Thursday, August 05, 2010
In our current economy 1 in 10 homes are either delinquent or in foreclosure. The differences between a short sale and a foreclosure will greatly affect your future.
A foreclosure takes a minimum of a year to complete. After approximately 6 months of delinquency, the home will go to a sheriff’s sale which the rights of the home will be taken from the owner. After the sheriffs’ sale, the previous homeowner has a 6 month right of rescission in which they have an opportunity to buy back the property for what is owed. During the rescission period a homeowner can still live in the property. The amount owed will be increased because of attorney’s fees and late fees.
A short sale is selling the property for less than is owed on the property.
While the 1st mortgage is the primary lean holder, any second mortgage or home equity line of credit is a personal loan secured by your home. First and second mortgages respond differently to a short sale regardless of which company is holding the second mortgage. Most financial institutions have different departments that hold first and second mortgages and the departments act as separate financial institutions during this process.
If a short sale is approved, the first mortgage will write off any amount over the selling amount as uncollectible. The second mortgage treats it completely different and will charge the delinquent amount to the debtor.
Now that we have a brief understanding of short sales and foreclosures, let's discuss how it affects you.
Foreclosure:
Homeowner is ineligible for a Fannie Mae backed mortgage for 5 years
An investor is ineligible for a Fannie Mae backed mortgage for 7 years
Your interest rate will be increased for most other mortgages if they will even accept your application because you have to disclose a foreclosure
Your Credit score will be decreased from 250 to over 300 points and your credit will be affected for more than 3 years
A foreclosure will remain as a public record on your credit history for a minimum of 10 years.
Your security clearance may be revoked if you need it for employment
Short Sale:
A homeowner will be able to get a Fannie Mae backed mortgage after 2 years
An investor will be able to get a Fannie Mae backed mortgage after 2 years
There is no declarations to other mortgage companies about a short sale
Your credit will decline only for the late payments and as little as 50 points and may only affect your credit for 12 - 18 months
Your loan is most often reported as paid in full on your credit history therefore, having no affect on your credit history
A short sale by itself does not change most security clearances.
If you are considering a short sale, your Realtor is essential to make sure the process is negotiated correctly. The financial institutions are understaffed and don't make the short sale process easy.
Feel free to call with any questions or if you want to discuss a short sale in further detail with an experienced short sale Realtor.
Jeremy Flicek
Experienced Short Sale Real Estate Agent
Minnesota Real Estate Network
RES Realty
jeremy@jfhomes.com
612-868-7202
The source for information was from Distressed Property Institute
Posted By: Jeremy Flicek @ 2:13:57 PM
Monday, July 12, 2010
Real estate property listings in Chaska MN have a population of over 17,000 residents. All of the real estate listings in Chaska are located west of Chanhassen. Real estate property listings or homes for sale in Chaska MN benefit from it having the reputation of a small town friendly atmosphere.
The real estate property listings in Chaska MN are in a city with the mission statement of the “best small town in Minnesota”. Most real estate listings and homes for sale that people look at with their real estate agent in Chaska MN are in a small town with a friendly atmosphere. Your real estate agent in Chaska MN will help you find real estate property listings in Chaska MN.
County of real estate property listings in ChaskaMN:
Your Chaska MN real estate agent will show you real estate listings which are located in Carver County. Real estate property listings in Carver County are in one of the smallest counties in the metro. Homes for sale in Carver County have the smallest population of the 7 county metro areas. Carver County is located just southwest of Minneapolis. The county seat of Carver County is in Chaska.
Real estate property listings in Carver County are populated by of over 80,000 residents. Carver County was established in 1855 by the Minnesota Territorial Legislature.
Schools for homes for sale in ChaskaMN:
Your Chaska MN real estate agent will show you real estate listings which are in school district 112. Real estate listings in ISD 112 have 7 elementary schools, 3 middle schools, and 2 high schools. While looking for real estate property listings in Chaska MN with your realtor, go to the district 112 website to see the boundaries for the school your child will go to while you see real estate listings in Chaska MN.
If you have any questions about homes for sale call or email:
Jeremy Flicek
612-868-7202
jeremy@jfhomes.com
Posted By: Jeremy Flicek @ 3:38:51 PM
Tuesday, June 22, 2010
Real estate agents show Chanhassen MN real estate property listings which have over 23,000 residents. Chanhassen MN real estate listings are # 2 in Money Magazines best places to live in MN. While looking for Homes for Sale in Chanhassen MN with your realtor, keep in mind one of the most enjoyable reasons to live there is not leaving the city to have fun.
Chanhassen MN homes for sale and real estate property listings that real estate agents will show you enjoy the fact that unemployment rates are a few percentage points under the national average because of the job base in the twin cities. Realtors will show you homes for sale in Chanhassen MN range from a small number of condos to a great number of single family homes in the real estate listings.
Your realtor will help you find the best real estate listings for you to see if you want to look at real estate property listings in Chanhassen MN.
County of real estate property listings in ChanhassenMN:
Real estate agents will show Homes for Sale in Chanhassen MN that are located in Carver County. Real estate property listings in Carver County are in one of the smallest counties in the metro and having lowest population of the 7 county metro areas. Real estate property listings in Carver County are located just southwest of Minneapolis. The county seat of Carver County is in Chaska.
Real estate listings in Carver County have a population of over 80,000 residents. Carver County was established in 1855 by the Minnesota Territorial Legislature.
Schools for homes for sale in ChanhassenMN:
Real estate agents will show you Chanhassen MN real estate property listings which are in school district 112 that has 7 elementary schools, 3 middle schools, and 2 high schools. While looking for homes for sale in Chanhassen MN with your real estate agent, go to the district 112 website to view the boundary lines for the school your child will attend.
Go to www.mnhomesnetwork.com for more information.
Posted By: Jeremy Flicek @ 1:23:38 PM
Sunday, May 30, 2010
Real estate agents are showing homes for sale in Farmington MN. Located east of Lakeville, with a growing population of over 21,000, Farmington is a great place to consider buying a home. The homes for sale in Farmington MN offer access to the business and dining opportunities of the larger surrounding cities, while still maintaining a small town feel. One attraction to this town is the Dakota County Fair that is held there every August.
The homes for sale in Farmington MN are often newer than homes that are listed in surrounding areas, and several new home listings are currently being constructed. The east side of the city even offers undeveloped land. Contact your realtor today and ask about the homes for sale in Farmington MN.
Jeremy Flicek
MN Real Estate Network, Inc.
jeremy@jfhomes.com
612-868-7202
Posted By: Jeremy Flicek @ 6:06:09 PM
Tuesday, April 27, 2010
Farmington MN real estate agents show Farmington MN Homes for Sale in a city with a growing population of over 21,000. Look at MN Homes for Sale in Farmington MN with your realtor. MN Homes for Sale in Farmington MN are home to the Dakota County Fair which comes every August.
Realtors show homes for sale in Farmington MN where homeowners love the small town feel of the real estate listings in the city. You’ll notice MN Homes for Sale in Farmington MN are located to the east of Lakeville MN. Real estate listings on the east side of Farmington are undeveloped land. Look at MN Homes for Sale in Farmington MN with your Farmington MN Realtor. Residents of Farmington MN want to be on the outskirts of populated cities with business and dining opportunities but don’t want to live in those cities, look at MN Homes for Sale in Farmington MN with your Farmington MN Realtor.
While searching for real estate property listings in Farmington MN with your Realtor, you’ll notice that the majority of the MN Homes for Sale are newer than the surrounding areas. There are several new home listings currently being constructed and you’ll see many new home MN Homes for Sale in Farmington MN.
Go to www.mnhomesnetwork.com to see Homes for Sale in Farmington MN
Posted By: Jeremy Flicek @ 11:01:22 AM
Thursday, April 08, 2010
MN homes for sale
Go to www.mnhomesnetwork.com to search Minnesota real estate and find MN homes for sale. Our website allows you to see listings that are on Minnesota MLS and find real estate property listings in the state. Our website also allows you to save searches and get automatic emails for the homes for sale you are interested in. When you are looking for MN homes for sale, you can see real estate Saint Paul Minnesota. You can also find Lakeville MN real estate as well as Burnsville MN real estate. Any Minnesota real estate that you are looking for can be found on the website. Log on to www.mnhomesnetwork.com and set up a search for MN homes for sale to see property that is on Minnesota MLS.
Posted By: Jeremy Flicek @ 3:19:26 PM
Friday, March 26, 2010
EaganReal Estate
Real estate property listings in Eagan MN have a population of nearly 70,000 people. Real estate agents in Eagan are in a city that is 34.5 square miles. Eagan real estate listings have over 26,000 housing units. Real estate agents show homes for sale that are in a popular city as a result of its freeway access.
Eagan Real estate agents show you homes that benefit from Thomson Reuters which is the biggest employer and employs more than 7300 people. Eagan real estate property listings have held onto their value because of the popularity of the city.
When looking at real estate property listings in Eagan, you’ll see how easy it is for navigation throughout the city. Eagan real estate listings in every price range and all types of homes are for sale.
For more information on real estate property listings in Eagan log onto our website www.mnhomesnetwork.com.
Posted By: Jeremy Flicek @ 1:47:02 PM
Tuesday, March 16, 2010
PlymouthMN
Plymouth real estate property listings are in a city with more than 71,000 residents. Located north of Minnetonka, Plymouth has a wide variety of Real estate listings. Plymouth is fully developed real estate agents show Plymouth real estate property listings which are in a city covering 36 square miles. Plymouth Homes for sale are in a city having most of the 51,000 jobs in light manufacturing and research.
Plymouth real estate listings have everything from real estate property listings that are condos to single family homes for sale. A majority of the real estate property listings or homes for sale are newer and vary in value.
Plymouth real estate agents help you find Plymouth real estate listings on the market.
Plymouth homes for sale are in Hennepin County:
Real estate property listings that your Plymouth real estate agent will show you are located in Hennepin County. Real estate listings in Hennepin County are in a county which is 563 square miles. Real estate listings in Hennepin County are in a county that is 16th in the nation in numbers and has almost ¼ of Minnesota’s population. Hennepin County was founded in 1852 by the Territorial Legislature of Minnesota 6 years prior to Minnesota becoming a state.
The biggest Hennepin County city is Minneapolis which is the county seat.
Plymouthreal estate listings are in school district 284:
Plymouth real estate property listings are in Independent School District 284 which is Wayzata schools. Plymouth homes for sale in ISD 284 have 7 Elementary Schools, 3 Middle Schools, and 1 High School.
For more information on homes for sale in Plymouth MN contact...
Jeremy Flicek
RES Realty
MN Real Estate Network, Inc.
www.mnhomesnetwork.com
jeremy@jfhomes.com
612-868-7202
Posted By: Jeremy Flicek @ 12:48:11 PM
Thursday, March 11, 2010
Of the 381 homes for sale in Lakeville MN, 59 of the real estate property listings are short sales and 28 of the real estate listings are bank owned. When you are buying one of the foreclosed real estate property listings in Lakeville, the bank will be very aggressive in pricing the home for sale as well as dropping the price in order to have a quick sale. A lot of bank owned homes get multiple offers.
It is in your best interest to get a home inspection when purchasing a bank foreclosed home for sale in Lakeville MN or in any other city. When writing an offer for one of the real estate listings owned by a bank, your real estate agent will mark that you want to have an inspection. Whether the purchase is contingent upon that inspection is completely up to you. Most banks that I’ve worked with don’t like to see that your offer on the real estate property listing is contingent upon an inspection and if you are in a multiple offer situation, another offer for less money will be chosen over yours. It’s basically a “for your information” type of inspection and the financial institutions rarely will fix any problem.
Lakeville MN short sale real estate property listings take time to complete. What I mean by that statement is to be prepared to wait for an answer for your offer. The sellers will accept your offer right away. Bank acceptance for the real estate listings take up to 3 months depending on the type of loan and if there are 2 mortgages. It also depends on whether the real estate property listing has been appraised by the bank appraiser yet. The financial institutions want to make sure they’re not being taken advantage of so what they do for the real estate property listing is 1st have the sellers send in all financial documents, hard ship letters, and tax returns to see if they really can’t afford the home. 2nd have an appraiser value the property on the basis of a 30 day sale. Finally, negotiate with the sellers and real estate agents to see if anyone can “chip in” and give them money. The prices listed for real estate property listings that are short sales is purely fiction. If the appraised value doesn’t come in within a set percentage of the appraised value (which differs depending on the sellers loan) for the real estate listing, the bank will decline your offer. Only look at Lakeville MN real estate property listings that are short sales if you have time to wait a couple months for an answer from the bank.
For more information regarding real estate property listings of all kinds log onto our website or contact me.
Jeremy Flicek
MN Real Estate Network
RES Realty
WWW.MNHOMESNETWORK.COM
jeremy@jfhomes.com
612-868-7202
Posted By: Jeremy Flicek @ 3:08:06 PM
Tuesday, March 09, 2010
Lakeville MN is located in Dakota County. Many of the Lakeville MN real estate property listings that Lakeville MN real estate companies will show you qualify for Dakota County down payment assistance. Dakota County down payment assistance helps you with the amounts needed for down payment and closing costs for investing in a home. Lakeville MN real estate property listings that qualify for FHA or VA financing qualify for down payment assistance. Real estate listings in Lakeville MN that qualify for FHA/VA financing are real estate property listings that don’t have peeling paint, missing hand rails or anything that could be considered a potential hazard.
There are Lakeville MN real estate property listings that are new construction. When considering a new construction real estate listing, check into the energy rating of the property. Building an inexpensive home is not always the best choice. Energy Star rated real estate property listings in Lakeville with the highest standards in energy efficiency may only increase your mortgage amount by $30 per month and save you $50 per month in energy efficiency.
There are companies that can give you a HERS (Home Energy Rating System) for your existing Lakeville MN real estate listing and tell you if you can make your home more efficient. Current costs for HERS for your real estate property listing in Lakeville MN is just under $1000. The great thing about hiring a company to give you a HERS reading for your Lakeville MN real estate listing is that they can tell you how much your energy rating will change if you added more insulation or different windows.
For more information on down payment assistance, Energy Star homes, or New Construction real estate property listings in Lakeville MN contact us at:
Jeremy Flicek
MN Real Estate Network
RES Realty
www.mnhomesnetwork.com
jeremy@jfhomes.com
612-868-7202
Posted By: Jeremy Flicek @ 10:31:53 AM
