When it comes to a short sale transaction, it’s important to understand that the process can take a lot longer than a regular real estate transaction. When you bought your home, you probably made the offer, contacted the lending company, were approved shortly after, signed the contract and moved in within 30 to 60 days of signing. Unfortunately, this process will take a little longer when dealing with a short sale in MN. However, there are ways to speed up the success of your short sale in Minnesota. This can be especially important if you are racing against the clock of foreclosure.
Make your home desirable – when it comes to a short sale, the first step is to attract a potential buyer to your home. And, the better your home looks, the higher the offer is going to be. This does not mean you need to spend a fortune on renovations but you should try to up the curb appeal by doing little things around the house. Keep the yard and the inside of the house as clean as you can. Try to rearrange the furniture to focus on the house’s best assets. There is nothing worse than arriving at a potential home and seeing an unattended lawn. It may seem silly but it’s the little things that make the difference in real estate offers.
Be as Detailed as Possible with the Documentation – once an offer has been put on your house, you and your Minnesota short sale agent will need to sit down and complete the documentation. This will include the purchase agreement as well as your letter of hardship and reasons for needing a short sale. The process of gathering the documentation can take up to two weeks but you can help this process by including any relevant details. Go through all your old financial statements and make sure you include any pay slips, termination letters, medical bills and other evidence of your hardship. Make copies if you cannot give the originals.
Make sure you Choose a Qualified Short Sale Agent in Minnesota – finally, much of the short sale in MN transaction comes down to the lending company. However, if you choose a qualified Minnesota real estate agent to handle your short sale, you will most likely have an answer sooner. Although technically your short sale agent cannot go into the bank and demand they hurry up, they are able to speed things along once the BPO has been processed and the negotiation is taking place. The negotiation process can take around 45 days to complete; with a professional and experience short sale Minnesota agent, you can expect this to happen a lot faster.
If you are undergoing a short sale then you probably feel like the process is taking forever. It can be hard to keep your head up and continue on as if nothing is different but this is your best bet to succeeding in this situation and getting out ahead. Patience is of utmost importance when it comes to a Minnesota short sale. And, in many cases, your patience will pay off in the end.
