We have experienced frustration representing buyers on foreclosures and short sales that go into multiple offer situations. Too often the listing agent will not disclose basic information: How many offers are on the table? Are we the best offer? When will the seller make a decision? Is the listing agent representing a buyer?

REO and Short Sale listings are routinely going into multiple offer situations these days. Don’t get stuck in the dark! You will be happy to know that our clients promptly select one offer to work with, and consider the other offers as backups only. If we can help with questions feel free to contact us anytime (we are available 7 days a week). We look forward to working with you.

My Buyer clients and I always debate closing costs on REO listings. If we are seeking to buy a corporate owned property, we generally retain our right to use our own title company and closer. The main (and obvious) reason we do this, is that we want to make certain all information is pertinent and accurate. Another reason is that we want our own representation at the closing table.  Is the seller’s title company going to make sure your buyer is not over paying?

Many REO agents try to “strong-arm” a buyer into using their title company. If everything is clear, (and costs are more conservative) it can be a good option. However, a good agent and buyer will always review the HUD (closing statement) before signing anything. If the seller’s title company offers discounts for convenience it might be a smart option as long as you understand all terms.

I hear this question far too often for my liking. Please let me clear this up quickly. You do not have to be late on your mortgage payments to successfully sell your property via short sale.

In fact, I advise my clients to do the exact opposite. Read on.

If you are in a position that you can manage to make your payments on time, but cannot sell your home or investment property without doing a  short sale, making your payments will reduce the impact of the short sale process to your credit. A short sale may show as a settlement on your credit after closing which will have a negative impact on your credit. If you are also behind on payments, your credit will almost always suffer more. What this means is that after closing the road to rebuild your credit will be longer (and may have more pot holes!). Moral of the story: If you can manage to make payments and you are concerned about your credit - making the mortgage payments is a good thing.

Jesse Grumdahl is a Minneapolis Real Estate Broker and Realtor who is a short sale listing expert in Minnesota (with the #1 Re/Max Team in Minnesota for the last three years) who sharply focuses his energy on short sale listings in the Twin Cities metro area. Mr. Grumdahl does so with the help of his full-time, in-house staff that will always put his clients’ best interests first and foremost. Jesse’s goal is to get you out of your distressed situation with minimal damage so that you can move on with your life as quickly as possible. Jesse can be reached at our contact page or directly at Jesse@MnShortSale.com or 612-968-2161.