What are the advantages and disadvantages of a Short Sale? A short sale is the sale of real estate (property) where the amount of the sale is less than the amount owed by the borrower to their lender. This is an alternative to foreclosure. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that most lenders will require the borrower to show a type of hardship. Examples of a hardship are loss of income, divorce, unemployment, medical illness, etc. Some lenders will consider you for a short sale if you are not in default; if you can prove you can no longer pay the loan and will soon fall in default. Several lenders offer cash incentives to those who execute a short sale paid at the closing to the borrower start over. The greatest advantage to the borrower is the avoidance of a foreclosure on their record. Check out below to see what sold in Windridge Place in November 2015:
46004 Ashford Circle, Novi: 4 bedrooms, 2.1 bathrooms, 2,917 sq. feet, 2 car garage, Sold Price: $422,000
45992 Ashford Circle, Novi: 4 bedrooms, 3.1 bathrooms, 3,271 sq. feet, 3 car garage, Sold Price: $487,500
In addition to the homeowner proving hardship, lenders require a specific set of supporting financial documents to consider a short sale. For more information on Windridge Place, or similar Northville or Novi neighborhoods such as Churchill Crossing, Addington Park and Quail Ridge, contact The DiMora Team today at 248-505-7728 or email@example.com.