Have you seen this article on other markets?East Bay They are predicting it could be 2014 before this market even recovers. The question is will it be that long with other states also? If we feel Minnesota’s market may not recover for 3-4 more years at least and you can’t afford the payments or you simply are falling behind in payments and can’t catch up. Let me ask you this, do you want to sell the house? Could you sell the house? It’s a fact that many people right now are over leveraged on their current mortgages and simply don’t have enough money to bring to the closing, and or to pay holding costs, repairs, or an agent to just get out of the house. They have to pay to get out of the house. There is a solution. It’s referred to as a short sale. A short sale can be a better solution in many ways then completely losing the house. There are new fannie mae guidelines that state this. I have shown these guidelines on other short sale posts. With the financial economy problems right now, it’s just making the housing market move like a snail. Some people are able to weather through it, some are not. Also as more houses go back to the bank more houses will sell very cheaply as foreclosure, forces the comps to lower prices in all types of neighborhoods, leaving it even harder to sell. With a short sale, the bank will pay our 3rd party negotiators to help out, put the paperwork together and negotiate.
Learn about Minnesota Short Sale Homes to see if it makes sense for you. This article is very long and descriptive and tells you if it’s right for you. You can view the full article on www.MinnesotaInvestors.com
