Last Sunday, the Detroit Free Press ran an article detailing some of the adventures various local buyers, sellers and Realtors have experienced attempting short sales in recent months.
I don’t have much to add, other than to say most of the article is fairly accurate from what we’re seeing as well.
In part, there is a relief to know that we’re not the only ones baffled by how difficult the process remains. Four years into the mortgage meltdown and ensuing real estate crisis, it’s remarkable that the banks haven’t become more efficient, more willing to work with people, or at the very least, developed a more streamlined system.
As the chart that accompanies the article shows (link to chart), completed short sales are on pace to be just below where we were last year across metro Detroit. Clearly the market isn’t improving, so the drop-off isn’t an indication that we’ve turned a corner, it simply shows that people are more likely to walk without attempting a short sale, lenders are more likely to reject the offers, and/or the process is taking too long and buyers are giving up before a decision is made.
Still, if you’ve come to the conclusion that you are unable to keep your home – be it due to circumstances within or outside of your control – I believe it’s worth at least attempting a short sale. If for no other reason, it gives you the opportunity to say you tried – that you didn’t just walk away without giving your lender the opportunity to work with you.
If you’re thinking about doing a short sale, call us. To quote the last paragraph of the article: “… Do your homework and always hire an attorney when you are dealing with a short sale.”
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