Minnesota Short Sale Expert

If you are facing a situation where you are no longer able to afford your home or are already entering the foreclosure process…PLEASE CALL US IMMEDIATELY…!! There are alternatives to simply letting the bank have the property back through the foreclosure process. I am finding that many (if not most) homeowners that I speak with do not even know or understand what a short sale is. I can explain this in detail for you and help you to understand that there is another option for you as a homeowner to maintain your credit.

My team of short sale experts handles these short sales different than most other agents and WE HAVE CLOSED OVER 200 SHORT SALES IN 2008..!! These other agents will typically just list the property and then wait for an offer to come in. Then they send that offer to the bank, HOPING that the bank will actually respond and POSSIBLY accept a short sale on the property. This will usually take several months to happen. In the meantime the buyer often decides to move on to a different property rather than continuing to wait for an answer. Now the process starts all over again.

With our team we do all of the initial legwork up front and find out what price the bank will accept on your property BEFORE we ever list it on the MLS. This keeps you from having the home ready for showings for months while it is listed. Once we are able to get the price from the bank at that time we list the property on the MLS. Now because we have a reduced price it goes onto the MLS as a much more attractive listing to buyers and we look for a sale typically in 30 days. Since we already know what number the bank will accept there is far less negotiating once we get the offer. Rather, the bank will simply be reviewing the offer and making the decision to move forward.

If you are finding yourself in this unfortunate situation, please do not hesitate. Give me a call to find out what we can do to help you.

Rob Reinke, CDPE

763-242-6303

Rob@MnShortSaleExpert.com

It seems as though just about every week the many lenders out there that are being asked to accept short sales continue to change what they will or will not accept. For example, certain banks have taken the stance that they would not consider a short sale AFTER the sheriff’s sale has occurred. However, we are finding now that because these banks are not in the real estate  business but rather in the lending business that they are more likely to allow a short sale to go through because they do not want yet another property on their books. It ends up costing the bank far more money as a write-off if they take it back through the foreclosure process than it does to simply have certified agent sell it on a short sale.

Many of these same lenders have also said that they would be going after homeowners for a deficiency judgement but because they have so many properties to deal with they just do not have the resources or manpower to do so. Like many of us homeowners they are trying to keep their heads above water with all of the foreclosures and short sales that they are dealing with.

The bottom line is that if you are experiencing a financial hardship and are having a hard time paying the mortgage, please do not hesitate to call me for help. I am a Certified Distressed Property Expert and I am happy to help. I can be contacted at Rob@MnShortSaleExpert.com or by calling 763-242-6303 for a private conversation.

 Thank you.

Rob Reinke

It seems as though many people that were originally looking to invest in real estate have now gone by the wayside since the market has shifted. However, the people that truly “get it” and understand that right now presents the best opportunity in many years to jump in are the ones that are picking up some great deals.

There are several directions that you can go with regards to investing whether it is residential or commercial. I personally work with investors mostly in the residential area because in my opinion for “most” new investors this is the best place for them to start if they really do not know much about it. Even within residential investing there are several ways that you can go when searching for that right opportunity.

If you are hands on and have the time, money and patience to fix up properties then foreclosures or short sales may possibly be best. If you are like many investors that I work with and you work all day and then have other activities, family commitments, etc in the evenings then possibly something more turn-key is best for you. Whichever group you may fall into our team actually has opportunities for both of these scenarios.

If you would like additional information about what your options are or would like to simply grab a cup of coffee to discuss real estate investing, please do not hesitate to send me an email Rob@MnShortSaleExpert.com or call me directly at 763-242-6303. Thank you.

Rob Reinke

Wow..!! The feds keep dropping the federal lending rates and in turn we keep seeing the interest rates that are available to us as consumers continue to decrease. Just this week there are cases where people have been able to lock in at rates UNDER 5%..!! The current interest rates are at the lowest they have been in more than 4 years.

If you have been thinking about possibly buying this spring time and have the ability to do so now, I wouldn’t wait. The prices on the available inventory have been steadily decreasing over the last year or so and now with the interest rates at a 4 year low there is no better time. They say to “strike while the iron is hot”. Well that iron is hot right now..!! You can get some great deals right now not only on the foreclosures and short sales but even the everyday “retail” sellers are having to continue reducing the price on their homes to compete in the market.

If you are ready to jump in and would like a top agent in the twin cities to assist you in this process please do not hesitate to contact me either via email at Rob@MnShortSaleExpert.com or directly at 763-242-6303 anytime, even on the weekends.

Scenario

Many clients that I speak with have the idea that letting their home go into foreclosure is “easier” and less trouble than doing a short sale. The have “let the bank have it” attitude and think by doing so will get them on the road to recovery just that much quicker.

Reality

If you have a desire to purchase another home anytime in the near future we had better look seriously whether it is beneficial to “let the bank have it”. When someone goes through a short sale their credit score can be affected anywhere from 100-200 points, more if other payments have been missed as well. This reduction will show up as some sort of payments in full, settled payment, negotiated payment, etc. As you notice I did NOT say anything about your credit report saying FORECLOSURE. This is amajor difference right now with the most recent changes in the lending industry guidelines.

Purchasing a Home Again

Under the new Fannie Mae guidelines the effect of a Foreclosure on a borrowers’ credit worthiness is substantial, devastating and decisive. The effect of a short sale can be as little as 12 – 18 months depending on the homeowner’s ability to keep all other credit issues to a minimum. However, effective May 31, 2008, according to the Fannie Mae guidelines, a homeowner who has filed a foreclosure will be “ineligible” for a period of five years. This is a very significant change and will affect many people looking to purchase a home in the future.

Bottom Line

The bottom line is if you find yourself faced with a decision of what to do with your home, please do not hesitate to contact me to determine if we are able to help you through a short sale instead of “letting the bank have it”. You do have options..!!

FREE RECORDED INFORMATION ABOUT SHORT SALES

1-800-818-4359 EXTENSION 9111

Rob Reinke, CDPE

763-242-6303

Rob@MnShortSaleExpert.com