How long do short sales take in Ann Arbor is a question I get asked quite a bit.

The answer is it depends.

Depends on the bank…

Depends if there is two loans…

Depends if the agent knows what the heck they are doing…

One of the first things we do on the Missy Caulk Team is collect EVERYTHING the bank(s) are going to require UP FRONT.

It is called the “Short Sale Package” and includes, last 2 pay stubs, hardship letter, last 2 years of tax returns, authorization forms and financial work sheet.

Once we have collected this from the sellers, we label each page with the sellers last name, the loan(s) numbers and the last 4 digits of the sellers Social Security numbers. This goes on every single page, because banks are known for loosing them.

Then we wait for the offer to come in. Once it does, we send it off to the bank with the whole Short Sale Package.

After this it is out of our control.

But, we were prepared and ready to go to do our part in moving the Short Sale Process along.

If you are upside down on your mortgage don’t bury your head in the sand, call us today. 734-926-9797

Ann Arbor buyers and sellers, just take out the name Sacramento in this post and add in Ann Arbor Buyer Agents and you will find the truth in this post.

I especially like this statement: “it’s getting to the point where 2 out of every 3 offers I receive for my sellers are garbage. They are not real offers. I’m not talking about the expired preapproval letters, outdated earnest money deposits, or missing short sale addendums, because those are screw-ups that can be fixed.

I’m talking about offers from those buyers who have little motivation to wait for the bank to approve the short sale.”

I just had a Bank of America offer approved on my listing in 30 days, work with a Realtor in Ann Arbor who understands the short sale process.

Short Sales in Ann Arbor and Saline

Ann Arbor Short Sales

Today I was looking at the number of Short Sales available in Ann Arbor, and wanted to post on it. There are currently 68 homes that are being sold short. The interesting stat is that 34 are under contract and 34 short sales are available.

Saline Short Sales

Saline has a similar static in that there are 22 Short Sales available and 11 are under contract.

Short Sales Not for the Faint of Heart

I thought it was interesting that the data showed 1/2 the number of Short Sales were available and under contract in Ann Arbor and Saline. Short Sales are not for the faint of heart, either as a buyer trying to buy one, or a seller trying to get the bank to respond.

If you need to sell your home and owe more than it is worth in this market, don’t bury your head in the sand. Contact a Short Sale Experienced Realtor as time is of the essence.

Plan on a 90-120 day time frame in the Saline and Ann Arbor Markets.

Ann Arbor Area Residents there are some new rules for Short Sales. As I have posted before make sure the Realtor you hire has experience in the Short Sale process.

Don’t be afraid to ask them how many short sales they have done in the past and how successful they were.

The HAFA (Home Affordable Foreclosure Alternatives Program) The program was  began on April 5th and will continue until December 31st, 2012.

The key points are:

• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and time frames/deadlines.
• Provides the following financial incentives:
  • $3,000 for borrower relocation assistance;
  • $1,500 for service agencies to cover administrative and processing costs;
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

The video goes into more details, so if you are reading this and struggling with your mortgage, and experiencing a hardship the HAFA Program may be a good solution for you.

9056 Emerson in Saline, Michigan is being offered for sale as a “Short Sale”.  9056 Emerson is located in York Meadows subdivision off of Willis Rd.

9056 Emerson is one a mile to the Toyota R & D Center.

Take a LOOK at the MLS View

Search the Ann Arbor Area MLS

Saline Area Schools

Title Insurance in Ann Arbor

When you buy or sell a home in Ann Arbor, you need title insurance. The seller buys 1/2 of the title insurance based on the sale price of the house. The buyer purchases title insurance on the mortgage amount.

Friday I attended seminar sponsored by the new Washtenaw Councel of Realtors, formally Womans Council of Realtors.

The panel was composed of Scott Broucher of Absolute Title, Debbie Ellison of American Title and Gary Selesko  of Cislo Title.

They opened  by saying this seminar is going to be Title Insurance 101, I thought “oh great, I got up early for this.”

However the panel did not disappoint.

Short Sales and Foreclosures

One thing I learned for people buying a short sale or foreclosure in Ann Arbor is to make sure you obtain your own title policy and NOT TO DEPEND on the BANK to give it to you or for it to be clean title work.

One of the local Ann Arbor Realtors who sold 187 foreclosed properties last year said she could not believe the number of “supposed buyer agents” NOT asking for or ordering Title Work on a foreclosed home.  Weeks later they would call her and ask for the title work. The bank provided NONE.

Just because you close at a title company doesn’t mean they insured over that. Even if they did you some kind of policy it could be so vague as to give you no protection at all.

Example

Case in point, my daughter a buyer agent on the Missy Caulk TEAM was selling a foreclosed property in a new construction community in Belleville. She kept asking the listing agent for it, he kept saying he would get it but it never arrived. So she ordered it herself from a local Ann Arbor Title Company.

You should have seen the liens from taxes, home owner association, contractors and utilities.

It took us 9 months to close this home because all the liens had to be waived or payed to get a clean title policy. Now what if she had waited or not ordered it for her own buyer? What if you were that buyer and tried to sell in a few years and found out all those liens had not been taken care of when you purchased?

Attorney Review

If you are buying a home in Ann Arbor Area, especially if it is a short sale or foreclosure, INSIST your agent get your title work from a local company with enough time to review and have an attorney review.

On short sales or foreclosures I insist my team ALWAYS have the buyers pay for attorney review. If you are buying a distressed home, you are getting that home most likely under market value. That is a good thing.  So spend the extra $250.00 for an attorney to review. It will be money well spent.