Tami and Steve's I-94 Minnesota Real Estate Blog: Short Sale Tips

Saint Cloud, MN Real Estate | Tami DeLand and Steve Hansen
Tami & Steve's St. Cloud, MN Real Estate Blog

Featured Homes
Bookmark and Share

Quick Search

Advanced Search

Click Here

Search by Listing #

Search by Street Address
Free Email Updates

Free Relocation Package for moving or transferring to the Saint Cloud and Central Minnesota area

Visit Tami DeLand and Steve Hansen's Facebook profile
Visit Tami DeLand and Steve Hansen's Active Rain profile
Visit Tami DeLand and Steve Hansen's Twitter account

Tami & Steve's St. Cloud, MN Real Estate Blog
Subscribe to Tami & Steve's Central Minnesota Real Estate Blog by Email

Thursday, February 18, 2010

Short Sale Tips

Six questions to consider if a short sale is in your future:

  1. Do you understand the difference between a short sale and a foreclosure?

  2. Have you considered a loan modification?

  3. How would you find a qualified team to assist you?

  4. What documentation do you need to prepare?

  5. How much time do you have?

  6. Will a short sale solve all your financial problems?

If you are contemplating a short sale, the above questions suggest a process with very specific steps. It is important to be aware of the potential benefits as well as the risks and ramifications of a short sale. In a nutshell, here are the answers to these six questions:

  1. A short sale exists for when the net proceeds from the sale of your home will not cover the costs of your current mortgage(s) and the costs to sell. If you do not have the other assets to cover the difference, then a short sale may be an option. In a foreclosure, the lender takes title of a home through a lengthy legal process and then sells it.

  2. A loan modification may work for you if you are having financial difficulties and your lender offers a program to assist you.

  3. Typically, a short sale team will be compromised of a real estate professional, a real estate attorney, and a tax advisor. Be sure the professionals you select are experienced in short sales.

  4. Lenders provide short sale packets with a list of the necessary documents.

  5. The process can take a couple to several months.

  6. There are many implications a short sale may have on your future financial status, but it is not a guarantee it will solve all your problems.

It is important to be well-informed and diligent when pursuing a short sale. Our best advice is to get the best possible professionals to assist you. There are many services available to assist individuals and families who are considering a short sale, and the Tami & Steve team is well-versed in all of them.

Tami DeLand and Steve Hansen
Saint Cloud and Central Minnesota REALTORS
Coldwell Banker Burnet
(320) 258-6675
St. Cloud Real Estate, Condos, Homes for Sale
Central Minnesota Real Estate

# posted by Tami DeLand and Steve Hansen @ 4:15 PM

Well said! It is a very intricate and detailed process. One missed step and it could greatly increase the time it takes to get a short sale approved by the bank. All the more reason to hire a professional team to assist in obtaining a short sale.
# posted by Anonymous Carissa : 4:53 PM CST
Short sales are strictly business! It is crucial to understand the process before getting started!
# posted by Anonymous Sheila Grangroth : 10:37 PM CST
And with a proven track record, and 100% sucess rate a good team is a great choice.
# posted by Anonymous Craig : 10:09 AM CST
Post a Comment

<< Blog Home Page

This page is powered by Blogger. Isn't yours?

Tami DeLand and Steve Hansen Empowered to Exceed Your Expectations.
Coldwell Banker Burnet Direct: .. (320) 267-0076
Office: .. (320) 258-6675
3701 12th St. North, #203 Fax: (320) 258-6715
St. Cloud, MN 56303 Send Email to Tami and Steve
Licensed in the State of Minnesota
Coldwell Banker Burnet, 3701 12th St. North, #203, St. Cloud, MN 56303

Saint Cloud, MN Real Estate | Tami DeLand and Steve Hansen
About Tami DeLand and Steve Hansen's Saint Cloud and Central Minnesota, MN Real Estate Website: The www.I-94homes.com web site provides Saint Cloud, Waite Park, Sartell, Sauk Rapids, St. Joseph, Clearwater, Clear Lake, Avon, Albany, St. Augusta, Rockville, Coldspring, Righmond, Becker, Rice, Royalton, Little Falls, Monticello, St. Michael, Albertville, Rogers, Otsego, Maple Grove, Buffalo, Annanndale, Rockford, Corcoran, and Central Minnesota, Minnesota real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Saint Cloud and Central Minnesota area. Tami DeLand and Steve Hansen (sometimes misspelled as Tammy DiLand, Tammi Deeland, Steven Hanson or Stephen Hanson) have services to help you get the best value for your Saint Cloud and Central Minnesota home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with   Saint Cloud and Central Minnesota REALTORs who know  the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Saint Cloud and Central Minnesota, MN, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Tami DeLand and Steve Hansen can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Tami and Steve speak  your language.
Great Real Estate Agent Websites for Realtors - Best Real Estate Web Site Design for Realtors (c)2009 HoopJumper WebSystems, All Rights Reserved (949) 309-2299 - Espanol
Bookmark and Share