Mike's Macomb County Real Estate Blog

2 Short Sales, 2 Closings, 1 Extreme to the Other

Short Sale: the process where a mortgage company must accept less than the amount owed on a payoff in order for the sale to take place.

 

I closed two short sales this past month. Anytime you can get a short sale to the closing table successfully that's a good thing.

The 1st Extreme: The first one, I was the buyers agent and it took a full 6 months and it seemed even longer than that! But in the end, it all worked out, everyone was happy, my buyers got their house and the sellers were able to move on.

The other one was one of my listings. This one was to the other extreme. I recieved bank approval in just 2 weeks! Yes, you read that correctly, 2 weeks! In fact it was approved so fast the buyer wasn't happy. WHAT? Yes, the buyer was told by his agent that it could be several weeks or months until we hear anything, as I would have told them the same thing. The buyer wasn't planning on closing that fast.

Geez, I can't win, was the first thing I thought. Normally you have to worry about the buyer walking because we have to wait so long for bank approval, this time I get lucky and get a loss mitigation department that is on top of things and I still have to worry about the buyer closing. In the end we worked out a suitable closing date that was good for the buyer, the seller and in the bank approvals time line.

Never a dull moment, the joys of short sales.

 

Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652 

 http://www.mmhomesearch.com/

 

_______________________________________________________________________________________________

 

Looking for a Great agent in Macomb County? Let me GOOGLE one for you. 
 

 Mike Mitchell -REALTOR®                                                               
 Real Living Kee Realty 

 

Call / Text: (586) 291-2652

 

 Email Me

 

http://www.mikemitchell.realtor

Search Macomb County MI Homes for Sale   

                             

 Mike Mitchell - Real Living Kee Realty     

                

Comment balloon 3 commentsMike Mitchell • March 30 2010 09:25PM
2 Short Sales, 2 Closings, 1 Extreme to the Other
share
Short Sale: the process where a mortgage company must accept less than the amount owed on a payoff in order for the sale to take place. I closed two short sales this past month. Anytime you can get a short sale to the closing table… more
How Much Will The Taxes Be On That House?
share
That's a question I used to hear a lot while working with buyers. It used to be that whenever you bought a house, buyers were very concerned how much their taxes would go up once they bought it. The dreaded pop up tax, as they called it. With state… more
All New Real Estate Web Site!
share
I debated back and forth but finally decided on switching to a new web site format for mmhomesearch It had been wonderfully successful for the past several years but I felt it was time for a change. So for those who haven't already noticed, I've… more
Just Listed ~ 13187 Churchill, Sterling Heights, MI
share
Just Listed ~ 4 bedroom, 2 bath, 1680 sq. ft. home. 4 bedrooms Maple Kitchen Appliances included Freshly Painted Newer roof & windows Large Deck / Balcony 2 1/2 car garage Swimming Pool … more
Spring Forward…
share
Don't Forget to Spring Forward and move your clocks an hour ahead this Sunday, March 14th at 2 a. m. officially. Yeah, we will lose an hour of sleep when we wake up Sunday morning, but just think, we will have an extra hour of daylight in the… more
Reminder: Only 60 Days Left for the Tax Credit
share
That's right, if you want to take advantage of the First Time Buyer Tax Credit or the Move Up Buyer Tax Credit you must have a home under contract by April 30th, 2010 If you were hoping to take advantage of this and you haven't started looking for… more
Open House Sunday, Saint Clair Shores
share
OPEN SUNDAY, MARCH 14th from 1 to 4… Don't miss out on this charming Shores bungalow. Talk about an Extreme Home Makeover! Everything is done for you. Truly in move in condition. The New kitchen features maple cabinets, granite counters… more