Minnesota Short Sale Information – What You Need to Know About These Transactions
Homes for Sale Listings MN A short sale is an alternative to foreclosure for homeowners who know they will be unable to make mortgage payments or have other types of valid hardships, such as unemployment, divorce, medical emergencies, and bankruptcy, among others. Any short sale depends on convincing mortgage holder and other lien-holders to accept less than the amount owed on current loans from the sale of the home. There are some advantages to the seller, primarily in not having to go through a foreclosure, with all its complications. It may also have less of a negative impact on the owner’s credit rating than a foreclosure. Short sales are listed in Minnesota Northstar MLS.
There will still be an impact, of course, but possibly not as severe. A short sale also gives the homeowner time to arrange for other housing. Neither a short sale nor a foreclosure is a positive thing, but a short sale is a viable alternative in many cases. Lenders agree to short sales primarily because it is less expensive for them to do so than to deal with the expense of a foreclosure and the resulting unwanted ownership of a foreclosed property.
The simplest short sales are ones where the home is encumbered with only a single mortgage. In most cases, these can be negotiated with minimum problems. Additional mortgages complicate the transactions, since any lender can prevent the sale, but even these complications can often be overcome with expert help from our top-ranked REMAX Realty team, especially when there are just two outstanding mortgages. Even worse are liens against the property, such as tax liens, contractor’s liens and others. Negotiations in these cases may be difficult or impossible.
Sell Your Home to Avoid Foreclosure
The most important factor for a homeowner who is considering the short sale alternative is time. If you know you will soon be in default on your home mortgage or mortgages, it’s crucial to act quickly. Arranging a short sale is not a simple matter, so you’ll need experienced, expert help. At our REMAX team, several of our agents have extensive experience in assisting homeowners with short sales. They are experts at negotiating agreements with lenders and can help with even the most complex situations. If you’re considering a short sale for your home, contact our REMAX agents immediately and arrange to discuss your situation with one of our specialists. Delaying could make the sale difficult or impossible.
Short Sales From the Buyer’s Perspective
If you’re in the market for a home, there are some excellent opportunities to acquire a home through a short sale at an excellent price. Using our online real estate search tool, you can find all short sale listings by MN MLS of Northstar. Typically, short sale homes, similar to many foreclosed homes, may need some work after the purchase. However, these bargains aren’t for everyone. A typical short sale may require a considerably longer period before the closing, and they fall through more often than a traditional home sale. In addition, the negotiation process may be more complex than with other types of home buying. The more complicated the sale, the more difficult it can be to complete, and the greater likelihood of a failure to close. Still, the financial advantages are worthwhile in many cases, so short sales are worth considering, especially if you have the patience you may need. Short sales are also a good bet for real estate investors looking to add to their rental property inventory.
At our top REMAX team, our short sale specialist agents have the knowledge and experience to make short sales go as smoothly as possible, and can help you decide what offers are likely to be accepted. If you’re interested in buying a short sale, contact us to arrange a meeting to discuss your plans. We’ve successfully helped many homebuyers with short sales, and would be happy to assist you.
Minnesota Short Sale Agents & Realtors
Whether you’re a homeowner facing inevitable foreclosure within a short time, a prospective homeowner looking for a genuine real estate bargain, or a real estate investor, short sales are always an option, and can make good sense. Our REMAX agents have extensive experience with short sales, and many of our team’s agents specialize in this type of transaction. We’d welcome the chance to discuss your needs and plans. Please don’t hesitate to contact us, and we’ll spare no effort to help you with your Minnesota short sale transaction.