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Short Sales in Minnetonka are becoming more and more frequent in today’s economy. As realtors in the Minnetonka area, our team has the expertise to help you with the short sale process.
If you are living in Minnetonka and have any questions regarding short sales, or if you would like to better understand how the short sale process works, please schedule a Free-No-Obligation Consultation. Our agents are here to answer any questions you may have and assist you in determining if a short sale is the right choice for your Minnetonka Home.
Understanding a Short Sale
A short sale occurs when the homeowner wants to sell his or her home to a potential buyer for less than what they currently owe the lending company. If the amount is close enough to the market value of the home, the lending company will let the remaining difference slide.
Short Sale Benefits
If you are worried about a foreclosure, there are a variety of reasons to consider a short sale. First, you can avoid the embarrassment or shame that can be felt with having your home taken off of you. You can sell your property and get out of debt without financial complications in the future. Though your credit rating may suffer due to a few missed payments on your mortgage, you can avoid losing the 300 points (or so) on your credit rating that are gone with a foreclosure. The freedom you feel is perhaps the greatest benefit to a short sale. You have the ability to be relieved of any past debt without negatively impacting your future financially.
Is a Short Sale an Option for You?
You may be wondering, if a short sale is such an excellent alternative to foreclosure, then why wouldn’t everyone who is facing foreclosure choose it? Though a short sale will offer you a better way out of financial debt, not everyone is able to qualify for a short sale. In order to qualify for a short sale in general, you must be able to demonstrate financial hardship.
Minnetonka Short Sale Advice
A short sale of your property may not be the alternative you were hoping for, however, it is an important option to consider if you are in a tough situation. You can avoid foreclosure and start fresh with the right Minnetonka Short Sale Expert. Our team can help you through the lengthy short sale process. We are licensed and certified to assist homeowners through this difficult time in their life.