Minnesota Short Sale Expert

Here is a great article that talks about short sales and how they are very quickly becoming the “preferred” option for homeowners that are facing the very real possibility of foreclosure. Click here for the full story.

If you or anyone you know might be facing a financial challenge please do not hesitate to get some answers to your questions. Contact me anytime directly and we can privately discuss your situation.

There is good news from time to time in the real estate industry and here is a great example. We are not out of the woods yet of course but at least a step in the right direction. You can read the article here.

We all realize that the federal government has helped countless banks in the last year or more by basically giving them a “handout” to remain in business. Some of it may be justified to assist in the recovery of our overall market economy. However, the story in the link below will really illustrate the types of agreements that happen behind closed doors that we as taxpayers rarely ever find out about.

Click on this link below to watch a VERY troubling video of how IndyMac bank and the FDIC are working together.

Watch Video

There has been some confusion about the deadline of April 30th with regards to short sales and a buyer qualifying for the federal tax credit. After much discussion and checking with tax professionals these are some of the details that need to be addressed….

• The purchase agreement must be written and fully executed by April 30th.
• Fully executed means ‘whoever needs to sign on the purchase agreement”….buyers & sellers.
• In a short sale transaction the bank does NOT sign the purchase agreement so when the sellers and buyers sign the contract this becomes a fully executed and legally binding contract.
• As long as the contract is fully executed by April 30th and closes by June 30th…even if it is a short sale and does not yet have full bank approval…the buyer will still qualify for the tax credit.

I always recommend consulting a qualified tax accountant/CPA that is up to date with the most current tax laws to verify how your situation may differ. If you have any questions please feel free to contact me directly.

If you ask 100 people this question you might get a 50/50 response. I think it is a good market meaning that there are great values out there for the buyers. Often times buyers do not want to do the work that a foreclosure will typically need. Short sale properties in many cases do not need much more work other than touch up and or light updating. The ones that say it is a “bad” market are usually referring to the length of time that they can take to get approved. Yes they do take time but if the buyer has the time to wait for a great value a short sale can be the right fit.

If you are interested in purchasing a short sale OR if you might be in a position that you are facing a financial hardship and need to sell your home through the short sale process, please do not hesitate to call me directly. As a CDPE agent I can help you through this stressful process.