Welcome!
Welcome to the Twin Cities! This is the area of real estate that I specialize in. We offer suburban and country settings with great neighborhoods and easy access to metro attractions.
What is a Short Sale?
A short sale is simply selling the house for less than is owed to the bank anytime prior to the end of the foreclosure redemption period. This process is complex and typically can not be done by Mr. and Mrs. Homeowner. The short sale has some requirements:
Banks most often will only talk with a licensed real estate agent about doing a short sale.
Mr. and Mrs. Homeowner must show that they can no longer pay the mortgage at the current amount. This will include submitting financial records and a “hardship letter” explaining how they arrived in this situation.
A bank will typically not discuss a short sale unless the homeowner has missed at least one mortgage payment.
The bank does not set the price of the house in the short sale. The real estate agent lists the house on the market and when an offer is received, the offer, the hardship letter, and Mr. and Mrs. Homeowners financial records are re-submitted to the bank for approval.
Please note that if you are also filing for bankruptcy, your attorney is focused on that process and may tell you to walk away from all the mortgages with out doing a short sale. A good real estate or tax law attorney can help and show you that in 2010 and 2011 the new real estate tax laws and incentives may be in your favor for a short sale verses foreclosure. Most folks will spring back from a possible 50 point hit on their credit score from a short sale quicker than a possible 200 point on their credit score from foreclosure. Also, the foreclosure is looked upon less favorably than a short sale, should you try to buy a home in the future. Please press your attorney to be your advocate for your future financial needs.
Let's work together!
Use my many years of experience to work for you in every aspect of real estate including incoming and outgoing employment relocation, short sales, foreclosure prevention, rental homes, investment and business properties.
I'm proud of the reputation earned as a knowledgeable, hardworking and honest REALTOR®. The ability to change with the times helps me provide the leadership and competitive edge you deserve in today's Real Estate marketplace.
Real estate today requires different knowledge, experience and marketing than it has in years past. The consulting I provide is meant to work during good times and when times get tough. Invest a few minutes with me. I'm happy to show you how I connect with all the most efficient ways to market your property and help you find the next place to call home.
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Join me on Facebook @ Cheryl Retterath Prudential Lovejoy Realty, Inc.
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