Minneapolis and St. Paul Short Sales
What is a Short Sale?
You have probably heard about homes being sold as Short Sales. With the buzz surrounding Short Sales, what are they and how do they affect you? A Short Sale occurs when the proceeds of a real estate sale fall short of the mortgage balance owed to the bank. For example, let’s assume the owners of a home have to sell and the market value for their property is $200,000, but their unpaid mortgage balance is $250,000. In order for the owner’s to sell the home for its fair market value of $200,000, they would need to pay $50,000 in cash at closing OR the bank will need to agree to discount the loan balance by $50,000. If the bank agrees to accept the discounted loan balance in exchange for releasing it’s lien on the property, the sale is referred to as a “Short Sale.” The above example sounds pretty straight forward…so why are only about 30% of Short Sales approved by the bank? Each Short Sale is different and a detailed explanation of some of the most common issues is explained on our Short Sale Process page. While the definition is pretty simple, the actual process is extremely complex. Whether you are attempting to purchase a Short Sale or you think you might need to sell your home as a Short Sale, you need to consult with a Professional Minneapolis and St. Paul Real Estate Agent.Minneapolis and St. Paul Short Sale Sellers
As your Professional Re/Max Realtors, servicing the Minneapolis and St. Paul Real Estate Market, we are experienced with Short Sales and we are here to help you decide if a Short Sale is right for you. We will work with you to determine the fair market value for your home, review your financial situation, and help you prepare the necessary documents for submission to your lender. More information about the Short Sale Process can be found on our Minneapolis and St. Paul Short Sale Sellers Information page.Minneapolis and St. Paul Short Sale Buyers
If you are thinking about purchasing one of these properties, you NEED to read the Minneapolis and St. Paul Short Sale Information for Home Buyers section of this website. Short Sales can be great deals, but they are extremely complicated transactions and you need to understand all benefits and potential pitfalls.Not Found
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