Short Sale Shift

Today we did need to cover a few important things about purchasing a short sale and how to go about that process. If you are purchasing a short sale you might want to do a little research or have your broker do it for you. We would ardently advise getting a real estate broker to deal with it. They will probably know a little bit about the short sale practice and be able to act for your best interest.

Most people want to purchase a short sale as they tend to be better priced properties. The normal house for sale looks overpriced because they are not selling in this market. In a market where property values went down by as much as 40%, there are just certain properties that sell well. Short sales are those properties.

There are about 5 questions that you should ask the listing agent. Firstly, you should ask how many short sales they have completed because they will have a better idea how to close a short sale. The listing broker has to have the tenacity to get through the lender red tape. Knowledge in completing short sales is more important than a short sale designation. Next, ask if the seller has given the listing broker the complete packet. You don’t want to put an offer on a short sale that doesn’t have a hardship.

Third, you might want to inquire how overdue are the sellers. If the seller has been in default for quite a few months, the bank will be more provoked to sell. Also, you might want to inquire who the investor is. Some investors cause more hassles than others. Your buyers broker can aid you through the process. You might also desire to know who the servicer is. The servicer is not very crucial but it is another portion of information that you should think about gathering.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

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