With nearly half the homes in Minnesota being sold as either short sales or foreclosures there’s 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 today’s market, this is where a short sale may be useful to you.
Not every seller will qualify for a short sale in Minnesota, there are some guidelines we need to look at. Typically if the property value is close to the offer price and other requirements are met the bank will allow a short sale in Minnesota.
Many people wonder if short sales are so popular, then why doesn’t everyone do it. The fact is selling a short sale in Minnesota has really only become popular in the past several years with the housing decline and although it can be a great avenue it is also often a lengthy one.
The paperwork that goes along with a short sale and the due diligence needed to be successful at it is often lost to inexperienced agents trying to get one done. If you’re considering a short sale call upon a well qualified short sale agent for the best chances of a successful transaction.
There are many reasons you may find yourself in financial hardship. You may have lost a job or taken a reduced income, divorce, separation, medical bills and loss of business are all very common and you’re not alone. A short sale may be helpful to recover from the situation without loosing your property through a foreclosure.
If you are experiencing a difficult time keeping up with your mortgage payment and need to sell using a short sale or would simply like to talk further about the benefits of a short sale contact Derrick Monroe right here. Derrick has successfully closed countless short sale transactions in Minnesota and he can help you as well.
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