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Be prepared for a short sale | St. Paul, Woodbury, Lake Elmo Real Estate & Homes for Sale

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Considering a Short Sale? Be Prepared

Despite the upturn in the Minnesota real estate market, there are, unfortunately, still thousands of homes “underwater” — the home is worth less than what is still owed on the mortgage. If you, or someone you know, is having trouble keeping up with mortgage payments each month and need to sell the home, it may be time to consider a short sale.

We’re short sale specialists and we can help. Here are some tips to keep in mind as you prepare for a short sale:

* One of the biggest challenges you face, when considering a short sale, is to get your current lender to accept a home sale price that’s less than the mortgage amount. Lenders are under no obligation to negotiate a short sale, so it’s up to you (and people advocating for you, such as your REALTOR), to convince the lender to accept a short sale.

* Dealing with lenders in short sale situations can be frustrating, so you must be persistent and don’t give up. Sometimes it may feel like a board game where your piece gets knocked back to the start square. If that happens, be prepared to steel yourself, roll the dice and start from square one.

* As the seller, you must be facing a hardship to be granted permission for a short sale. The hardship is typically financial, job-related or health-related, but if you can’t cite and substantiate a significant hardship, it will be unlikely a lender will okay a short sale.

calling lender

* Each and every time you speak with the lender, make note of the date and time and get the name and direct phone number of the person you’re speaking with (you may speak with a different individual each time you call). Keep meticulous notes.

* Know your numbers. Get an appraisal for your property and be prepared to state your case repeatedly and strongly that it’s in the lender’s best interest to grant a short sale instead of waiting to pursue foreclosure. Additionally, have all your original mortgage paperwork together and ready to share with the lender any and every time they ask.

* Get everything in writing — verbal agreements don’t count.

* Be persistent. Keep calling, keep writing, visit in person (if possible), speak to supervisors and don’t take no for an answer. Be polite, but insistent.

A short sale may seem like an insurmountable hurdle, but with the right preparation and with short sale specialists on your side, your short sale can be successful. Contact us at any time with questions or to get the process started.