Nationwide, it seems the housing market is heating up, just
as it does nearly every Spring and Summer – including in the Twin Cities area.
Even with those seasons passed, the interest rates are still low with plenty of homes available on the Twin Cities real
estate market. That considered, more and more Minnesotans are pondering if they are ready to
buy a home yet. There are many things to consider, especially for those who may
be first time
Here are some questions and some possible answers to think
of if you are considering buying
planning to stay put? If the answer to this is no, you might want to
reconsider buying a home. If you think you are planning on stay in an area for
any less than 5 years, it may be worth it to really determine if buying a home
is right for you.
done your research? There is a lot of research associated with buying a
home. That includes what city or neighborhood might be best, where the real
We are SO excited to announce that Norton Homes has just been given a Reggie Award for its Excellence in Building! This prestigeous award has been given to top Twin Cities Builders for the past 40 years by the Builders Association of the Twin Cities. ...
Short sales are a last resort for home sellers trying to avoid
foreclosure. For struggling borrowers, a short sale
could really offer the only chance to avoid foreclosure and all of the
financial repercussions that can go along with it. While short sales still ding
a borrower’s credit, it can be better financially to sell a house in a short
sale than to go through foreclosure.
That being said, short sales are still stressful,
time-consuming and complicated. Here are five tips to help you successfully navigate
the process of short selling a home.
- Pick your
short sale team. Like the purchase of a home, a short sale is not a process you should go through alone. You should work with a team of short
sale experts, which includes a real estate agent, real estate attorney, and your
accountant. Interview several people for each position on your team and
evaluate them carefully. Remember that you’re placing some of your financial
future in their hands. Pick the best you can afford.
the financial implications of short sales. What happens to your mortgage once
a short sale is over depends on several factors. It's important for borrowers
to fully understand whether the lender has agreed to waive the mortgage deficiency
from the sale price or if the balance of the loan that is left after the sale
will be due. You can try to negotiate your way out of a deficiency or try to
avoid a deficiency judgment by pursuing a short sale through the Home
Affordable Foreclosure Alternatives program, or HAFA. Either way, there will be
a ding to...