owe more than value bank says put it on market before short sale need advice it's 55102 and we are now 94510

Asked by Very Funny, Saint Paul Park, MN Thu Aug 6, 2009

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Kim Eisen’s answer
Kim Eisen, Agent, Twin Cities, MN
Fri Aug 7, 2009
Most agents are not aware of all the laws and possible consequences of shorts sales. They need to be handled properly for future protection. I advise ALL my short sale clients that it is highly advisable to work with attorneys in conjunction with the agent and the sale of the property. Agents are not attorneys and these situations need to be handled correctly for the protection of the seller and the agent. To get the BEST legal advice I would contact attorneys that specialize in 'short sales'. You may contact whomever you wish. I use Williams Keyes at http://www.AFM7.com.

It is amazing how much mis-information is out there and that agents think they can handle this not knowing all the laws and possible future outcomes that may apply for the seller.
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Aug 7, 2009
Are your # 55102 value of home AND is 94510 amount you owe? I am confused can you provide clarity?

Short Sale bank will determine value vs. amount owed market . Work direct with bank determine best interest get all agreed statements in writing.

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0 votes
Bill Eckler, Agent, Venice, FL
Fri Aug 7, 2009
Banks typically base their advice about short sales on more than the present value of the home and how it relates to the amount you owe on it. They look at your ability to be able to afford the home today. This is why one of the first steps along with necessary paperwork is to submit a "letter of financial Hardship."

Our recommendation is to consult a real estate professional for their input and a clear understanding of the "short sale" process.

Good luck
0 votes
Cameron Piper, Agent, Forest Lake, MN
Fri Aug 7, 2009
Very Funny,

If the bank tells you to put it on the market before they will look at a short sale, by all means you should put it on the market. You will also need to find a buyer for the sale so the marketing piece will be helpful for that. If you are having trouble finding an agent since you moved out of state you might consider asking friends or family in the area for a referral, or you could also interview a few Trulia agents. In the mean time if you have any questions or need any assistance please don't hesitate to contact me via my profile page or to post back another question.

Cameron Piper
#1 Trulia Agent in MN
Web Reference:  http://www.campiper.com
0 votes
CCC, Home Owner, San Diego, CA
Thu Aug 6, 2009
Could you please be more specifi regardign you question?
I dont understand.
55102 is the Zip code
94510?
on the market before short sale
Please explain.
Thank you.

Benito.
0 votes
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