Qualifying for a Minnesota Short Sale

Minnesota Real Estate & Short Sale Homes MN

Although there is no way to be pre-approved for a short sale, there are a few factors that can help you determine if you can qualify for a short sale in MN. Use the checklist below to determine your chance of success with getting approved for a short sale.

Can You Prove Legitimate Hardship?

In order to qualify for a short sale in MN, you will need to demonstrate compelling evidence of hardship in either financial, martial or health categories. You will need to include documentation to proof your hardship which can include unemployment bills, a letter of termination, pay slips demonstrating reduced income, divorce or separation papers, medical bills or failed business venture documentation. You can also qualify for a short sale if you are facing a death of a spouse, serious illness, death of a family member, incarceration, job relocation, damage to property or mortgage payment increases.

Is There Enough Time to Complete your MN Short Sale?

Have you waited until the final notice of foreclosure to decide to look into a short sale? If you have a week to vacate the premises, then you most likely will not qualify for a short sale. However, if you act fast then you will be able to deter the foreclosure process and buy some time for the short sale to be accepted.

Is your Home in Good Condition?

If your home is not up to par, then there is a less likely chance you will qualify for a short sale in Minnesota. One of the reasons is because most potential buyers will not even look at a trashy piece of real estate. If they do, they will aim low which can mean the lender will not agree to the short sale. As long as your home is in good condition in a fairly nice area, then you should have no problem finding interested buyers who will offer a reasonable price to the banks. This will help your chance of getting your short sale approved.

Have you Submitted the Necessary Paperwork?

In order for a short sale to be accepted, you need to ensure that you are giving them what they want. Lending companies are up to their ears in paperwork and agreements and thus, if yours is not done professionally, then they will most likely toss it to the side. Your paperwork will need to include a purchase agreement as well as a personal letter discussing your current hardship.

You really never know if you will qualify for a short sale in MN unless you take the time to find out. Speak to a qualified short sales agent in Minnesota to determine whether or not there is an alternative to your current foreclosure warning.