Feeling like there is no other option but foreclosure can be overwhelming and depressing. There are thousands of homeowners in the same situation, so you are not alone. However there is another avenue you can take that can be the answer to your financial struggles allowing you to get out of your home and save your credit. This answer is a short sale.
What is a Short Sale?
A short sale happens when an experienced realtor works with your bank to negotiate selling your home for less money. The lender agrees to take a loss and forgives the remaining debt to avoid a foreclosure. This includes closing costs such as escrow and title fees, termite, property taxes and real estate commissions. With the housing market as slow as it is today, short sales in Minnesota are becoming a very common option for those home owners.
Benefits of a Short Sale vs Foreclosure
The benefits to a short sale verses foreclosure are distinct. Allowing your home to go into foreclosure can be detrimental to your future credit. You may not be able to buy another home for up to 5 years. A short sale can be a much quicker process, less expensive and not as damaging to your credit. A short sale also shows that you, as the home owner, did everything you could to avoid defaulting on your loan.
What is a Certified Distressed Property Expert?
A certified distressed property expert, or CDPE for short, is a designation earned by a licensed Realtor who has had extensive training to successfully help homeowners avoid foreclosure. Selecting an agent with the CDPE designation ensures you are dealing with a professional trained to address your specific needs.