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Short Sale Education
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A“short sale” is an option for a homeowner to avoid foreclosure when they can no longer afford the mortgage payment on the home. In a short sale, the lender allows the borrower to sell the property at its current value, even if the sale nets less than the total amount owed on the mortgage. The lender agrees to pay the seller’s commissions, closing costs, and reasonable attorney and title fees charged in most real estate short sale transactions. The terms of the short sale approval are as much a part of the negotiations as is the buyer’s offer. In most cases, the lender allows the property to be sold at fair market value and releases the seller from any future financial obligation to the lender’s loss.
In order for a lender to agree to a short sale, they usually require the homeowner to list their property for sale at fair market value, provide financial information to the lender to confirm hardship, and only accept an offer from a buyer that is “arm’s length” in the transaction. In most cases, it is in the best financial interests of the lender to approve a fair short sale offer than foreclose on the property.
Short sales can be very technical and complex transactions involving careful coordination and close cooperation among a number of parties – lenders, sellers, buyers, attorneys, real estate brokers, title agencies, and often mortgage insurance companies and junior lien holders. When foreclosure is the alternative, a short sale usually provides a better outcome for the seller, lender, and the community in which the property is located.
If you have suffered job loss, income loss, medical expenses, or excessive use of credit to make it through these difficult economic times, you are not alone. One in seven American homeowners are currently behind on their mortgage payments due to unforeseen and unavoidable financial hardship. 40% of Minnesota homeowners owe more than what their property is worth. Foreclosure or bankruptcy are not inevitable as the short sale of your house may be your remedy allowing for a restart toward a better financial future for you and your family.
The attorneys at Markve and Zweifel Law Firm are Minnesota leaders in short sale seller representation. Our focus is simply to advocate for you through the entire short sale process allowing for the best possible outcome of your short sale approval process. Because the short sale transaction and process is complex, it is critical that you are represented by an experienced attorney that can help you through the process and make sure it goes as smoothly as possible.
Your legal representation begins with a no charge consultation to determine if a short sale is in your best interests. The representation continues with attorney guidance in preparing a short sale package that best represents your case to your lender for the most favorable outcome.
Markve and Zweifel Law Firm has teamed up with the top real estate professionals in Minnesota to assure that the marketing of the property and short sale negotiations are handled in the most professional and knowledgeable manner possible. If your real estate agent referred you to this site, you have made an excellent choice in Realtors. If you have visited this site on your own, this law firm can refer you to the most knowledgeable real estate professionals that specialize in short sales in your specific area.
Once your Realtor obtains a purchase agreement on the property, the attorneys at Markve and Zweifel will use their experience to represent your best interests while negotiating the most favorable outcome possible with your lender(s) as well as arrange for successful closing of the transaction.
How do you get started? Call 763-450-1639 today to schedule your no charge consultation with a short sale attorney at Markve and Zweifel Law Firm. Complete the Pre-Consultation Questionnaire (click here) and email to firstname.lastname@example.org or fax to 763-447-6458 in advance of your consultation.
By accessing this web site, you acknowledge that the information contained herein is not legal advice, advertising or solicitation. Accessing materials on this web site does not constitute legal advice, establish an attorney-client relationship, or create any duty to any reader. An attorney-client or lawyer-client relationship with Markve & Zweifel may be established only by an engagement letter signed by an attorney with Markve & Zweifel. Unsolicited information sent to us by persons who are not clients of the firm is not subject to any duty of confidentiality.
Markve & Zweifel lawyers and attorneys practice in the area of short sale negotiation for the Minneapolis, St. Paul, Maple Grove areas including Bloomington, Brooklyn Park, Anoka, Brainerd, Fridley, Eagan, Shakopee and surrounding areas in Minnesota. This includes short sales in Wisconsin from Hudson to Milwaukee overseen by our attorney licensed in Wisconsin.
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