Eden Prairie Short Sale Realtors
As Realtors who do Short Sales in Eden Prairie, our team is consistently working with homeowners to get them out of tough situations with their mortgage(s). With the market in the Twin Cities adjusting by as much as 40% many homeowners that have purchased their homes in the past decade are finding themselves in tough situations. Do they liquidate other assets to pay off the short fall? Do they simply hand the keys back to the bank? For most, the answers to those questions should be to do a successful short sale.
Doing a short sale in Eden Prairie, involves proper planning and strategy in order to get the best result. The goal is to negotiate the debt to zero and allow the home owner to walk away with no obligation to pay the debt back.
Why would the banks allow a homeowner to do this? The answer lies within the average price a home will sell for if it actually goes back to the bank. On average a bank will sell a home for approximately 30% under retail market value. On the flip side a short sale will sale for approximately 10% under retail value netting the bank about 20% more if they complete a short sale. This is purely a financial decision and should not be confused with a bank trying to help the homeowner.
What the process do do a short sale in Eden Prairie? The first step would be to consult a Minnesota Short Sale expert for a free consultation. Make sure to have all your facts and figures lined up including what your current balances are on all mortgages. Additionally if you have missed any payments you will want to have those available. Be prepared to ask any questions that come to mind so that you feel comfortable with your decision.