If you’re thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is where the net proceeds from the sale won’t cover your total mortgage obligation and closing costs, and you don’t have other sources of money to cover the deficiency. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that a short sale is quite different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it. If you’re in this situation, you might want to consider a loan modification first. Maybe by refinancing your loan at a lower interest rate will help you or at least help you through this difficult period if your situation is temporary. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. They will help you decide which is the better path to take. Check out below to see what sold in Ravines of Northville in January 2016:
17802 Wildflower, Northville: 4 bedrooms, 5.2 bathrooms, 3,833 sq. feet, 3 car garage, Sold Price: $735,000
Ravines of Northville Home Sold
January 2016
Even if you’re well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. For more information on Ravines of Northville, or similar Northville or Novi neighborhoods such as Woodlands of Northville, Autumn Park and Steeplechase, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.