You’re probably asking yourself “what is a pre-foreclosure”?
A pre-foreclosure is the period after your home has been sold at sheriff’s sale auction, and before you’re redemption rights, (usually 6 months in MI) have expired.
During that time you still can sell your home and possibly benefit from the sale. Here's How
Here’s an example of a property that has just been sold at sheriff’s sale
Property sold at sheriff’s sale for $100,000
Property is worth on the open market $125,000
Homeowner owes original loan on property $200,000
Within the 6 month redemption period you list your home with us, The Whisler Team, and we sell your
home for $125,000.
At the closing the deed holder (whomever bought the deed at sheriff’s sale) is paid in full $100,000 and closing costs are approximately $10,000, which leaves $15,000 in your pocket!!
Please keep in mind that your original loan amount to the lender will not be discharged or settled.
The bank can, and will still come after you to get the loan satisfied unless you contact them and
negotiate a settlement.
WE CAN EVALUATE YOUR HOME FOR FREE TO SEE IF SELLING
FOR A PROFIT IS AN OPTION FOR YOU!
CALL FOR A FREE HOME ANALYSIS
Andy (248) 535-8264 Colleen (248) 535-7980
*** SATISFYING THE LOAN TO THE BANK (LENDER) IS STRICTLY YOU’RE REPSONSIBLILITY!
*** IF THE BANK WAS THE ONE THAT PURCHASED THE DEED AT AUCTION -
SHERIFF’S SALE—THEN YOU MAY HAVE A CHANCE OF SATIFYING THE ORIGINAL LOAN
AMOUNT WITH A PAYOFF AMOUNT OR NEGOTIATION WITH THE BANK
*** WE ALWAYS RECOMMEND CONSULTING WITH AN ATTORNEY REGARINDG
OUTSTANDING LOAN BALANCES