For home buyers seeking a home for a lower price, a short sale can be an enticing route to pursue. But this type of transaction is a lot more complicated than a typical home sale and throws more risk into the equation.
The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that a short sale occurs when a homeowner is in dire financial straits, leading to missing mortgage payments. Rather than allowing the home to go into foreclosure, homeowners in this situation can opt to pursue a short sale. In order to avoid foreclosure, which is time-consuming and expensive for the mortgage lender, the homeowner can apply for a short sale with their lender.
This short sale takes place when the homeowner’s lender reviews the homeowner’s application and approves it, which then allows the owner to sell their home for a lower price than what they owe on their mortgage loan. In turn, the lender agrees to accept this payment method and forgives the difference, which releases the current homeowner from their mortgage loan debt. Check out below to see what sold in Woodlands of Northville in August 2024:
18248 Laraugh Drive, Northville: 4 bedrooms, 2.1 bathrooms, 3,057 sq. feet, 2.5 car garage, Sold Price: $750,000
Woodlands of Northville Home Sold
Woodlands of Northville
As a home buyer, the lower price of a short sale home can be extremely appealing. Before you pursue a short sale, it’s important to know it does come with plenty of pros and cons you must carefully weigh before moving forward. For more information on Woodlands of Northville, or similar Northville or Novi neighborhoods such as Pheasant Hills, Autumn Park and Beckenham, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.