What is Property Solutions of Michigans “buying process” when looking for short sale properties?
We work fairly quickly and decisively. Initially, we screen MLS listings and foreclosure filings to find candidates for short sales. Either we contact the homeowners or the listing agent to ask for some additional information. There are a few important questions that need to be answered to determine our initial interest. Typically these involve the foreclosure status of the property, the mortgage balances of the property and other liens on the property. If our evaluation is positive, we often will make a preliminary offer on the property immediately to give the seller and the agent an idea of the ballpark we will be in. If this offer is accepted by the seller (as most are), then we send out one of our local project managers to do a walk through inspection of the property to firm up the offer price prior to the offer being submitted to any lender. Our offers are generally in cash and we are willing to close very quickly with no contingencies. These terms are very attractive to lenders.
