If you are in the market to purchase a property, there has never been a better time than now. The economy has depressed home values from their highs in 2007, and it is quite possible to purchase property for 20% to 25% less than what they were worth just a few years ago. With interest rates also at all-time lows, your buying power has never been better.
One type of home you should consider the advantages of pursuing are short sale homes for sale in Northville. A short sale is a home that is being sold for less that what the owners owe on the property. One of the subtleties of a short sale that a standard equity sale does not have to deal with is that, in a short sale, since the lender who services or owns the mortgage is being asked to receive less than their full amount, they must give their consent before the sale can be completed.
In the hands of an inexperienced or undisciplined listing agent, the process of waiting for an approval can take months, sometimes years. Even with a listing agent who is diligently pushing for a mortgage lender to approve a short sale, the process will still take anywhere from 60 to 90 days before you actually take ownership of the home.
Part of the reason is the sheer volume of short sale requests lender receive each month and the copious amount of paperwork and property valuations which must be completed before an approval is given.
The best strategy to buy one of the short sale homes for sale in Northville is to find a real estate agent who knows how to navigate through the hoops of getting a short sale completed. The market has begun to turn now that prices are so low, and when a home that is listed for sale at the right price– short sale or not– you should be prepared to move quickly.
Don’t get frustrated if you find yourself in a multiple offer situation, where several buyers have submitted an offer to the seller. Your real estate agent should be diligent in valuing the property, and your offer should reflect what the home is worth.
If one of the homes for sale in Northville is a short sale, submit your offer at the price you are comfortable, provide a strong pre-qualification letter for financing so that the seller knows you can actually close and then be patient.
While the short sale process is working, continue to look at other homes and feel free to write offers on other properties you see that fit your criteria. You do not have to hold any earnest money in escrow on a short sale until the lender holding the mortgage on that particular property approves your offer. Once you have found a home that you love and that the bank has accepted your offer, officially withdraw your other offers and move forward with your inspections and financing.
Homes for sale Northville – An professional real estate agents from E realty professionals LLC, understand the market and know how to represent you and your best interests when looking for homes for sale in Northville & surrounded areas.
