Bam! Bam! Bam!
Did you hear that?
That’s the sound of opportunity knocking! Today’s Shakopee real estate market is presenting you with unprecedented purchase opportunities, and Shakopee short sales are holding a window of opportunity open for home buyers. Many of these Shakopee short sales listings are priced tens to hundreds of thousands of dollars less than what the current home owners paid for them just a few years ago.
Here are some Shakopee MN short sales listings that were posted on the MLS/IDX within the last 30 days:
Here is a link that will display ALL Shakopee Short Sales, according to the MLS/IDX system.
Buying Shakopee Short Sales: A Window of Opportunity
But don’t expect this window of opportunity to stay open forever. Interest rates right now are at historic lows, and can only go up, and the economy will eventually make a full recovery, and homebuyer confidence and demand will soar once again. As the supply of Shakopee short sales inventory declines, prices can only go up.
By definition, Shakopee short sales are “short” because proceeds of the sale are less than the current balance of the mortgage on the subject property. This means that banks will need to “eat” the difference in the form of a loss. Obviously this loss is your gain!
Do lenders really do this, and why would they do it? Yes! Lenders do not want to accumulate any more REO inventory; they know from experience that if the property goes into foreclosure, they will incur many more expenses and take a much larger loss. Lenders are becoming more realistic than ever, and are willing to negotiate.
If you are shopping for Shakopee short sales, there are a few things you should know. That property that you see listed as a “short sale” might not really be for sale because the lender might not be willing to approve of an offer at list price. A Shakopee short sales expert can help you uncover information about this aspect of the sale. Also, it is possible for your offer to get “bumped” and frequently it can take a long time for offers to be accepted. Multiple offers are often placed on these properties. Also, these properties cannot be purchased for pennies on the dollar as some late-night TV infomercials may suggest; however a professional Shakopee short sales expert with experience, finesse, and acumen can still help you get a great bargain by guiding you through the process, providing a realistic, objective view of the transaction, and negotiating with the lender. I can cut through the layers of red tape and help ensure that the entire transaction proceeds smoothly to closing.
Call me for a free consultation at 612.384.2170. Benefit from my years of experience with Shakopee short sales, my negotiation skills, and the five-star client service that I provide. I am here to help!
Shakopee Short Sales: Help for Homeowners
If you are “upside down” on your mortgage, you are in good company. Many Shakopee homeowners in the same situation due to unforseen circumstances like loss of job or business, or even from balloon financing or other types of mortgages that demand an increase in monthly payments that cannot be met by the homeowner. The “strategic foreclosure” approach to this problem is tempting to many sellers in this situation; however, it is important to realize that this idea is hardly “strategic” at all. Foreclosures have untoward long-term consequences. However, many Shakopee home owners have found that a successful short sale of the property is the best possible solution.
Common Myths About Shakopee Short Sales
Unfortunately, the “strategic foreclosure” is just one of a number of myths that some home owners have accepted. Here are a few others:
Myth: I have to be delinquent on my monthly mortgage payments.
Fact: Lenders often consider hardship situations or conditions that ensure an upcoming shortfall. If you are distressed by your current mortgage payments on your Shakopee home, contact your lender immediately to discuss the situation.
Myth: Banks will just let the property go into foreclosure.
Fact: Foreclosures are lengthy and expensive, and the lender will lose large amounts of money. Lenders would rather see a short sale on your Shakopee property before accepting more REO inventory. As a result, they will go to great lengths to avoid the foreclosure process on your Shakopee home.
Myth: There is not enough time for me to complete a short sale on my Shakopee property.
Fact: Frequently, lenders will push the foreclosure deadlines back if they believe you are making reasonable efforts to sell your house. As a Shakopee short sales expert, I have been frequently been contacted by lenders who want to know the details about how your property is listed and marketed.
Myth: Shakopee short sales rarely get approved.
Fact: If you disclose everything about your situation to your REALTOR, the Realtor practices due diligence and knows how to communicate with the lender, and knows how to handle the details, your short sale will most likely be approved.
Myth: If I do a short sale, I will have to pay back the the difference between the proceeds and the balance of the mortgage.
Fact: This rarely happens. You will want a written guarantee from the lender stating that the balance has been forgiven. Also, you should talk to your tax adviser about the tax consequences of the forgiven debt.
Myth: Listing my home as a short sale will be an embarrassment to me.
Fact: Hardly! nAny stigma attached to short sales has completely disappeared. More people are in your situation than you can possibly imagine. However, long-term affects of foreclosure on your credit rating will follow you for a long, long time.
Help With Buying Short Sales Listings in Shakopee
Do you have any questions about listing your home as a Shakopee short sale? Please call me for a confidential consultation at 612.384.2178. Don’t let a foreclosure turn your life upside down.hakopee short sales.