What is a short sale? A short sale simply means that the home for sale is being sold or has sold for less than what the borrower owes. This happens more and more frequently in this economy and down real estate market. Short Sales in Minnesota are more and more popular but you need to watch out to make sure you are protected. An experienced agent ALWAYS gets paid after closing and not up front. If any one asks you for money up front, RUN!
In order to attempt a short sale you need to have a professional real estate agent or lawyer in Minnesota that specializes in short sales. Why? Because they know the law and can make your short sale go smoothly. Always be sure to ask your agent if they are experienced and make them prove it! I have seen too many short sales go badly for the sellers, and the sellers end up paying the price for their agents lack of experience with a foreclosure on their record. Why take a chance?
Short Sales in Minnesota are not for the weak at heart REALTOR. They take lots of time and energy. An agent who specializes in Short Sales knows who to call and how to handle your paperwork with ease. Short Sales are not a quick, they are very time consuming and can be frustrating for all those involved. Oftentimes the bank or banks will take around 4 months to decide whether or not they will accept your short sale. The same process that got you your original loan now works in reverse when trying to complete a short sale.
An experienced Short Sale agent in Minnesota will also be able to guide you when it comes time for those horrible “1099’s” you hear about. The fact is there are laws to protect you against further tax penalties.
I could spend all day talking about Short Sales. the fact is I am experienced and CAN prove it! To learn more about your options please click here and I will be happy to guide you in a non-threatening way and explain ALL your options! Nate Berg is a MN short sale expert and serves the Twin Cities area including Hennepin, Anoka, Ramsey, Dakota, Scott, Sherburne and Wright counties.
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