Metro Detroit Short sales

I saw a blurb on short sales on a national morning news channel this week. What they were showing is that short sales are taking a long time. They say they are taking twice as long as they were a year ago. They showed a couple of people that took 8 months and 12 months. In the metro Detroit area most short sales are taking about six months. The issue usually is that sellers are trying to short sell their property too late. If you think you are in trouble or need to sell call a Realtor quickly. Get the home listed as soon as possible.

The news channel also said 12% of all homes on the market are short sales. They also said that only 60% of the short sales get done. I honestly don't think anybody really knows that number. What I am finding out or noticing is that short sales don't get completed for these reasons.

1. Buyers don't stick around. They get tired of waiting and being in the dark.
2. Banks don't approve the short sale because they want more money.
3. The seller doesn't cooperate with the bank or the real estate agents.
4. The bank doesn't agree to short sale the home because of the sellers situation.

What percentage of short sales actually get done is a guess. But many are getting done if you stick it out. I myself have been on both sides. Sometimes getting done, sometimes never even getting close. I had one fall apart today.

The buyer wants to buy, the seller wants to get out, and the bank wants a certain price. We ended up $17,000 apart. The seller decided they wanted to let it go to foreclosure. They gave up on the game. So the house most likely will go into disrepair for the next 7 months. The 2nd mortgage holder will lose everything once the house goes to foreclosure. The lose.