To quality for a short sale is different that from a traditional listing. The main difference is in order for the bank to even consider a short sale, the homeowner must be able to document the financial hardship. This is done through documentation that the bank will require along with a hardship letter that is provided by the homeowner explaining the hardship and how they got to that point.
A hardship is a condition that is difficult to endure;suffering;deprivation;oppression; or an instance or cause of this;something hard to bear, as a deprivation, lack of comfort, or constant toil or danger (Ref:Dictionary.com). For a homeowner this is a material change in their financial circumstances that affect the ability of the homeowner to keep current or to pay their mortgage. This hardship could be something that is in the near future (divorce, job loss, loss of income, etc.).
A seller must have a hardship in order to qualify for a short sale. A hardship is not a homeowner is mad that they bought their home 3 years ago, the identical home next door just sold for substantially less than what you paid for your home, and you want to walk away. Doesn't work that way. You can still list the home as a traditional listing and sell the home!
A hardship could include the following;
The lender will look for in your hardship letter a circumstance that created your financial hardship. You have to be able to prove this. Your circumstance could still qualify you for a hardship if it is not on the above list. Keep in mind, it has to cause a financial hardship on you to qualify for a short sale.
Kenden Post-CDPE, ePro
Coldwell Banker Burnet-Apple Valley, Minnesota
(o)952-997-1960, (f)952-997-8810, (c)612-310-6304
Do you know anyone facing foreclosure? You do have options. We are the short sale experts.
Free reports at www.YourMnShortSaleExpert.com.
Short sale information can be found at http://MnShortSalesExpert.com
First time home buyers be sure to visit www.OurFirstMinnesotaHome.com to register for your Home Sweet Home Buyers ProgramTM.
This chart shows the mortgage resets until 2015. It shows the subprime mortgages dominate the market through from 2007-2009. This is where the foreclosures and defaults are right now. If you look at the years 2010/11 it shows the alternative options mortgages (option ARM's) will dominate. The majority of these loans will not be able to be refinanced due to homeowners selecting the minimum payment (negative amortization) and will be upside down when the loan resets. We are starting to see these properties come on the market now.
Banks have also been stockpiling their bank owned properties waiting to see what the current administration would do concerning bad loans or mortgages. Doesn't look like they will be able to dump these loans on the taxpayer (as of today). December 09 we will start to see the bank owned properties come back on the market in big numbers. Unfortunately, this is going to affect the local markets driving down home prices.
Kenden Post-CDPE, ePro
Coldwell Banker Burnet-Apple Valley, Minnesota
(o)952-997-1960, (f)952-997-8810, (c)612-310-6304
Do you know anyone facing foreclosure? You do have options. We are the short sale experts.
Free reports at www.YourMnShortSaleExpert.com.
Short sale information can be found at http://MnShortSalesExpert.com
First time home buyers be sure to visit www.OurFirstMinnesotaHome.com to register for your Home Sweet Home Buyers ProgramTM.
A distressed property can be;
Kenden Post-CDPE, ePro
Coldwell Banker Burnet-Apple Valley, Minnesota
(o)952-997-1960, (f)952-997-8810, (c)612-310-6304
Do you know anyone facing foreclosure? You do have options. We are the short sale experts.
Free reports at www.YourMnShortSaleExpert.com.
Short sale information can be found at http://MnShortSalesExpert.com
First time home buyers be sure to visit www.OurFirstMinnesotaHome.com to register for your Home Sweet Home Buyers ProgramTM.
Here are the final numbers for Elko New Market Minnesota September 2009 home sales;
| Elko New Markt, Minnesota | Sept. | Sept. | Sept. | Entire Year | Entire Year | Entire Year |
| Scott County, Minnesota | 2008 | 2009 | Change | 2008 | 2009 | Change |
| New listings | 25 | 15 | -40 | 199 | 153 | -23.1 |
| Closed Sales | 14 | 5 | -64.3 | 82 | 83 | 1.2 |
| Median Sales Price | 229450 | 228000 | -0.6 | 239000 | 229500 | -4 |
| Avg. Sales Price | 229,812 | 236000 | 2.7 | 245617 | 22499 | -9 |
| % of orginal list pirce received | 95 | 90.3 | -4.5 | 94 | 92.1 | -2 |
| Avg. Days of Market | 116 | 106 | -9.2 | 133 | 105 | -21.2 |
| Single-family detached inventory | 57 | 49 | 14 | |||
| Townhouse-condo inventory | 18 | 11 | -38.9 |
If you have any questions about this information on home sales for Elko New Market, Minnesota please feel free to contact me.
Kenden Post-CDPE, ePro
Coldwell Banker Burnet-Apple Valley, Minnesota
(o)952-997-1960, (f)952-997-8810, (c)612-310-6304
Statistics courtesy of Southern Twin Cities Association of Realtors
Do you know anyone facing foreclosure? You do have options. We are the short sale experts.
Free reports at www.YourMnShortSaleExpert.com.
Short sale information can be found at www.MnShortSalesExpert.com
First time home buyers be sure to visit www.OurFirstMinnesotaHome.com to register for your Home Sweet Home Buyers ProgramTM.
Here are the final numbers for Shakopee, MN. September 2009 home sales;
| Shakopee, Minnesota | Sept. | Sept. | Sept. | Entire Year | Entire Year | Entire Year |
| Scott County, Minnesota | 2008 | 2009 | Change | 2008 | 2009 | Change |
| New listings | 96 | 101 | 5.2 | 1155 | 1057 | -8.5 |
| Closed Sales | 66 | 69 | 4.5 | 427 | 510 | 19.4 |
| Median Sales Price | 189925 | 165000 | -13.1 | 202500 | 166000 | -18 |
| Avg. Sales Price | 243,074 | 189650 | -22 | 232863 | 193762 | -16.8 |
| % of orginal list pirce received | 95 | 91.8 | -3.1 | 92.9 | 92.7 | -0.2 |
| Avg. Days of Market | 143 | 158 | 10.4 | 140 | 140 | -0.5 |
| Single-family detached inventory | 228 | 193 | -15.4 | |||
| Townhouse-condo inventory | 194 | 129 | -33.5 |
If you have any questions about this information on home sales for Shakopee, Minnesota please feel free to contact me.
Kenden Post-CDPE, ePro
Coldwell Banker Burnet-Apple Valley, Minnesota
(o)952-997-1960, (f)952-997-8810, (c)612-310-6304
Statistics courtesy of Southern Twin Cities Association of Realtors
Do you know anyone facing foreclosure? You do have options. We are the short sale experts.
Free reports at www.YourMnShortSaleExpert.com.
First time home buyers be sure to visit www.OurFirstMinnesotaHome.com to register for your Home Sweet Home Buyers ProgramTM.
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