Short Sale Information for Sellers – Minneapolis St. Paul, MN
Many Minneapolis St. Paul homeowners have found themselves in economic difficulties in the past few years. Some suddenly found themselves unemployed or with reduced incomes. Others suffered from a drop in home values that left them owing more on their mortgage than their home was worth. That situation is still occurring for some Minnesotans. When it does, a short sale can sometimes be a solution that prevents a homeowner from undergoing a foreclosure. Foreclosures can ruin a homeowner’s credit rating for years, so avoiding foreclosure is a high priority in many cases.
In a short sale, the lender agrees to accept less than the amount of the mortgage balance when the home is sold. They do this, sometimes, to avoid the costs of a foreclosure and because the amount received in a short sale can be more than the house would sell for if a foreclosure occurs. While not all lenders will accept a short sale, it’s an avenue that can be explored by homeowners in danger of foreclosure. At The Minnesota Real Estate Team of REMAX Advantage Plus (Broker a Member of Regional MLS MN), we have licensed, professional agents who have a great deal of experience with short sales. They can help you determine if a short sale is a possibility and can assist you through the complex process. Some of the factors to consider when thinking about a short sale include:
- Mortgage Status – Short sales are easiest to arrange when a home has a single mortgage loan. Since all lenders must agree, it can be much more difficult to get an agreement if there is a second mortgage on the home. Such short sales are possible, but require more negotiations. Expert assistance can help, and The Minnesota Real Estate Team agents have helped homeowners in these situations.
- Lien Status – Short sales are very difficult if there are contractor’s liens, tax liens, or other liens on the property. In many cases, such liens present insurmountable obstacles to a short sale, since they must be paid off when the property changes ownership.
- Time Constraints – Many homeowners wait until it is too late to begin the complicated process of a short sale. If you know you are in danger of defaulting on your mortgage loan, quick action is essential. The short sale agents of The Minnesota Real Estate Team can help with this process. Contact us as soon as you are considering a short sale of your property to arrange a discussion with one of our short sale Realtors. Don’t delay.
- Credit Consequences – Although a short sale isn’t as damaging to your credit rating as a foreclosure, it will still have a negative impact. How seriously your credit rating will be affected depends on many factors.
Help by Minnesota Short Sale Agents in Minneapolis St. Paul
Our team has a number of top short sale listing agents in Minnesota and the Twin Cities: Jason Walgrave, Scott Ficek, Mary Alice Beevore, Jesse Grumdahl, Bryan Sletten and Bernie Borschke. They list primarily short sales, and they have a full time staff that is available to work for you to get your property closed. These agents also understand the process and have a proven track record of helping short sale sellers get their properties closed. Don’t let your property go into foreclosure! There are other options for you. To learn how The Minnesota Real Estate Team can help you avoid foreclosure and short sale your property here in Minnesota, please contact us:
Minneapolis St. Paul Short Sale Realtors & Agents – Our #1 Sales Record Speaks Volumes
The Minnesota Real Estate Team of REMAX Advantage Plus has handled many short sale MLS listing transactions over the past few years. Our agents who specialize in short sales have excellent negotiating skills and the knowledge gained through experience in working through the details of negotiating with lenders. In addition, our extensive marketing strategies help us attract buyers for short sale properties. We’ve assisted many homeowners through the process. If you’re considering a short sale, you need expert advice and assistance, and we welcome an opportunity to show you how we can help.
If you find yourself in a position where a short sale represents an opportunity to deal with a situation that could lead to a default on your mortgage loans, the short sale agents at The Minnesota Real Estate Team may be able to help. Our experienced licensed agents, who are members of Northstar MLS, specialize in these transactions. They can smooth the process of negotiating with your lenders and help solve the complex problems that often occur during short sale transactions. In addition with our extensive marketing program, as the #1 real estate team in Minnesota, we will present your property effectively to qualified buyers who are looking for short sale purchase opportunities. Contact us immediately if you are considering a short sale. We’d welcome an opportunity to discuss the possibilities with you.