Fannie Mae and Freddie Mac have just announced new federal quidelines for their short sales. Today’s Star Tribune even had an article on it entitled: “Soon Those Short Sales Won’t Take So Long.” Don’t get too excited when reading this though. It states timelines in which lender has to answer on a short sale. However, [...]
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MN Short Sales – What some realtors and attorneys may not tell you
I received a call this week from a short sale seller who was using another realtor and an attorney to negotiate the short sale. He owed $400,000 and the property had an offer for $300,000. The lender would not put language in the approval letter that the sale would “satisfy the mortgage with no further action being taken [...]
MN Short Sales and Foreclosures – What’s Happening in the Spring Market?
Buffalo Springfield – For What It’s Worth There’s something happening here What it is ain’t exactly clear In case you haven’t heard, the housing market has changed. Inventory is at its lowest since 2006 and we’re seeing full price and multiple offers on homes. What we don’t know if this is a trend or simply [...]
What is the main job of a Minnesota short sale realtor?
I get calls and emails about what I do as a short sale realtor. Some of these questions include, “How good are you at negotiating?”, “How many successful short sales have you done?” “Have you worked with fill-in-the-blank bank?” But let’s look at what a realtor is really supposed to do for a client. And [...]
Two Minnesota Short Sales Closed Last Week
I don’t like talking about myself. But the search engines are always looking for new content on MN short sales, as are consumers. I’m including an unsolicited testimonial from one of the couples I helped. At the end of the day, this is what it’s all about: [/caption] [...]
Minnesota Short Sale FAQs
I will usually get a number of questions from sellers, buyer and agents about Minnesota short sales. In this blog, I’ll pose a few of the questions along with the answers: Why do short sales take so long Here’s why they usually take so long …… Lenders are overwhelmed with distress properties. I’ve spoken with [...]
What does the new lender settlement have to do with Minnesota Short Sales?
Recently the government and big lenders came to an $25 billion agreement regarding the damage done to homeowners in the last few years. This settlement was caused because the banks “abused” homeowners during the foreclosure process. This may appear to be good news on the surface because millions of people have lost their homes in [...]
Can I rent back my Minnesota Short Sale?
I receive these question a number of times from sellers and it’s usually with this scenario: A company came to me and said they want to buy my home. In turn, they will rent it back to me. They also tell me that I can buy it back from them when my credit is repaired. [...]
Why 2012 is SO Important for Minnesota Short Sales
Back in 2007, Congress passed the Mortgage Debt Relief Act which generally allows taxpayers to exclude income from the discharge of debt on their principal home. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years [...]
Minnesota Short Sales – Why work with Joe Stradcutter
I’ve mentioned a number of times in my blogs that I’m here to help people. I know that sounds trite but that really is my over-riding goal. I meet with clients to determine if a short sale is their best option and then do everything I can to make that happen. I closed 4 short [...]
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