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You may have the following options:
- Sell the property if you have equity and collect the profits
- Sell the property via a short sale and settle your debts associated with the property
- Allow the property to go to foreclosure
- Declare a bankruptcy
My goal is to help you figure out what is best for you and to put as much money in your pocket as possible. With one phone call, I can advise you of ALL your property options and my services are free to you! I do not use scare tactics or hard/fast selling techniques. I will take as much time as you need to understand your options.
I partner with an attorney who will represent YOU throughout the short sale negotiations. With a savvy attorney and a highly experienced Realtor working for you, you will receive the best outcomes and advice possible. Commissions, attorney fees and closing costs are paid out of sale proceeds by your lender(s).
In order to give you a reasonable evaluation of your possibilities I need to know the following:
1. Property address
2. Number of mortgages on the property.
3.The lenders are and the amount(s) owed
4. Are the payments current?
If you are letting a property go into foreclosure remember that YOU are still liable for the property until the bank forecloses on the property and takes title to the property. The bank DOES NOT own the property until a foreclosure sale takes place and the redemption period ends (typically 6 months in Minnesota).
This means that you need to continue to pay for homeowners insurance. If you fail to keep insurance on the property, your lender will get (forced place) insurance for you. These insurance policies may be very expensive. I have had clients tell me that the forced place policy was up to $1800 per month! The bank does not absorb the cost of the insurance policy. If you fail to pay for the policy, the insurance company will collect directly from you and report it to the credit bureaus.
You are also responsible for anything that happens on or to your property. If you fail to shovel the walks, mow the lawn, etc. you may be fined by the city. Some cities are even going so far as to take property owners to court if they fail to pay the fines that are levied against their properties.
One simple solution is to put a responsible tenant in the property while you are letting it go to foreclosure. I work with a property management company that will place a tenant in your property at no fee to you. All tenants are carefully screened and property condition is monitored during the term of the lease. Rent collection and evictions are also included in the property management services.
If you are interested in placing a caretaker / tenant in your property email me at MaryAlice@MNRealEstateTeam.com
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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
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975 Beech Street, Saint Paul, MN
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6 bed, 2 bath Up/Down Duplex in Saint Paul – $100,000
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6BR/2BA Multi-Family, 2 units
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offered at $100,000
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| Year Built |
1889 |
| Sq Footage |
2,474 |
| Bedrooms |
6 |
| Bathrooms |
2 full, 0 partial |
| Floors |
2 |
| Parking |
Unspecified |
| Lot Size |
0.110 acres |
| HOA/Maint |
$0 per month |
DESCRIPTION
| Good condition duplex, 3 bed up & down. Fully rented. Units have in unit laundry, hardwood floors and natural woodwork. For more info visit www.maryaliceshort.com |
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| see additional photos below |
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PROPERTY FEATURES
| - Central heat |
- Hardwood floor |
- Refrigerator |
| - Stove/Oven |
- Basement |
- Laundry area – inside |
| - Balcony, Deck, or Patio |
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ADDITIONAL PHOTOS
 Front of property |
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Contact info:
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MaryAlice Short
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Re/Max Advantage Plus
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612-554-5901
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For sale by agent/broker
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Posted: Feb 5, 2010, 4:58am PST
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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
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3507 Oliver Avenue N, Minneapolis, MN
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2 bed, 1 bath, Two Story Home in Minneapolis – $155,000
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2BR/1BA Single Family House
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offered at $155,000
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| Year Built |
1915 |
| Sq Footage |
1,260 |
| Bedrooms |
2 |
| Bathrooms |
1 full, 0 partial |
| Floors |
2 |
| Parking |
1 Car garage |
| Lot Size |
0.120 acres |
| HOA/Maint |
$0 per month |
DESCRIPTION
| Turn-key 2 bed home, features hardwood floors, remodled kitchen and bathroom, back deck and updated mechanics. For more info visit www.MaryAliceShort.com |
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| see additional photos below |
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PROPERTY FEATURES
| - Central A/C |
- Central heat |
- Hardwood floor |
| - Living room |
- Dining room |
- Laundry area – inside |
| - Balcony, Deck, or Patio |
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ADDITIONAL PHOTOS
 Exterior |
 Dining/Kitchen |
 Living room |
 Living room |
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Contact info:
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MaryAlice Short
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Re/Max Advantage Plus
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612-554-5901
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For sale by agent/broker
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Posted: Feb 5, 2010, 5:20am PST
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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
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3974 124th Lane NW, Coon Rapids, MN
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2bed, 2bath Townhome in Coon Rapids -$149,900
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2BR/2BA Townhouse
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offered at $149,900
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| Year Built |
1995 |
| Sq Footage |
1,713 |
| Bedrooms |
2 |
| Bathrooms |
2 full, 0 partial |
| Floors |
Unspecified |
| Parking |
2 Car garage |
| Lot Size |
0 sqft |
| HOA/Maint |
$130 per month |
DESCRIPTION
| Spacious 2Bd/2BA townhome, features deck & walkout patio on lower level. Not a foreclosure ot Short Sale. Can cose quickly. Close to shopping and transportation. For more info visit www.MaryAliceShort.com |
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| see additional photos below |
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PROPERTY FEATURES
| - Central A/C |
- Central heat |
- High/Vaulted ceiling |
| - Living room |
- Basement |
- Balcony, Deck, or Patio |
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Contact info:
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MaryAlice Short
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Re/Max Advantage Plus
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612-554-5901
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For sale by agent/broker
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Posted: Feb 5, 2010, 5:35am PST
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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
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10107 Kingman Lane, Minnetonka, MN
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3bed, 2 bath home in Minnetonka – $180,000
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3BR/1+1BA Single Family House
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offered at $180,000
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| Year Built |
1961 |
| Sq Footage |
1,368 |
| Bedrooms |
3 |
| Bathrooms |
1 full, 1 partial |
| Floors |
2 |
| Parking |
2 Car garage |
| Lot Size |
23,653 sqft |
| HOA/Maint |
$0 per month |
DESCRIPTION
| Large rambler features basement that is almost finished. Needs cosmetics. Huge private lot. Short sale with 1 lender. Agent is CDPE. For more info visit www.MaryAliceShort.com |
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| see additional photos below |
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PROPERTY FEATURES
| - Central A/C |
- Central heat |
- Fireplace |
| - Hardwood floor |
- Family room |
- Living room |
| - Basement |
- Laundry area – inside |
- Balcony, Deck, or Patio |
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Contact info:
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MaryAlice Short
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Re/Max Advantage Plus
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612-554-5901
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For sale by agent/broker
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Posted: Feb 5, 2010, 5:50am PST
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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
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7335 Evert Court NE, Fridley, MN
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6bed/4bath side by side duplex in Fridley MN
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6BR/2+2BA Multi-Family, 2 units
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offered at $259,900
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| Year Built |
1980 |
| Sq Footage |
1,656 |
| Bedrooms |
6 |
| Bathrooms |
2 full, 2 partial |
| Floors |
2 |
| Parking |
2 Car garage |
| Lot Size |
0.290 acres |
| HOA/Maint |
$0 per month |
DESCRIPTION
| 6 bedroom, 4 bathroom, side by side duplex in good condition. Not a short sale. Not a foreclosure. Quick close possible. For more info visit www.MaryAliceShort.com |
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| see additional photos below |
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PROPERTY FEATURES
| - Central heat |
- Basement |
- Laundry area – inside |
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Contact info:
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MaryAlice Short
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Re/Max Advantage Plus
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612-554-5901
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For sale by agent/broker
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Posted: Feb 5, 2010, 7:12am PST
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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
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4901 Woodland Avenue, Shakopee, MN
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4bed/3bath Townhome in Shakopee, MN
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4BR/3BA Townhouse
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offered at $160,000
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| Year Built |
2004 |
| Sq Footage |
2,312 |
| Bedrooms |
4 |
| Bathrooms |
3 full, 0 partial |
| Floors |
2 |
| Parking |
2 Car garage |
| Lot Size |
0.09 acres |
| HOA/Maint |
$179 per month |
DESCRIPTION
| Large twin home features fireplace, attached garage, hardwood floors, 2 car garage and a finished basement. No offers! Short sale. Agent is CDPE. Visit www.maryaliceshort.com for further info. |
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| see additional photos below |
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PROPERTY FEATURES
| - Central A/C |
- Central heat |
- Fireplace |
| - Hardwood floor |
- Tile floor |
- Laundry area – inside |
| - Balcony, Deck, or Patio |
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ADDITIONAL PHOTOS
 Photo 1 |
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Contact info:
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MaryAlice Short
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Re/Max Advantage Plus
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612-554-5901
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For sale by agent/broker
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Posted: Feb 5, 2010, 7:30am PST
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MaryAlice Short | Re/Max Advantage Plus | 612-554-5901
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406 Wacouta Street #6, Saint Paul, MN
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1 bed, 1 bath condo in Saint Paul
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1BR/1BA Condo
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offered at $90,000
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| Year Built |
2006 |
| Sq Footage |
1,006 |
| Bedrooms |
1 |
| Bathrooms |
1 full, 0 partial |
| Floors |
1 |
| Parking |
1 Car garage |
| Lot Size |
Unspecified |
| HOA/Maint |
$445 per month |
DESCRIPTION
| 1 bedroom loft features walk in closet and open floor plan. Building has a skyway connected and features a rooftop deck. Heated indoor parking. Short sale with 1 lender, short sale process has begun. Quick closing possible. Agent is CDPE. For more info visit www.MaryAliceShort.com |
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| see additional photos below |
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PROPERTY FEATURES
| - Central A/C |
- Central heat |
- Laundry area – inside |
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COMMUNITY FEATURES
| - Garage parking |
- Fitness center |
- Secured entry |
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ADDITIONAL PHOTOS
 Photo 1 |
 Photo 2 |
 Photo 3 |
 Photo 4 |
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Contact info:
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MaryAlice Short
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Re/Max Advantage Plus
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612-554-5901
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For sale by agent/broker
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Posted: Feb 5, 2010, 7:50am PST
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I recently obtained my Certified Distressed Property Expert (CDPE)certification. I have been successfully selling properties via short sale sine 2006 and while I didn’t think that I would learn anything at the training, I did. It turns out that the average Realtor successfully sells approximately 12% of the short sales they list!!!! You have to wonder how they manage to stay in the real estate business with that level of success.
I have sold hundred of properties and have a 95% success rate of selling and closing short sales! How do I do this? First, I thoroughly review ALL of the options available to a seller during the listing appointment. I make sure that selling the property is really what the seller wants to do. If a seller wants to keep their property and it appears that they may be able to do so, I will refer them to resources that can help them. If the seller will potentially expose themselves to more liability going through a short sale than if they allowed the property to go through foreclosure or a bankruptcy, I will refer them to a competent attorney.
Sellers who work with me are also prepared for all of the potential outcomes of a short sale. If I suspect (after reviewing the sellers financial information) that the lenders may ask them to bring a cash contribution to the closing or sign a promissory note for a portion of the debt I prepare them for this. I also am familiar with which lenders (and loan types) are including debt settlement in the terms of the short sale and which are not (experience has it’s perks). My clients also receive the best outcomes possible because I partner with an attorney that will represent them throughout the transaction and will negotiate the short sale with their lender(s).
In summary, thorough preparation of the seller means that I only list short sales with cooperative sellers who will not be surprised by the outcome of the transaction!
