Short Sales
If you are looking for a fantastic opportunity to purchase a home at wholesale prices I can help. I have sold real estate for 11 years and this is a unique market. It is not only a buyer's market but it is a time to look for a real bargain. The traditional seller's are unable to discount their properties the way a mortgage company can that is looking at a foreclosure. Seller's are motivated to sell in order to benefit their credit at this hard time. I am an agent who will help show you the market value of a home and then determine the wholesale price of the home. I work thru-out the Twin Cities area and have an excellent lender and title company to help you along the way.
What is a Short Sale vs. Foreclosure REO Sale
A short sale occurs when a mortgage servicer agrees to accept less than they are owed for an outstanding loan allowing the home owner to sell the home... vs... A foreclosure occurs when a mortgage servicer takes the property back through foreclosure evicting the current home owner in the process.
What Buyer's Should Know
This can be an excellent time to find a great value in a new home. Working with a real estate agent who is knowledgeable in both the buyer's side and the seller's side of a short sale is to your benefit. The mortgage servicer is not in the business of owning real estate and the cost involved with foreclosure is expected to be more costly than the loss of accepting a short sale on the home. A real estate agent will need to know how to prepare a BPO for the home (brokers price opinion) to determine the value the bank will be placing on the home. "Click" on Buyer Disclosure on Side Bar for additional information.
What Seller's Should Know
The bank does not want to own your home, the bank wants you off the mortgage. A short sale is said to be an acceptable and reasonable solution when property owners owe the lender more than the property is worth. Borrowers should talk to their lenders as soon as possible. Don’t be afraid of lenders. The lender is in the lending business, not the real estate business. They do not want the property. They want to work with the borrower to ensure the loan is paid. Be aware that you do have to qualify for a short sale by providing to the bank a reason why you cannot keep up with your mortgage payments. Some examples are a rate increase due to an ARM, loss of job, medical, divorce and bankruptcy. If your situation fits this scenario please contact me for help in facilitating your short sale. "Click" on Short Sale Packet on Side Bar for additional information.
