69,900 USD
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1 1/2 Story
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Residential
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(7 Photos)
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2966 4th St
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Wayland
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Wayland Township
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MLS®
$66,900 USD
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Single Story
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Lots and Land
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View
(11 Photos)
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Sale Pending
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832 Wisconsin
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Godfrey-Lee
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MLS®
SALE PENDING
$59,000 USD
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14,135 sq. ft.
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Single Story
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Residential
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View
(10 Photos)
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40 Colrain
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Wyoming
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Godwin Heights
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MLS®
$42,000 USD
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1,048 sq. ft."sq.ft. is approximate"
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Single Story
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Residential
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View
(26 Photos)
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Sale Pending
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237 Brown SE
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Grand Rapids
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Michigan
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MLS®
SALE PENDING
$29,900 USD
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1,344 sq. ft.
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Single Story
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Residential
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(2 Photos)
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2936 Remy Ct.
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Grand Rapids
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MLS®
$29,900 USD
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Single Story
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Residential
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(0 Photos)
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1023 Cooper
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Grand Rapids
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Grand Rapids
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MLS®
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1,341 sq. ft.
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Single Story
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Residential
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Grand Rapids Real Estate Board
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