Short Sale Process
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If you have not read about the Minnesota Foreclosure Process I highly recommend doing so before proceeding.
If you are unable to continue making payments on a property because of a hardship, and short term relief will not alleviate the problem, a short sale may be worth considering. A short sale should also be considered if you need to sell a property for less than the current mortgage payoff and you do not have the means to pay the difference.
If you choose to work with us we will list the property for sale, and negotiate with your lender(s) on your behalf to accept less than your current mortgage payoff. To do so, we collect information about your property, your loan(s), and your financial situation. We then prepare a short sale package to submit to your lender(s). While all of this is going on, we simultaneously market your home or investment property for sale.
Once a buyer has submitted an offer to us, we will present it to you, review it together, and decide if we think the offer is within market value of the property and if the terms presented are in your best interests. If we are in agreement with the buyer, we will move forward with that buyer’s offer and submit it to your lender(s). By the time this happens, the lender(s) should have had a third party determine market value for your property. When we submit the buyer’s offer to the lender(s) they will determine if the loss is acceptable, and may also require approval(s) from the mortgage investor (the entity that provided the funds for your loan) and/or from the mortgage insurer (the entity that insures your loan against loss if you default). Once approval is conveyed in writing by all parties, the lender(s), mortgage investor(s), and/or mortgage insurer(s), and all parties are in agreement to the terms of the approval, we move forward to close.
Have questions? Please call us directly at (612) 968-2161, send an email to Jesse@MnShortSale.com, or contact us on our contact page.
