Archive for January, 2009
Investors can do Short Sales too..!!
Written by Rob Reinke on January 12, 2009 – 9:36 am -I get this question quite often when someone calls me…”I own rental properties. Can I still do a short sale..?”
The simple answer is YES..!! However, there may very well be some alternative consequences of doing a short sale on a rental property vs if it is your primary residence. Most of these have to do with possible tax reporting by the IRS because it is an investment property as well the possibility of a deficiency by the bank. This is in most cases far better still than doing a foreclosure and paying that heavy price for years and years to come.
If you or anyone that you know is facing a possible foreclosure situation, please do not hesitate to call me directly. We can discuss your particular situation and offer possible solutions. I can be reached anytime directly at 763-242-6303 or via email at Rob@MnShortSaleExpert.com.
Thank you.
Rob Reinke, CDPE
763-242-6303
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Minnesota Short Sales & Foreclosures – 50% Of All Sales
Written by Rob Reinke on January 1, 2009 – 6:11 pm -In recent months the number of short sales and foreclosures coming onto the market in Minnesota (also called lender mediated properties) has increased drastically. This past month’s local numbers showed that nearly 50% of all sales were lender mediated properties. This is a HUGE number..!! Never before have we experienced this sort of statistic in this market. This is a clear indication that the “standard”, “retail” seller is having a much more difficult time selling their home unless it is prices comparatively with all the short sales and foreclosures also listed on the MLS.
Buyers are looking for great values right now and they are finding them in short sales and foreclosures. They know that there will be work needed in many occasions when purchasing one of these properties. Some have light cosmetic updates that are needed and others more serious repairs. When the average buyer looks at what they can purchase the property for and then what they would need to put into it for updates and repairs, they are finding that they can be better off with a Minnesota short sale or foreclosure.
If you or anyone you know is facing a situation where there is more month left at the end of the paychecks and not sure how the mortgage will get paid, please do not hesitate to call me. I am a Minnesota short sale expert and I can help you avoid foreclosure.
Thank you.
Rob Reinke
CDPE (Certified Distressed Property Expert)
763-242-6303
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