St. Paul & Twin Cities Short Sale Information

St. Paul & Twin Cities Short Sale Information

What is a short sale and why could it be right for me?


There was a time when foreclosure was only heard of in the event of either someone falling unexpectedly ill, or losing the ability to work, or some other “act of God” type event. But with the economy taking a hit combined with the near disintegration of the middle class, lots of people are being forced to consider foreclosure even just to downsize to a smaller home.

The development of more and more foreclosures lead the way for the short sale process to take form. While a short sale still includes giving up your home, in a lot of ways its a much better alternative than outright foreclosure. Starting this process, or even finding out if its the right solution for you is the hardest part, which is why we’ve put together this St Paul, Minnesota Short Sale guide to help you figure out if it might be the right solution for you.


Step 1) Find a St Paul Minnesota Short Sale Expert


ExperienceSignWebThe biggest and most important step in starting the short sale process is finding an expert who has the experience to help. Only a professional who has handled other short sales, and handled short sales in Minnesota and even St. Paul specifically will help you in the long run. In addition to just getting someone who can answer questions and guide you through the process, the short sale process can be very stressful and often emotionally difficult for people. Just having a professional can give a huge peace of mind and really guide you through the St. Paul short sale process calmly and effectively.


Step 2) Effectively Valuing Your Home


House Puzzle Money Most people just don’t really know how to determine the value of their own home. If you have a real estate expert guiding you through the process, they have tons of data on previous sales around your area and other ways to effectively measure the value of your home. Working specifically in the St. Paul area also gives a clear insight to helping you determine those values.

Finding the value of your home will help to determine how “short” you are from being able to pay off your debt owed to the bank. With this information, you are ready to work with the banks to obtain approval for your short sale.


3) Obtain Bank Approval for a St. Paul Short Sale


The toughest obstacle with the short sale process is actually gaining approval from your specific bank lender. Basically, you will need to convince the lender that they have an advantage to release you of your obligations. To get this done, you will need to show the lender the following:

  • You are in severe financial hardship
  • That you do not have enough assets to cover the debt that is owed to the lender
  • That the value of your home is worth less than what is owed to the lender


4) Sell Your Home


Short Sale SignAfter the approval process, your home will be put on the market for sale with the proceeds of the sale going to the lender in order to pay off whatever portion of your debt it can. If you’ve fallen on hard times, short selling might be a nice option for you.

If you have any questions or are looking for help regarding St. Paul short sales, contact the Max Gygi team today.


Facing a foreclosure or a short sale is a difficult situation at best.  Max has successfully negotiated over 100 short sales and will help you during this challenging time.  For more information regarding short sales, please read the articles below or contact Max directly with any questions.

FAQ:  Short Sales

Benefits of a Short Sale