SHORT SALE INFO BUYERS SELLERS FAQs REAL ESTATE BLOG
No listing charge for our services.
No Closing Costs.
No Commissions.
Your lender pays for all transaction expenses.
Sellers
Little or no equity and struggling to make your mortgage payment? In today's housing market, it is understandable that many homeowners owe more than their house is worth. Some have major medical issues, divorce, layoff, ARM adjusting mortgages or are simply dealing with today's economic downturn. A short sale is an option for preventing foreclosure or bankruptcy, even if your home is currently in the foreclosure process.
Click here for the foreclosure process and timeframe in Minnesota.
Congress passed the Mortgage Forgiveness Debt Relief Act of 2007, which allows the short sale debt relief to be a non-taxable event. So in most instances, there are no negative income tax consequences for the borrower in doing a short sale.
Here are some of the qualifying hardships for a short sale:
- Unemployment
- Divorce
- Separation
- Reduced Income
- Job Relocation
- Medical Bills
- Payment Increase
- Severe Illness
- Too much debt
- Military Services
- Death of spouse/family member
- Damage to property
A short sale requires extensive documentation of your current financial situation and proof of hardship. From listing, offer, lender negotiation to closing, let us assist and walk you through this complex process.
It is important to note that there is no charge for our services, no closing cost, no commissions, your lender pays for all transaction expenses. In essence, the lender is paying us to represent your best interests.
Contrary to what most lenders will advise, you do not need to be in default of your mortgage to qualify for a short sale. Banks will notify homeowners that they need to default on their mortgage for 2 or 3 months before they will be eligible for a short sale. This simply is not true. In fact, the best way to preserve your credit rating is to negotiate a short sale having never defaulted on a monthly payment.