Archive for Short Sale Houses in SE MI

Where Do I Find Short Sale Houses in SE MI?

Posted in Short Sale Houses in SE MI by Michigan Real Estate Expert on July 16th, 2012

There are multiple ways to find short sale houses in SE MI to buy.  Many short sales are listed by real estate agents so we will start there.

  • Hire a real estate agent. The first and best place to start is to hire a real estate agent who specializes in short sales and knows the area in which you want to buy.
  • Conduct online searches. Look in your online newspaper classifieds, craigslist and use your favorite search engine to find short sale houses in SE MI.
  • Check with local mortgage lenders. Contact local mortgage lenders to find out what short sales they have.
  • Call credit unions. Credit unions are a hidden gem. Never discount them and always check with them to see what properties they have listed.

Here are a few terms you’ll run into when searching for short sales:

  • Subject to bank approval. This means that the bank or lender has to approve the sale due to a lesser loan payoff.
  • Pre-foreclosure. Pre-foreclosure is like a grace period. The homeowner is being warned that they’re in default and need to do something about it, but at this point, the lender is unable to claim back the property and sell it to recoup their costs. The length of the grace period varies and is determined by state laws. Some states allow the grace period to last for as long as 6 months, but many states have shorter periods.
  • Notice of Default. The homeowner has been issued a notice of default and the property is nearing foreclosure.
  • Headed for auction. This property has already been turned over to a brokerage house. They will auction the house off to pay the loan or debt.
  • Pre-Approved by Bank. The bank has already pre-approved the short sale terms and is ready to work with a buyer.  (Hint: This is a really good term to watch for!)

As a Certified Distressed Property Expert, I can help you find the short sale houses in SE MI that fit your requirements. Call me at 248-514-2640 or email me at today to get started.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan


Four Steps to Buying Short Sale Houses in SE MI

Posted in Short Sale Houses in SE MI by Michigan Real Estate Expert on May 7th, 2012

There is still an opportunity to profit by buying short sale houses in SE MI, but you need to know how to proceed in order to achieve success. Here are four steps to follow to increase your chances of success when buying short sales:

Step 1: Hire a short sales expert.

Hire a real estate agent who has experience helping people buying short sales. You need someone who can find short sale houses in SE MI for you and help you through the complicated process. Although the short sale process has gotten better over the last few years, it’s still a slow and frustrating process.

Step 2: Have your finances in order.

If you’re buying with cash, fabulous! Otherwise, visit a lender and take the steps necessary to finance a short sale. Many short sale banks want to close within 30 days of short sale approval. Ask your lender up front if they can guarantee a 30-day closing. If they cannot, you may want to consider finding a new lender.

Step 3: Move quickly.

When you find a short sale you want, move quickly.  With any luck, you’ll be the first to submit a market value offer. Lenders look for offers that are reasonable and equal to market value. To make your offer even more attractive, eliminate as many contingencies as possible.

Step 4:  Negotiate with the bank.

Banks don’t enjoy taking a loss, but short sales remain a necessary evil for lenders.  Be firm, polite and patient.  Don’t ever be forceful or rude.  Lenders are busy and overworked, and they want to see you as somebody who is minimizing the damage and the hassle of the bad debt.

If you’re interested in buying short sale houses in SE MI, give me a call today at 248-514-2640 or email me at

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan


Homeowners Hope to Avoid Foreclosure with Short Sale Houses in SE MI

Posted in Short Sale Houses in SE MI by Michigan Real Estate Expert on April 7th, 2011

Spring has arrived and hopefully homeowners have managed to avoid the long winter of foreclosure madness and can finally see the light of spring. 

Short sale houses in SE MI are a viable option to avoid foreclosure

For the past three years, the economy has forced more and more Michigan homeowners to go into foreclosure or decide to sell their property as a short sale house in SE MI.  With layoffs, hiring freezes and pay cuts, owners’ once-secure homes can be put into a precarious predicament. If you find yourself in a place where you can’t pay your mortgage, know that there are options other than just letting foreclosure take hold. Here are a few strategies for holding on to your house or getting the most from it.

  • Refinance your loan – Talk to your lender to find out if you can refinance your loan at a lower rate — your monthly mortgage payments could become much more manageable.
  • Sell the property – While your home might not have appreciated as much as you’d hoped, at least you’ll get your finances under control and reduce your stress.
  • Sell Short Sale – Consider selling as a short sale house in SE MI.  If you owe more on your mortgage than the home is worth, the lender may agree to a short sale which is preferable to a foreclosure.  You’ll need to find an experienced Certified Distressed Property Expert with specialized training in short sales and the complex issues they present.  
  • File for bankruptcy – You can halt an imminent foreclosure by filing for bankruptcy. An automatic stay will be granted, and while this doesn’t guarantee that homes are safe, it does give owners precious time.
  • Discuss a deed in lieu of foreclosure – Make a trade with your bank. It will get the deed to your property if you’re absolved of all debt owed on the home. This is especially advantageous if you owe more than what your house is worth.
  • Ask for forbearance – If your lender agrees to forbearance, they are giving you a grace period to catch up on all your bills without threatening foreclosure.

If you receive a notice of default, don’t immediately give up! There’s still time for you to get your finances under control or at least reclaim some of your equity.

If you need to sell your home, I can help.  I’m not only a Certified Distressed Property Expert with experience in handling short sale houses in SE MI; I’m also a licensed Michigan attorney with extensive legal experience.  

Give me a call today for more information about how you can avoid a foreclosure, at 248-514-2640 or email me at for more information.

 Lee Morof sells North Woodward Homes in Oakland County Michigan RE/MAX Showcase Homes

Lee Morof
Associate Broker/Attorney  
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640