Thinking of doing a Short Sale in Shakopee? I bet your first thought is to talk to an expereinced short sale realtor in the Shakopee area. We are seeing more and more short sale homes in Shakopee, MN, but not many real estate agent know they should not be doing some negotiations as they are actually practicing law and not real estate.
A Realtors job is to market and sell your home, then negotiate the sale between you, the seller, and the buyer. It is not their job to negotiate terms of forgiven debt between you and the bank or lenders involved.
WHAT DOES AN ATTORNEY DO FOR A SHORT SALE IN SHAKOPEE?
- Consult with the seller regarding legal issues of doing a short sale.
- Order title work on the home as soon as the seller signs a retainer agreement.
- Review title work to make sure the transaction can close if the short sale is appoved by the bank(s).
- Advise the Shakopee Realtor as to any title issues preventing a timely closing.
- Collect all financial documents from the seller and real estate agent necessary for short sale review by the bank(s).
- Prepare a preliminary HUD (closing cost estimate) statement for the lender
- Submit the short sale proposal to the bank(s)
- Keep the listing agent up to date as to progress with the bank(s)
- Negotiate short sale offer with banks, terms and costs for the short sale approval.
- Provide all documentation to government agencies or authorities to obtain tax lein releases when necessary to clear title for the short sale.
- Review terms of the short sale approval letter and consult with the seller.
- Provide all documents necessary for closing to seller, Realtor and title company.
I have started working with a law firm in Minnesota on my Shakopee short sale listings and in many cases there is no cost to the seller doing the short sale if they have a hardship. The law firm I work with do provide my client a FREE consultation which I highly recommend so they know thier options and potential benefits and/or consquences of doing a short sale in Shakopee.
BENEFITS TO A SHAKOPEE SHORT SALE SELLER
- Initial meeting with an attorney at no cost
- Max cost to seller of $995 (strategic short sales), but as low as $0 for sellers with hardships
- Referrals to tax specialists or bankruptcy attorney when applicable
- Legal counseling regarding financial information provided to the lender
- Updates throughout the short sale process
- Negotiations.Having the bank hear from an attorney can be more authoritative.
- Legal guidance regarding financial terms of the short sale.
- Advise on potential occurances that could arise after closing
If you are curious if you qualify for a short sale in Shakopee because of a hardship you may have endured such as job loss, divorce, job transfer feel free to call Tom Scott of Re/Max Advantage Plus in Shakopee at 612-384-2178 or TomScott@Remax.net.