Ann Arbor Real Estate Information: Short Sales 101

We keep hearing about them in the news, so what are they? Wikipedia defines a Short Sale as follows: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.

Once upon a time, being involved in a Short Sale held a stigma. It usually indicated that you were unable to make your payments. Today, that is not the case. Homeowners who are relocating due to job changes or other circumstances may qualify for Short Sale programs and it doesn’t have to destroy your credit rating.

Why is this so important to work with a specially trained Agent?

1. The process can be both lengthy and frustrating.

2. Not all Homeowners qualify for Short Sale programs.

3. IRS could determine forgiveness is income.

4. Your credit is at stake.

5. Release of lien is not the same as release of obligation.

6. Current government programs are changing rapidly.

7. Short Sale homes are sometimes stigmatized.

No one can guarantee the outcome of your Short Sale, but here at Prudential Snyder & Company, we have trained Realtors who are ready to answer your questions and guide you through the Short Sale process. We know the paperwork, the expectations, and the pitfalls of working with the banks. We will work diligently to make sure that the process is as low stress as we can make it.

As always, we are here in the Greater Ann Arbor Area to assist you with any of your home buying, home selling, rental or other real estate needs. Plus, we have a great network of Agents across the US who can assist with properties in other areas. Call us at 734-747-7500 or 734-747-7700 weekdays, or

734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

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