Michigan Short Sales are on the rise.  These types of sales are also known as a short-payoff or a pre-foreclosure sale.  Sensible Realty is well versed in assisting Michigan home sellers through this trying ordeal.  There are key factors involved in performing this type of sale and Sensible Realty feels obligated to provide the pros and the cons as each step is reached.

It's not the end of the road and saves the Michigan homeowner in many aspects.  It's an alternative solution when home sellers understand that their michigan homes are not currently worth what is owed due to real estate market conditions across the region.

Many banks are addressing this option and seem to be more receptive in accepting these terms than history would otherwise dictate.  The banks are not the enemy (in this particular circumstance) and most are willing to accept short sale terms rather than a greater loss at a much later point in time.

Please note, that if short sale proceeds are accepted, a 1099 will be issued to report the cancellation of debt to the IRS.  (Congress is considering a bill that would amend the tax code to forgive the tax debt) Sensible Realty has conflicting opinions  on this act and begrudingly have accepted that this is out of our control or anyone elses.