Short Sale Program
In today’s real estate marketplace estimates predict that as many as 40% of properties are “upside down” or “underwater” meaning there is no current equity in the property since the market value for the property is less than the seller’s current mortgage amount. When the owners of those properties sell, the amount paid by a buyer for the property will come up short of paying off the seller’s current mortgage. In order for a seller in a situation like this to sell, the seller must either have cash to contribute to the lender to make up the short amount OR negotiate short sale approval from the lender to release the property from the mortgage which allows the property to be sold.
Our firm has a program where we negotiate this short sale approval for clients. The assistance of an attorney in this process is critical since it is often time consuming and involves legal issues such as deficiency obligations, foreclosure laws, tax consequences, credit consequences, contract law, sale timing, bankruptcy affects, debt collection law, title issues and closing procedures.
At Markve & Zweifel our short sale negotiation team has the experience necessary to assist sellers with this type of transaction. Please contact us with any questions. We are happy to assist.
Short Sale Process With Our Office
The short sale process with our office generally begins with an initial consultation with the client who is selling their property. The purpose of the initial consultation is to discuss the client’s specific situation, to cover the legal and procedural issues with a short sale and to address any questions that a client might have. Clients are able to do this consultation at our office or over the phone allowing us to assist clients not only in the Twin Cities, but throughout Minnesota and Wisconsin.
The heart of the negotiation begins once an offer has been received on the property. At that point, we compile the necessary documentation required by the lender to approve the short sale and proceed to work through the negotiation process. Every short sale has unique circumstances relating to the seller, buyer, property, type of loan and lender.
Our short sale program offers benefits to seller/clients and their real estate agent in working through the process of a short sale.
11318 86th Ave N
Maple Grove, MN 55369