Yet Another Successful MN Short Sale!Filed under Belle Plaine, Blog, Carver, Chanhassen, Chaska, Communities, Eden Prairie, Elko New Market, Featured News, Jordan, Lakeville, Lonsdale, New Prague, Northfield, Prior Lake, Savage, Shakopee No Comments
Our MN short sale team recently helped another homeowner avoid foreclosure via a short sale! As Certified Distressed Property Experts, we have negotiated many Minnesota short sales, saving many homeowners tens of thousands of dollars, and preserving their credit rating in the process. A short sale is an arrangement negotiated with a lender, to accept a payoff of less than the amount owed on the property.
We were originally contacted by this homeowner in May of this year. We did a short sale consultation over the phone, and decided to list the home for sale in July to accommodate the school schedules of their children. The family moved up to the Bemidiji area, and we put their home on the market once they had moved out.
The first weekend the home was on the market, we received three offers, and the highest was nearly $20,000 OVER list price! Unfortunately upon doing the inspection, that particular buyer decided not to complete their purchase. We put the home back on the market at the previous sale price, and within a few more days had a full price offer.
Our short sale was approved and closed in a little over 6 weeks, FAR quicker than many short sale approvals which can take up to 4-6 months or more! This is due to our extremely detailed follow-up and dedication by our team members.
We were able to negotiate a short sale settlement with the first mortgage (CITI Mortgage/Penny Mac) of approximately $105,000 on about $200,000 owed. That included a payment of $1,500 to settle a judgment, which was recorded as a lien on the property. The homeowner was able to settle the judgment for under $5,000, on an original balance of several times more than that.
Total amount saved by this homeowner, over $100,000!
If you are considering a Minnesota short sale, contact us for a free MN short sale consultation today!
Written By : Jesse Schneider
As a full-time MN Realtor® since 2003, I have built my business on making customer satisfaction my #1 goal. I take great pride in timely communication, my education and knowledge of the changing real estate industry, and the incorporation of technology in the... Read More