Minnesota Short Sale Expert

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.

Many homeowners are facing difficult times right now trying to keep up on the mortgage payments. Much of the reason is that people continue to lose jobs at an extremely high rate. Just when you think your job is safe here comes the notice that you are being layed off. What do you do now to not only pay the mortgage payment but also keep food on the table and at the same time pay all of the other bills..? Sure there may be some unemployment coming in but not enough in most cases to continue being able to pay ALL of the monthly bills. Something has to give and that is usually the mortgage payment.
 

So what are your options..??

Your options are fairly simple. If you foresee that you will NOT be able to continue making the mortgage payments then the best option rather than letting the home go into foreclosure is to work with an experienced agent to sell the home through a short sale. There are many agents out there that try to take care of short sales for homeowners but a CDPE designated agent like myself has extensive training to know exactly what is needed to get them closed. The short sale is a way for the homeowner to avoid a possible foreclosure and get out of the home.
If you or anyone you know is in trouble and needs to know what options are available, please do not hesitate top call me directly or contact me through the website.

Any licensed real estate agent can offer to help a homeowner with the process of a short sale. There really is no special training that is ”required” by any of the local real estate boards and additionally no specific licensing to help a homeowner facing a major mortgage challenge. Simply list the property and wait for an offer and then…..oh yea…now this agent needs to know how to deal with the lender(s) and what paperwork is needed, etc, etc.

But wait…What’s wrong with this picture…??

When a real estate agent offers to assist a homeowner with a short sale in my opinion they should be knowledgeable with the process and understand the details of how to get them to the closing table. HOWEVER, many real estate professionals do not have the proper training to handle these short sales for the homeowners. That’s where a CDPE trained agent is different. I have been through extensive training and earned the CDPE Designation which provides the knowledge that I need to help homeowners accomplish a successful short sale and most importantly…AVOID FORECLOSURE…!!

If you or someone you know is faced with the unknown about how to pay the mortgage please do not hesitate to contact me to inquire about the options available. This can be done quickly right through the website.

Thank you.

Rob Reinke