If you are underwater (owe more than it is worth) with your home or you simply need to move, We can help.
- Get to know us by watching our introduction video
- Get some of you major questions answered by watching these videos
- Fill out the form at the bottom, and we will contact you for a free consultation
Who are We?
What is a Short Sale?
A short sale is when the lender agrees to take less than what is owed as a payoff for the mortgage.
I get asked all the time, “why would a lender want to execute a short sale?” It is very simple, the lender can save thousands of dollars vs the foreclosure process.
Why? Because of all the fees, vacancy problems, taxes, and insurance that are associated with the foreclosure process. Short sales are booming because the lender can forgo all the costly expenses of a foreclosure and the homeowner can avoid a “big hit” to their fico score with the short sale process creating a true win-win scenario.
As you know, the foreclosure rates are high in the Minneapolis area and throughout the country and the short sale process is a very good option for all involved. Working with a knowledgeable realtor in this area is a very important piece to this process. The Josh Pomerleau Group uses a professional negotiation company that costs the seller Nothing, and uses the same process that is known for a closing success rate of over 90%. Call or email The Josh Pomerleau Group if you know anyone that is having difficulty paying their mortgage payments and want to sell their home. Do not worry if the person you are thinking of is in a different part of the country because The Josh Pomerleau Group works with short sale specialists all across the country.
Short Sale vs. Foreclosure
Given the grim financial period that our nation is now experiencing, scores of home owners are facing complicated options. Often times, one of those crucial choices to make is concerning your existing home circumstances. Maybe you can not afford your existing mortgage. Perhaps you are a home owner that refuses to carry on paying for a home that is worth a fraction of the mortgage loan value.
This leads numerous home owners to the frightening query, short sale vs foreclosure.
In contemplating short sale vs foreclosure, there are several difficult details to reflect on. One of the key factors in making a determination on the subject of short sale vs foreclosure is based on how your credit score will be affected. With a short sale, usually, a home owner can expect to spend 2 years following the short sale with a small flaw on their credit score. Foreclosure actions typically hurt your credit score for something like 7 years. So, mulling over your credit score in the short sale vs foreclosure argument, the short sale is without a doubt the healthier alternative.
Also worth noting in the short sale vs foreclosure case is the bank position in this matter. Scores of home owners don’t comprehend that when the lender weighs the short sale vs foreclosure question, they also prefer the short sale. Why do banks consign themselves to a short sale vs foreclosure? Ponder the fact that a house selling at foreclosure recovers far less than a house that is sold by means of the short sale procedure. So, although the bank doesn’t like to consider short sale vs foreclosure, they are in the business of making money. With both transactions creating a deficiency for the bank, the short sale is a method for the lender to reduce the monetary shortfall that they will certainly incur.
If you are in a complex financial place or just don’t see a purpose in continuing to pay a mortgage for your home that has severely depreciated in value, you have most likely measured short sale vs foreclosure options. We absolutely hope that you realize it is in your best interest to perform a short sale when weighing short sale vs foreclosure.
Fill out this simple form below and you will receive a free phone consultation and a checklist of “The 7 Ways to Know You Need a Short Sale.”
This checklist will help you identify if you are a good candidate for doing a short sale.
Josh and Sarah, short sale specialists, want to ensure that you have all the information you need to make an informed decision.
Do you have a home outside of Minnesota, no problem! We have developed an extensive network of real estate agents that have short sale experience. If you’d like a referral, fill out the form below and we’ll have someone contact you in your area to help with your short sale ASAP!