Property Q&A in Elk River>Question Details

Tasha, Renter in Osseo, MN

My work is moving, we are upside down on our house and want to rent closer. what are my options?

Asked by Tasha, Osseo, MN Wed Feb 2, 2011

I don't want to be a landlord and can't afford to pay a company. Is a short sale possible?

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Tasha, sorry for your hardships. Yes, sounds like you might have a case for a short sale. Is your work move going to take you 50 miles or more from your current location? Sometimes, that can be held up as a valid hardship causing you to have to move and sell your house with a short sale.

Talk to a good short sale expert. I have agents I could recommend if you wish.
0 votes Thank Flag Link Wed Feb 23, 2011
Tasha, Yes a Short sale is an option available to you, however it may not be the only option available to you. Be sure to talk with a Realtor today to discuss all your options that are available.

When speaking to a Realtor be sure to ask for their specific history with the options they are recommending.

Best of Luck!
0 votes Thank Flag Link Wed Feb 2, 2011
No cost for a short sale might be stretching it a bit. Yes, the bank when (If) giving approval will pay the real estate commission. But in today's market it is more and more likely that they will ask you to contribute funds to the transaction. Either money now or a promissory note.

A good short sale agent will do their best to limit these contributions and possibly even eliminate them, but you need to be prepared for the fact that you may well be asked to contribute money toward the sale.

Now there is another alternative that is starting to be used. If the property and your situation meets certain criteria we have an investor buyer who might be willing to purchase the property. Feel free to email for details.

Regardless, best wishes. You do have alternatives.

Steele V. Propp
Schatz Group
0 votes Thank Flag Link Wed Feb 2, 2011

A short sale may be possible based on my combined 25 years experience in lending and real estate. There will be no cost to you in the process. I can help you decide if a short sale is right for you. Bob Elliot 612 578 6162
0 votes Thank Flag Link Wed Feb 2, 2011
Tasha, I definitely think you should explore doing a short sale. Just being upside down in your mortgage and having to move does not neccessarily mean that it will be accepted but I think you would have a very strong case for it. Make sure you hire a Realtor who has experience in doing short sales as they can be very complicated.
Web Reference:
0 votes Thank Flag Link Wed Feb 2, 2011
Hi Tasha:

Yes, a shortsale is possible. When your work is relocating , that is typically considered a hardship. I have a system wherein I can assist clients in shortsaling their homes and they have legal representation through the process. If you have a hardship, there is no fee or minimal fee ($100-$595) for the legal representation.
The shortsales have become much more streamlined than they were even a year ago. Please feel free to call me should you have any additional questions. I'm right in Elk River and look forward to the opportunity of assisting you further.
Regards, Ann
Ann Marie Breuer, Realtor, ALC
Broker Associate, Certified Distressed Property Expert
Keller Williams Classic Realty
0 votes Thank Flag Link Wed Feb 2, 2011
It sounds like a short sale is a very realistic possibility for you since you have a relocation issue. The key is whether you can make a case for hardship, and from what little I see here, it looks like you may be able to do that. You are going to want to talk with a realtor who specializes in short-sales, and possibly discuss this with legal council. Meeting with a realtor is probably a good first step. Before you go any futher though, I would recommend checking out this article which articulates a number of different options that you have as a homeowner who is upside down in home value. This is written by Charles Dailey from iLoan who is located here in the Twin Cities. He is the finest loan officer/industry nerd I know.…

Feel free to contact me if you have any further questions. Thanks,
0 votes Thank Flag Link Wed Feb 2, 2011
Tasha, a short sale may be a possibility. You need to talk to a Realtor, and your lender. I could help you if you need. Good luck.
0 votes Thank Flag Link Wed Feb 2, 2011
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