Selling any Minneapolis home may seem like a daunting task on the surface, but when you owe more than the home is worth and are forced into a short sale, the stress level tends to shoot through the roof. But if you’re a home owner in the Twin Cities area are considering the possibility of short selling your home, here are a few quick tips for navigating the complex short sale process:
Don’t be afraid to ask questions
First and foremost, don’t be intimated by the words “short sale.” Ask as many questions as you can, do your homework, and familiarize yourself with the process in order to make the best possible decision for your individual situation. Ask lenders exactly what documents you’ll need to provide and talk to one of our local short sale experts in order to fully educate yourself on what a short sale means and how it can benefit you in both the short and long-term.
Choose an experienced short sale team (like us)
Experience is everything when it comes to short selling a Minneapolis home, and there’s nobody more experience and more qualified than The Kris Lindahl Team to handle your short sale. Prior to working with us, we’re happy to schedule a no-obligation consultation to review your situation and answer any and all questions you may have about the process or our experience working with past short sale clients.
Understand the tax implications
In some cases, any unpaid amount of your home loan that was forgiven during a short sale may be viewed as income under federal tax guidelines. But in many instances, short sellers qualify to have that “income” excluded on their tax returns thanks to the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act. In any case, it’s always best to ask a tax attorney or your accountant in order to be prepared for anything.
There might be delays
Selling a home can take some time under normal circumstances, and selling a home as a short sale can often take longer. There are laws in place that require banks to respond to short sale offers within 10 days, but it may take weeks, or even months, to actually close the deal.