You might ask, "I own rental properties, so can I still do a short sale?"
Yes, it is very likely that you can, HOWEVER, there are additional consequences when compared to a short sale of a primary residence. Primarily, you will have additional tax reporting and consequences as well as the possibility that the lender may report the deficiency, even though they release the deed.
Still, this may be a better option for you than a full foreclosure.
Here is more good information on short sales, foreclosures, and lender mediated sales in Minnesota that also apply to a primary residence:
If you or anyone that you know is facing a difficult, please do not hesitate ask questions and be careful of foreclosure prevention scams. Please read the Minnesota Attorney General's Information on Foreclosure Consultants and Foreclosure Prevention Scams and read the tips on Facing a Mortgage Foreclosure.
Remeber, you have options. Here are a few:
See a reputable mortgage counselor - Contact the Minnesota Housing Finance Agency or U.S. Department of Housing and Urban Development ("HUD") to find an approved local mortgage counselor. A reputable counselor may help you negotiate an arrangement with your lender or help you find appropirate local funding sources.
Request a loan modification from the Lender - Your lender maybe willing to modify your mortgage permanently and help keep you in your home. If you have an ARM, as the lender to modify your loan.
Refinance with a new loan - If you are credit worthy, you may be able to get a more appropriate loan program for your financial situation, such as a fixed rate mortgage. However, remember to check your current mortgage to see if there is a pre-payment penalty. Also, you should not refinance too frequently as the closing costs may negate the potential cost saving.
Consider Reinstatement - Under a reinstatement, you pay off the past-due amount and any associated fees in order to bring the mortgage current again. This may be an option if the cause of your default was a temporary situation that you are now able to rectify.
Ask for a forbearance - The lender may grant a forbearance which temporarily reduces or suspends your monthly payments until a set date and could allow you time to get back on your feet again.
Set up a repayment plan with the lender - Ask your lender lender to let you pay the past-due amount by adding partial payments to your regular monthly payments - rather than having to catch up all at one time. This may be more manageable than paying back the past due amount all at one time.
Ask the lender to waive fees or penalties - They may be willing to waive the penalties, fees and other charges if you meet their criteria and provide a good faith resolution that is attainable and you begin making monthly payments on time and repay the past-due interest and principal.
Explore selling your home - In some cases, this may be your best option, especially if you hold equity in the property. Even if you do not hold equity, you still may be able to redeem your credit enough to purchase another home within just a few short years after going through a short sale - as opposed to ruining your credit for many years in a full foreclosure.
Homeowner Mediation Act Proposed by Attorney General Lori Swanson. Find out more about this proposed consumer protection legislation.
Here are other valuable resources:
Foreclosure, Short Sales, and Other Things You Need to Know - Part 1
Foreclosure, Short Sales, and Other Things You Need to Know - Part 2
Foreclosure, Short Sales, and Other Things You Need to Know - Part 3
Minnesota Home Ownership Center
Luthern Social Services Financial Counseling
Acorn Housing Services - Hennepin County
Community Action Partnership - Suburban Hennepin County
Twin Cities Habitat for Humanity
City of St. Paul Foreclosure Prevention Program
Anoka County Community Action Program - Anoka & Washington Counties
Dakota County Community Development Agency - Dakota County
Wright County Community Action - Wright County
Tri-Valley Opportunity Council - Norman and Polk Counties
Northwest Community Action - Lake of the Woods, Roseau, Kittson and Marshall Counties
Arrowhead Economic Opportunity Agency - St. Louis, Lake and Cook Counties
Minnesota Attorney General's Office
Mn Attorney General Housing Page
Cities, Counties Web Sites
Minneapolis Property Information
Minneapolis Truth and Housing
Minneapolis Code Compliance
Saint Paul Truth and Housing
Saint Paul Vacant Buildings
Saint Paul Zoning
HUD Homes
MOLD
City of Bloomington Inspections
City of Crystal Inspections
City of Hopkins Inspections
City of Maplewood Inspections
City of New Hope Inspections
City of Osseo Inspections
City of Richfield Inspections
City of St. Louis Park Inspections
Hazardous Waste Sites in MN
Lead Based Paint Poisoning
Radon
Septic System Disclosure
Septic System Rules
Minnesota Water and Wells
Wells, Search Public Records
Find a Private Home Inspector
ZIP Code Look-up Tool
Bi-County Community Action Program - Cass and Beltrami Counties
PO Box 579
Bemidji, MN 56619
(218) 751-4631
Carver County CDA (formerly HRA) - Carver & Scott Counties
705 Walnut Street
Chaska, MN 55318
(952) 448-7715
Inter-County Community Council - Penningon, Red Lake, Clearwater and Polk Counties
PO Box 189
Oklee, MN 56742
(218) 796-5144
Otter Tail Wadena Community Action Council - Otter Tail and Wadena Counties
125 West Lincoln Avenue, Suite 16
Fergus Falls, MN 56537
(218) 739-3011
Rochester/Olmsted Community Housing Partnership
2122 Campus Dr. SE, Suite 100
Rochester, MN 55904
(507) 328-7170
West Central Community Action Program - Pope, Stevens,Traverse, Grant, Douglas,Wilkin, and Clay Counties
411 Industrial Park Boulevard
Elbow Lake, MN 56531
(800) 492-4805 or (218) 685-4486
Patti Ann Kasper, GRI
For more information about my services, guarantees, or how I can help you find your next home, sell your home, buy a business or investment property. Just call Patti Ann Kasper today at 763-548-1418!
To view my interactive on-line real estate magazine with listings, select the banner below:
Touch the banner below to send this information to your friends or family!
Patti Ann Kasper, Your Minnesota, North Metro Twin Cities, and Blaine MN Real Estate Expert! Associates of Science Degree in Geographic Information Systems and Cartography from Anoka Ramsey Community College in Coon Rapids, Minnesota.
© Copyright Patti Ann Kasper 2009 All Right Reserved.
Market conditions in your specific county and neighborhood are extremely important when making any real estate decision because the numbers can vary greatly from area to area. Regardless of the gloom and doom predictions on TV and in the newspapers; sitting on the sidelines can be a mistake for some. Now is a great time for first time home buyers, investors, and anyone looking to move up to a larger or more expensive home. Even those who are looking to downsize can benefit from knowing the numbers. Of course, you will need more specific information - down to the neighborhood level - in order to adequately evaluate your exact situation and neighborhood. That is why it is extremely important to use a REALTOR® who knows your area and evaluates the CURRENT market conditions for your specific location.
You may notice that some of the farthest out counties like Carver have a greater declines in the number of homes sold when compared to the 12 other counties. This phenomena may have more to do with the price of gasoline than the "usual suspects" such as the sub-prime mortgage mess and foreclosures. Anoka County actually increased in the number of closed sales, but there was a large decline in the median home price. If you aren't familiar with Anoka County, this might be confusing, but this situation is caused by the large number of bank owned/foreclosure properties that sold at rock bottom prices.
What does the "median home price" mean anyway? Check this out: median home prices and average home prices (what's the difference)?
|
Comparing 2008 to 2007 |
Median Home Prices |
Closed Sales |
|
Combined 13 County Twin Cities Metro Area |
-13.33% |
-3.25% |
|
Anoka County |
-15.17% |
+4.72% |
|
Carver County |
-8.30% |
-10.05% |
|
Chisago County |
-18.57% |
+0.91% |
|
Dakota County |
-10.48% |
-11.37% |
|
Goodhue County |
-8.73% |
-10.67% |
|
Hennepin County |
-12.74% |
-2.12% |
|
Ramsey County |
-15.87% |
-0.12% |
|
Rice County |
-15.38% |
-1.74% |
|
Scott County |
-7.44% |
-5.76% |
|
Sherburne County |
-18.20% |
+0.96% |
|
St . Croix County |
-10.26% |
-10.59% |
|
Washington County |
-9.56% |
-6.05% |
|
Wright County |
-14.42% |
-0.06% |
For more information about my services, guarantees, or how I can help you find your next home, sell your home, buy a business or investment property. Just call Patti Ann Kasper today at 763-548-1418!
To view my interactive on-line real estate magazine with listings, select the banner below:
Touch the banner below to send this information to your friends or family!
Patti Ann Kasper, Your Minnesota, North Metro Twin Cities, and Lino Lakes Real Estate Expert! Associates of Science Degree in Geographic Information Systems and Cartography from Anoka Ramsey Community College in Coon Rapids, Minnesota.
© Copyright Patti Ann Kasper 2008 All Right Reserved
Buffalo, Wright Co. MN
2008
2007
Δ Change
# Homes Sold
265
252
+4.91%
Average Price
$199,081
$227,974
-14.51%
Median Price
$172,500
$198,750
-15.22%
Total Volume
$52,756,629
$57,449,640
-8.90%
Based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC. For the period of January 1, 2007 thru December 31, 2008
Buyers: Receive a CASH BONUS of 2% of the sale price up to a maximum of $10,000.00 after closing when you purchase a home through me.
To find out more, call Patti Ann Kasper at 763-548-1418 today!
Sellers: Your home SOLD in 39 days or less GUARANTEED, or I'll pay you up to $10,000 after closing!
*National Real Estate Stimulus Program* Participant
To view my interactive on-line real estate magazine with listings, select the banner below:
Touch the banner below to send this information to your friends or family!
Patti Ann Kasper, Your Minnesota, North Metro Twin Cities, and Buffalo MN Real Estate Expert!
© Copyright Patti Ann Kasper 2009 All Right Reserved.
| Maple Grove / Osseo, Hennepin Co. MN | 2008 | 2007 | Δ Change |
| # Homes Sold | 970 | 996 | -2.68% |
| Average Price | $315,366 | $323,728 | -2.65% |
| Median Price | $247,000 | $251,500 | -1.82% |
| Total Volume | $305,905,859 | $322,139,213 |
-5.31% |
Based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC. For the period of January 1, 2007 thru December 31, 2008
Buyers: Receive a CASH BONUS of 2% of the sale price up to a maximum of $10,000.00 after closing when you purchase a home through me.
To find out more, call Patti Ann Kasper at 763-548-1418 today!
Sellers: Your home SOLD in 39 days or less GUARANTEED, or I'll pay you up to $10,000 after closing!
*National Real Estate Stimulus Program* Participant
To view my interactive on-line real estate magazine with listings, select the banner below:
Touch the banner below to send this information to your friends or family!
Patti Ann Kasper, Your Minnesota, North Metro Twin Cities, Maple Grove, and Osseo Real Estate Expert!
© Copyright Patti Ann Kasper 2009 All Right Reserved.
| Big Lake Twp, Sherburne Co. MN | 2008 | 2007 | Δ Change |
| # Homes Sold | 324 | 237 | +26.85% |
| Average Price | $162,219 | $205,298 | -26.56% |
| Median Price | $152,701 | $195,000 | -27.70% |
| Total Volume | $52,559,017 | $48,655,793 | +7.43% |
Based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC. For the period of January 1, 2007 thru December 31, 2008
Buyers: Receive a CASH BONUS of 2% of the sale price up to a maximum of $10,000.00 after closing when you purchase a home through me.
To find out more, call Patti Ann Kasper at 763-548-1418 today!
Sellers: Your home SOLD in 39 days or less GUARANTEED, or I'll pay you up to $10,000 after closing!
*National Real Estate Stimulus Program* Participant
To view my interactive on-line real estate magazine with listings, select the banner below:
Touch the banner below to send this information to your friends or family!
Patti Ann Kasper, Your Minnesota, North Metro Twin Cities, and Big Lake MN Real Estate Expert!
© Copyright Patti Ann Kasper 2009 All Right Reserved.
 |
|
|
Specializing in Lender Mediated Sales (foreclosures/short sales). Making YOU the most informed buyer or seller in your area. Residential, Hobby Farm, Lakefront, Raw Land, Agricultural, or Commercial.
In these trying times, I am helping both Buyers and Sellers by specialzing in the somewhat confusing and often challenging realm of Lender Mediated Sales. I know my way around short sales, foreclosures, and bank owned REO properties because I perform professional services such as Broker Price Opinions (BPOs) for lenders, corporations, and banks in the Minneapolis and Saint Paul metro area.
As an REO Agent, I also represent Asset Management Firms and Lenders who assigned their foreclosures and corporate properties in advance so I have access to a huge number of homes that are not quite ready for the public market for a variety of reasons that are associated with the foreclosure process. In other words, I know about foreclosures that are coming on the market before they are actually listed on the MLS!
When you have questions about any property, I encourage you to email or call me to better qualify those properties for you, even if the property is not currently listed for sale, but is clearly vacant. About 50% of today's sales involve a lender mediated situation and that's what I am specializing in!
Looking for a preferred real estate professional specializing in helping people move into their new neighborhood? If you are thinking of buying or selling real estate anywhere in the United States we can help you find a preferred REALTORTM in your area. Information you provide us on this site will be sent to the EXIT Realty Executives Relocation Services of America. Upon receiving your information, we will have a trusted professional REALTORTM in your preferred area contact you immediately. Our preferred real estate agents are professionally trained and you can expect a superior level of service above and beyond the typical relocation experience. NO DOWN RENOVATION LOAN PROGRAM FOR RE-HABS & REO'S BANK OWNED PROPERTIES FOR SALE
Our range of services include: Single Family Homes, Townhomes, Condominiums, Hobby Farms, Land, Investment Properties, Lakeshore, and Recreational / Hunting Land. Our Buyers have commented on our Stress Free/User Friendly Search tools when it comes to Finding Dream Homes. Those seeking new construction options, visit our preferred builder.
Buy Low / Sell High: Now is the Time To Buy! Most people developing personal wealth utilize a professional manager or stock broker. Is the Real Estate person you know a Strategic Real Estate Investment Professional? America's biggest and greatest assets evolves around your personal real estate acquisitions. You owe yourself the right to be aligned with entrusted professionals utilizing creative wealth building strategies. My mission is simple: We want to accelerate your personal wealth through proven systems, management and implementation strategies we have developed over the years.
Specialization We specialize in facilitating transactions for both Buyers and Sellers which include townhouses, condominiums and single-family residential homes (new construction and resale), land and hobby farms as well as lake shore properties. Let us help you manage and grow your real estate wealth and portfolio.
DAILY MORTGAGE MARKET UPDATE LINK
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You've no doubt heard that real estate is all about "location, location, location" and its true! While some real estate agents rely on outdated methods or gimmicks, I enhance your negotiating position by incorporating the latest Geographic Analysis and Geographic Information technologies. My technical approach to the North Metro's real estate market correctly prices your home, investment property, or business and pinpoints the quite cul-de-sac, investment property, or business opportunity that you seek. I am determined to make you the best informed home buyer or seller in your neighborhood - because when it comes to real estate, knowledge is power - and it saves you money! To provide local expertise, I focus my attention on the Twin Cities Metro area for business/investment clients and on the Northern Metro Suburbs of the Twin Cities for residential clients in Minnesota including: Blaine, Lino Lakes, Coon Rapids, Andover, Ham Lake, Columbus Township, Linwood Township, Lexington/Circle Pines, Champlin, Anoka, Ramsey, Elk River, Otsego, Monticello, Big Lake, Becker, Burns Township, Maple Lake, Rogers, Dayton, Albertville, St. Michael, Fridley, Spring Lake Park, Arden Hills, Shoreview, New Brighton, Mounds View, Maple Grove, Osseo, Forest Lake, Centerville, Scandia, St. Francis, Oak Grove, Columbus Township, and East Bethel.
Specialties Professional Experience Degrees Real Estate Industry Affiliations My geographic and technical skills give me an edge in the Twin Cities real estate market: My technical nature makes her very detail oriented: My Team and I at EXIT Realty Executives:
Strategic Real Estate Expert offering professional services for home buyers, sellers and investors in the North Metro Minneapolis and Saint Paul Twin Cities area.
Patti Ann Kasper, Your Minnesota, North Metro Twin Cities, and Blaine MN Real Estate Expert! Associates of Science Degree in Geographic Information Systems and Cartography from Anoka Ramsey Community College in Coon Rapids, Minnesota. Geographic Information Systems and Cartography Industry Affiliations Real Estate Industry Affiliations National Association of Realtors
Servicing Homes For Sale in the following: Zip codes service areas include:
Geospatial Information & Technology Association (GITA)
Minnesota Geographic Information Systems/Land Information Systems (Mn. GIS/LIS) Consortium
Cartography and Geographic Information Society (CaGIS)
Minnesota Association of Realtors
North Metro Realtors Association
55449, 55434, 55408, 55432, 54001, 54002, 54005, 54006, 54007, 54009, 54015, 54016, 54017, 54020, 54023, 54024, 54025, 54026, 54082, 54810, 54824, 54837, 54853, 54858, 55012, 55013, 55014, 55015, 55016, 55025, 55038, 55042, 55044, 55047, 55068, 55073, 55076, 55077, 55078, 55082, 55084, 55092, 55101, 55102, 55103, 55104, 55105, 55106, 55107, 55108, 55109, 55110, 55111, 55112, 55113, 55114, 55115, 55116, 55117, 55118, 55119, 55120, 55121, 55122, 55123, 55124, 55125, 55126, 55127, 55129, 55150, 55164, 55165, 55166, 55301, 55303, 55304, 55305, 55306, 55311, 55316, 55317, 55318, 55327, 55330, 55331, 55337, 55343, 55344, 55345, 55346, 55347, 55356, 55364, 55369, 55372, 55374, 55376, 55378, 55379, 55391, 55401, 55402, 55403, 55404, 55405, 55406, 55407, 55408, 55409, 55410, 55411, 55412, 55413, 55414, 55415, 55416, 55417, 55418, 55419, 55420, 55421, 55422, 55423, 55424, 55425, 55426, 55427, 55428, 55429, 55430, 55431, 55432, 55433, 55434, 55435, 55436, 55437, 55438, 55439, 55440, 55441, 55442, 55443, 55444, 55445, 55446, 55447, 55448, 55449
Licensed in Minnesota
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