Short sale myth #10

"Belief #10) It’s good to submit simultaneous offers on short sales.

Some agents believe this is a good way to go but I do not. The seller is in control of the transaction and has to make the decision on which buyer to work with. The bank will typically not make a decision on a short sale unless..."

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Short sale myth #9

"Belief #9) Anyone can help negotiate a short sale.

Sure if you want to end up in foreclosure! You have to hire an agent with experience to help you through the process but you need a good attorney for legal advice. As an agent like I had said before I can..."

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Short sale myth #8

"Belief #8) Short sales rarely get approved.
This one got steam from too many agents who didn’t understand the process helping their buyers write on a short sale that only had a few months left on the redemption period. It also happens when a third lien holder will not work to come to resolution. However if you..."

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Short sale myth #7

"Belief #7) Short sales are as financially damaging to my credit as a foreclosure.

Again not true. If you do a short sale your credit will show late payments and that the debt was satisfied. The average person according to several financial experts will lose 100 points or so on their credit score depending on how long the short sale drags out and how many payments are missed. It typically can take 3 years or so to be able to qualify for another home loan. A foreclosure on your credit shows up as..."

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Short sale myth #6

"Misguided Belief #6) You must be behind on your mortgage to qualify for a short sale.

Not true, it’s the hardship that is the main qualifier for a short sale. There are some banks that will actually listen to you if you have not fallen behind. Before you just stop making payments consult an attorney to discuss..."

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Short sale myth #5

"Belief #5) A short sale in not worth the hassle.

It doesn’t have to be a hassle. If you choose the right agent to represent you, get an attorney and tax professional involved things can go smoothly. It starts with a game plan with options. The first thing is be honest with your..."

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Short sale myth #4

"Belief #1) Short sale negotiations are adversarial.

This is not the case at all. The biggest issue or problem is the amount of paperwork and the number of files the asset manager who is representing the lender/investor has to deal with. They are just trying to..."

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Short sale myth #3

"Belief #3) A short sale = fire sale

The banks look at the bottom line or their net proceeds, that is it. The short sale will still be a deal for the buyer but in many cases will close close to the fair market value, unlike many..."

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Short sale myth #2

"Belief #2) Banks would rather foreclose than approve a short sale

This also false because up until a short time ago foreclosures were just easier to do that short sales. The banks have stepped it up and are becoming better equipted to handle short sales. It has taken banks.."

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Short sale myth #1

"Belief #1) There is not enough time to negotiate a short sale.

You always have a time line that has to be followed but banks are starting to realize as they become better staffed that they are in a better financial position to allow a short sale vs...."

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Short sale confussion, 10 myths

"If you are a buyer looking for a deal on a home they can be great but you have to understand the process going in. Please refer to my earlier blog The key to buying a short sale. This blog is directed more for the home owner who is on the fence about what to do.

You are in a position due to job loss, medical issue or..."

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Mortgage update 12/17/10

"Everyone wants a great deal on a home no mater if it is the tenth home you are buying. There are lots of home deals to be had all over the Minneapolis and St. Paul area. Finding a great deal on a home is not the issue, the interest rate is. They could stay the same for another year or go up tomorrow, no one knows for sure. If you want to buy a home and get a great deal and the best interest rate; one of the things you have to watch is the bond market. That is what..."

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Market update 12/15/10

"The market seems to be picking up steam as I am continuing to see a lot of online activity. I believe this is a good sign of things to come after the 1st of the year. The continued interest from buyers through the holidays should turn into showings after the New Year. The one item of concern I have is what the interest rates will do. They have been edging up over the last few weeks but historically January sees some of the lowest rates during the year. This is what helps to open up the spring market in the middle of January. The Fed is..."

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Interest rate update for home buyers 12/14/10

"No economic releases today, but the rest of the week brings a lot to consider when it comes to mortgage rates.　

We’ve witnessed a sharp rise in rates over the past several weeks.　The average 30 year mortgage is now in the 4.75% range.　Just a month ago it was closer to 4.25%.　This dramatic rise in rates has to be of some concern to the Fed, because if this happens..."

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Foreclosures and the impact on the housing market.

"All indicators are pointing upward for interest rates in the coming New Year. As a real estate agent this is to me the biggest thing that will impact you when buying a home. If you wait to see if a home drops buy another 5% to jump in the market, it could cost you more in the long run if rates go up. A good rule of thumb is for every 1% that the rates rises you as a buyer lose 10% of your purchasing power. To put it another way if you are buying a $250,000 home at 4.5% and rates rise to 5.5% the same payment now buys you a $225,000 home. There will be foreclosures to..."

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