Frequently Asked Questions
(Call Sherry P. at 248-217-1680)
(Call Sherry P. at 248-217-1680)
How much will it cost me?
If we represent you as a buyer, our fees are usually paid by the seller; however, you may be subject to other fees including title work, inspection costs, appraisal costs, and mortgage fees, etc. If we represent you as a seller, our fees, along with attorney fees (if it is a short sale) and closing costs generally, but not always, are taken out of your payment from the bank.
What if I am already working with a realtor?
While I never recommend breaking a contract with an existing realtor, the home buying experience should be a happy and rewarding one. You should feel comfortable with your realtor and choose someone you trust to keep your best interest in mind.
Do you work in my area?
We work in the counties of Wayne, Oakland, and Macomb. If your home is not in one of these counties, we can recommend a realtor in your area who meets our high standards of excellence.
How will a short sale help me?
The primary benefit of a short sale is that it prevents having a foreclosure listed on your credit report. It also helps your neighbors because foreclosed properties significantly lower the values of surrounding homes.
How does a short sale work?
The process begins with the seller setting up an appointment with a member of our team to complete necessary paperwork. Once the home is listed, the selling process begins. Our team utilizes the best internet and print resources available. The home is shown just as any other listing. When an offer is received on the house, our legal team does the negotiating for us. The legal team then submits the offer to the bank holding the mortgage. Once the bank accepts the offer, the closing process happens.
Will I qualify for a short sale?
Some of the qualifying factors of a short sale are job loss, a reduction in income, a divorce, health changes, family status changes, and a relocation for employment. But even if you qualify initially, there is no guarantee that the bank will approve an offer.
What are the risks of a short sale?
While we have a high rate of success with short sales, there are some risks involved. First, the lender may issue a form 1099C which may have tax implications for you. This should be discussed with your tax preparer. Second, your lender may decide not to waive the deficiency and will maintain the right to collect at a later date. Finally, the lender may ask you to sign a promissory note at closing to make payments on the full balance or a portion of the balance. This is normally an unsecured debt and is often at 0% interest.
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