Considering a Short Sale?
Tom Sommers
Realtor/Edina Realty
Mobile: 952.994.7207
Email: tomsommers@edinarealty.com
Website: www.tomsommers.com
Short Sale/Distressed Property specialist
Shorts sales are very complicated because of all of the moving parts. A seller needs to have the correct information and game plan to move forward with the process. I have been listing and selling short sales for years. One thing is for sure no two are the same. Having the conversation up front to decide the best route to take can save a lot of time and heartache.
Most sellers that are considering a short sale are feeling overwhelmed by the notice of a sheriff's sale, the thought of who will know about it and all of the other things that could happen. I am here to simplify the process and give you some control of your life back. Contact me to go over all of your options. Before you consider selling your home in a short sale, please look over these these questions.
· Does the agent have short sale experience?
· What is a Sheriff’s sale? When and where does it take place?
· How long can I live in my home?
· Can I pay what I owe and keep my home?
· What is a loan modification program?
· How long is the redemption period and when does it start?
· What documents do the banks require to consider a short sale?
· What is a pre-negotiated short sale, does it exist?
· What are the steps in the process?
· How do you price the property, is it different with a short sale?
· What is a “complete package” that the banks are looking for?
· When is a property considered to be abandoned in the State of Minnesota?
· How does a personal bankruptcy affect a short sale?
· If there is more than 1 loan, what happens to the second?
· Is a promissory note and lien release the same thing?
· Can the banks ask for re-payment and what do they require?
· Are all banks the same or do they require different information?
