I recently spoke in Brighton, Mich., which is about 45 minutes outside of Detroit. Michigan is experiencing a very difficult buyer’s market. Prices are decreasing. The auto industry is experiencing massive layoffs. Many Michigan sellers lack sufficient equity to close a transaction. As a result, short sales have become an unpleasant fact of doing business. If your market is slowing down, you may be facing some of the same issues listed below.
Who is the decision maker?
Most lenders sell the loans they originate on the secondary market.