“If a home mortgage is $500,000 and the short sale of the home is for $400,000, then the bank forgives the $100,000 additional debt that was not collected, or in other words does not make the homeowner pay the difference.”
Blaine, MN (PRWEB) August 15, 2012
Kris Lindahl the #1 Edina Realty Short Sale Agent has helped over 240 homeowners close their short sale loans. "Remember a short sale transaction is very complex," says Kris Lindahl the number one Edina Minnesota Short Sale Real Estate Agent. “With the quickly approaching expiration deadline of the 2007 Mortgage Debt Relief Act at the end of 2012, homeowners need to know how to find the right short sale agent, one that can get their home through the complicated process before the end of the year.”
“A short sale is the type of sale that allows a homeowner to sell the home for less than is owed on the mortgage,” explains Kris Lindahl. Kris adds, “The bank will forgive the balance of the debt that is owed the bank but not collected, because the home sold for less than the mortgage that was owed.” “For example,” Kris says, “If a home mortgage is $500,000 and the short sale of the home is for $400,000, then the bank forgives the $100,000 additional debt that was not collected, or in other words does not make the homeowner pay the difference.”
“In this present economy, with real estate across the country being devalued, this is the best option for many homeowners,” Kris Lindahl the #1 Minnesota Short Sale Agent explains. “When a homeowner is underwater, or owe more on the mortgage than the home is worth, typically a short sale is the best option,” Kris says. “The main thing that homeowners must know is, the fact that the 2007 Mortgage Debt Relief Act is set to expire at the end of 2012, so there are only a few months left to get their homes through the short sale process.”
“If homeowners wait until after the deadline they could very easily owe tens of thousands of dollars in additional taxes,” Kris Lindahl explains. “That is why I have released these short sale tips that will help homeowners separate the experienced short sale agents from the inexperienced short sale agents.”
1) “Make sure to choose a short sale agent that specializes in short sales. To determine if they are a short sale expert, ask them for a print out of every short sale that they have closed directly from their MLS,” Kris Lindahl recommends.
2) “Ask for a list of references from all the short sales that they have closed,” Kris Lindahl says.
3) Lastly Kris Lindahl says, “Ask them how the process works, and how they are going to help close the short sale.”
Call Kris Lindahl the #1 Minnesota Short Sale Agent today at 763-607-1415, or visit the MNShortSaleCalculator.com which Kris Lindahl created to help homeowners determine if their home is eligible for a short sale.