Selling A Home Via Short Sale In Buffalo, MN
Four years ago short sales in Buffalo, MN were few and far between. It seemed that for every 15+ houses I showed 1 was a short sale. Now the opposite is true. Needless to say, the current market has forced me to become a seasoned expert on short sales in Buffalo and Wright County.
Every short sale is different so this begs the following basic questions…
Why does a short sale happen? The most obvious answer is that a homeowner needs to sell their home but the market no longer supports what they owe on the home.
What is a short sale? Very similar to a traditional sale with the exception that the bank holding the current mortgage needs to agree to the sale along with the sellers.
Why are short sales different? The seller is accepting an offer on the property that is less than what is owed. Therefore bank approval is necessary.
How do they work? Not one is alike. Some banks will only approve a short sale if the seller is behind on payments. Some short sales work more smoothly if the sellers are current on their payments.
While the answers are vast and broad, I found an excellent segment on the Edina Realty website that does a great job breaking it down to the basics and explaining the details of a short sale.
The challenges and nuances of a short sale present a real estate process that definitely needs a Realtor’s attention. An experienced Realtor will know how to prepare, navigate and manage the process when buying or selling a short sale home.
If you possibly need to sell your home in Buffalo via a short sale, I can help you through the process. Please contact me to get answers to your short sale questions!