Minnesota Short Sale Information
A short sale is an alternative to foreclosure for homeowners who know they will be unable to make mortgage payments. Some homeowners have other types of valid hardships, such as unemployment, divorce, medical emergencies, and bankruptcy. 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. It may also have less of a negative impact on the owner’s credit rating than a foreclosure.
MaryAlice Beevore – After graduating from the University of Minnesota with a degree in Business, she obtained a real estate license and has enjoyed working in the real estate industry as a Broker and Appraiser. Her extensive knowledge of the local market helps her identify opportunities for her clients to purchase real estate that fits their needs. MaryAlice assists her clients by analyzing both the benefits and disadvantages of various types of real estate and explaining them in a way that is relatable. She has completed hundreds of real estate transactions. She is familiar with residential, investment and commercial real estate throughout the Twin Cities. MaryAlice is a Certified Residential Specialist (CRS), e-Pro, and Bank Owned (REO) and Short Sale Specialist. Phone 612-554-5901
There will still be an impact, but possibly not as severe. A short sale also gives the homeowner time to arrange for other housing. Lenders agree 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 this alternative is time. If you know you will soon be in default on your home mortgage or mortgages, it’s crucial to act quickly. You’ll need experienced, expert help. At our REMAX team, several of our agents have extensive experience. They are experts at negotiating agreements with lenders and can help with even the most complex situations. Contact our REMAX agents immediately and arrange to discuss your situation. 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 at an excellent price. Using our online real estate search tool, you can find all short sale listings by MN MLS of Northstar. Typically, the homes, similar to many foreclosed homes, may need some work after the purchase. However, these bargains aren’t for everyone. This type of 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 financial advantages are worthwhile in many cases. Real estate investors who are looking to add to their rental property inventory may find good opportunities.
At our top REMAX team, our agents have the knowledge and experience to make the sales go as smoothly as possible, and can help you decide what offers are likely to be accepted. If you’re a buyer, contact us to arrange a meeting to discuss your plans. We’ve successfully helped many homebuyers this unique type of transaction, and would be happy to assist you.
Minnesota Short Sale Agents & Realtors
Whether you’re a homeowner facing inevitable foreclosure, 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. 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.