Maureen Francis _MI_'s Q&A

Beware. I don't know about this specific house, but people are using craigslist for lots of nefarious purposes.  Someone took one of my listings, posted it on craigslist for rent for $300 cheaper than market value and tried to get people to fill out an application and send him the deposit money.  Hopefully nobody fell for it because their money would have been gone.

NKDA,Why are you selling?  Your goals are the first part of the answer.  If you have to move away for a job, the answer is quite different than if you want something bigger across town.Unless you have paid down the principal or you put a great deal down, you could be upside down, meaning you owe more than the house is worth.  Unless you have a hardship (loss of employment, medical bills, etc,) and are unable to pay, the bank would expect you to bring and shortfall to closing.If you do have a hardship, you need a Realtor who is VERY experienced with short sales to guide you through this.  It is not straight forward at all.If you need help finding a local short sale expert, I may be able to help.

Called Out,In addition to the commission, you will pay transfer tax, which is $8.60 per thousand of the sales price, and title insurance.  Title insurance varies depending on the sales price too. We have a chart to look it up on. If you bought recently you can turn in your old policy and get a discount.You will get money back from the tax prorations.You could pay for other things, as negotiated, like a home warranty or buyer's closing costs.Maureen Francis

We like to have our listings staged if we think it will help.  Have even staged vacant REO listings.  I don't know that it adds 8%, but that would be great if it did!I have a stager who we work with regularly and she saves me on all kinds of things.

I am with SKBK Sotheby's in Birmingham.  We sell a lot of homes in Royal Oak.  I would be happy to do a market analysis for you.

Banks typically start negotiating saying you must cover the shortfall.  That is part of the negotiating the agent does with the bank.  Your financial statement will show that you do not have the assets to repay.  Packaging and negotiating a short sale is a good option for you, but it has to be done well.  Make sure you are working with an agent who knows this process and has done it successfully.  If you would like to call me, I would be happy to talk to you about it further. I am in Birmingham.

Michigan homeowners have been having trouble refinancing due to falling values.  Talk to your lender first and see what they can do.  Then speak with a local mortgage broker to see if there are other options.  Was it an FHA loan?

Sorry I did not see this earlier.  A short sale is one of your options.  You put it on the market with a Realtor and submit a short sale package to the bank.  The bank decides if it will accept the offer.  Depending on the situation, you negotiate with the bank for them to forgive the shortfall.Here is an article from my blog about short sales.  They are not uncommon in Birmingham these days.If you are moving away a short sale is probably your best option.

I don't know if you can search by school district on Zillow.  You may be able to, I just don't know.I would be happy to send you a custom search of the MLS by school district if that would help you.  Would just need to know what district and price range interests you.

Richard,I think you should seek the advice of a lawyer on this.  This site is not a substitute for legal advice.Unfortunately, lots of good tenants have been stuck by landlords losing their homes.  You might want to find out how long the redemption period is.  At the end of the redemption period, the bank will want you to move out, in most cases.  Public records should say when the sheriff's sale occurred.  Redemption typically lasts 6 months in MI.  If you need help finding another rental, please feel free to contact me.  I am in Birmingham too.Sorry this is happening to you.Maureen FrancisSKBK Sotheby'sBirmingham MIhttp://miOaklandCounty.com248.430.4450