Foreclosures And Short Sales

With nearly half the homes in Minnesota being sold as either short sales or foreclosures theres no doubt Minnesota Short Sales will be here to stay for some time yet.

Is a short sale right for you and what is it? A short sale occurs when your property is sold for less than what is owed on it. Due to the housing decline you may owe $200,000 on your Minnesota home for example but the property may only be worth $150,000 in todays market, this is where a short sale may be useful to you.

Heading to foreclosure?  A short sale may be a perfect fit for you.  Take a look at our short sale video which explains, in summary, how a short sale works.

If you still have any questions about short sales feel free to contact me at 612-282-7653

It wasn't to many years ago that the words "short sale" were not a household term, well times sure have changed.  The short sale process has become popular all over the country, here in the Minneapolis Real Estate market where I work we had 802 lender owned (bank owned) pending sales in January 2011 and 358 short sales went pending same month which is up 11.9% from the same month last year.

Attorney General Lori Swanson along with six other state regulators are looking into allegations that some large lending institutions let employees routinely sign off on foreclosure affidavits without actually reviewing them or verifying accuracy.

Last week, Bank of America, Chase and GMAC Mortgage halted foreclosures in 23 states but Minnesota was not included.

Up to now, many short sales -- in which the lender accepts a sale of the property for less than the full amount owed -- have taken months to complete. Sometimes, the complex and lengthy process has failed, resulting in foreclosure.

HAFA establishes streamlined short sale rules and incentivizes borrowers and lenders to work together to avoid foreclosure. The rules -- in effect between April 5, 2010, and Dec. 31, 2012 -- also are intended to speed up the short sale process.

Are you "sdrawkcab" in your mortgage? Being backwards or upside-down in a mortgage is a simple reality in today's market for many people.

With the boom, high risk loans and weakly founded appraisals at an end coupled with the economy many homeowners are in the same boat looking at negative equity. If you're not going to sell this may not be a big deal as the market will return but if you're looking to sell or simply can not afford that adjustable mortgage you may need to look at a short sale.

Are you an agent looking to do a short sale or in the middle of one now? Or are you a seller looking to do a short sale on your property? No matter the case the short sale process can be done although difficult at times but it can also go as smooth as to be expected when the proper steps are taken.

At times with short sales it feels like you have hit a brick wall and there is simply no way through, they are not always the fastest and frustration can set in but don't let it; they do close.

You know things are popular when they make the Simpson's. When cartoon land can be hit with a foreclosure it can happen to anyone, but what do you do?

In a market of increased homes on the market that are in the process of foreclosure, or that have been foreclosed already, REALTORS® are dealing with more and more properties needing unique marketing. In some of these transactions, the seller does not have sufficient equity to sell the property without coming to closing with additional cash to fund the difference.

A big topic in today's real estate world is "Short Sales". The short sale is where homeowners looking to sell their home in this slumping market ask lenders to forgive the debt between what they can sell the property for and what they owe. The NAR (National Association of Realtors) estimates that over 40% of all properties being sold today are in a distressed situation -either short sales or foreclosures.