Need to sell your home but your mortgage is more than your property value?

This was very eye catching to me. I wonder how many Sellers see this and go ahead and call these Realtors? What really makes an "expert" in short sales. I have worked on many short sales and it seems to me there are no rules of engagement that go across the board. The main point for homeowners to realize is, their hands need to be in Realtors that care, know what they are doing and are tenacious. You have to be in it to win it. Calling the banks weekly, following up on every detail and communicating to my Sellers or Buyers at every step. Every bank , every investor within every bank, every deal is different ,every time. Understanding Minnesota's laws regarding Foreclosure, keeping up daily on new rules and regulations and truly caring about what happens to the home owner.

Many Realtors are in it for the commission and the amount of short sales they can list and sell. I personally follow through on every aspect of the short sale process until it is complete to the satisfaction of the homeowner. I don't have 50 listings, I have a few ,that close quickly with satisfied clients. If you or anyone you know is in a position where they need to sell their home, and owe more than it is worth, call me. There is a solution. Let me help you.

Top 10 Reasons why now is the Time to Buy a Home and Stop Renting

From the website: Buy and Sell House Fast dot com.

If ever there was a time for renters to consider buying their own home and stop wasting money on rent, now is certainly the time. This is because there are numerous advantages available to home buyers in the current market, especially first-time home buyers. While it is true that mortgages are somewhat more difficult to come by than they have been in the past, this does not mean that they are completely impossible to obtain. Buyers who have taken the time to ensure they have strong credit and have saved for a down payment can still qualify for a mortgage loan. Below are just a few of the reasons why now is the best time to make the move from renting to buying:
Lower interest rates - Currently interest rates are lower than they have been in some time. If you are thinking of buying a home, now is certainly the time to do so in order to make sure you lock in those great low rates.
More choices - he inventory of available homes on the market is larger than it has been in years. This means that buyers have far more homes to choose from than they would have in the last couple of years.
Begin to build home equity - When you rent a home, all of the money you pay in rent goes to your landlord. It does not allow you to accumulate any type of asset for yourself. When you buy a home; however, the money that you pay for the mortgage payment actually goes toward something that is tangible and belongs to you.
Tax savings - Renting a home does not provide you with any opportunities to save on your taxes; however, owning a home certainly does. The interest you pay on your mortgage payment every month is tax deductible.
More freedom - If you rent an apartment, you already understand the degree to which your freedom and flexibility is restricted. Not only are you probably not allowed to enjoy the opportunity to grill outdoors due to fire codes, but there are probably a host of other restrictions that are imposed as well. When you own a home instead of rent, your home is really your castle. If you feel like having a backyard BBQ, you have the freedom to do that. If you want to plant flowers along the walkway, you can do that too. Home ownership provides a tremendous amount of freedom, flexibility and privacy.
More decorating choices - Are you tired of the blah way in which your current rental home is decorated? Are the walls a boring beige or white? When you own a home rather than rent, you have the power to decide how you want to decorate it. If fire engine red walls are what really speaks to you, you can paint to your heart's content whenever you feel like it.
The ability to negotiate on terms and price - Due to the large number of homes on the market, sellers are far more willing to negotiate in terms of price as well as many other concessions. Some sellers are even willing to pay a portion of the buyer's closing costs; a real boon to first-time home buyers.
More Space - You may very well find that in today's market you are able to afford a larger home for the same amount of money or even less money than you are currently paying every month in rent. If you dream of having a home office, starting a family soon or expanding your family, now could be the best time to get the additional space that you need for the right amount of money.
Develop community ties - Living in an apartment it can often be difficult to take a vested interest in your community or even to get close to your neighbors. This is not the case; however, when you live in a neighborhood of homeowners. By owning a home you may find the opportunity to become involved in community affairs, develop strong friendships with neighbors and enjoy such advantages as block parties.
Maybe no money down - Financing restrictions have tightening in the last few months; however, that does not mean that all of the 100% financing programs have been completely banished. It you have good credit and do not wait, it is quite possible that you may still be able to take advantage of this type of program. This could allow you to purchase a home for no money down.

Short Sales: Time is money..

This was great information from a post I read regarding short sales by:
Debt Kid


Until 2008 , there were definite tax consequences from escaping foreclosure through a short sale. Avoiding foreclosure has always been the best thing to do since it prevents a black mark on your credit report that might keep you from being approved for future loans. Most financial experts will tell you that even today, keeping a foreclosure off your credit report is more important than any added tax liability.
First, consider the credit problems
Whether you are foreclosed or choose an option such as a short sale or a deed-in-lieu of foreclosure, you will have to deal with the tax man. And most real estate professionals will advise you that a short sale is your best option if preserving your credit is important. There are a number of potentially-costly consequences of foreclosure, deed-in-lieu of foreclosure and a short sale. Most of these are the impact on a debtor’s credit rating. The first two, foreclosure and deed-in-lieu, have about the same impact—reducing your FICO score by 200 points or more. With a short sale, this reduction is more in the order of 100 points. You can also expect it to be impossible to get a new loan for 36 months or more with the first two, and around18 months with a short sale. This means that you will be able to recover from the credit impact much faster with a short sale. Nevertheless, there will be credit consequences no matter which solution you select.
Mortgage Forgiveness Debt Relief Act of 2007
The new Mortgage Forgiveness Debt Relief Act of 2007 all but eliminates the extra financial ‘hit’ a debtor would take due to tax liabilities. It was first introduced in the House in September, 2007 and finally signed into law by President Bush on December 20th, 2007. Now, the act is law and is termed Public Law No. 110-142.
Prior to this year, a debtor would suffer the loss of his home, negative impact to his credit rating and additional debt arising from federal tax laws that made the difference between what the home sold for and what he owed on his mortgage, taxable as income. The only escape from this new financial liability was to file bankruptcy which, regrettably, makes one’s credit terminally ill.
Public Law No, 110-142 (H.R. 3648) amends the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income and for other purposes. It does not, however, apply to homes purchased for investment and subsequently rented out. It only applies to homes where the owner has been in residence.
There are some limitations under the new act
The new law also reduces the income tax breaks on most gains from the sales of non-primary residences based upon a formula that considers the amount of time that the taxpayer actually lived in the property during the five years preceding the sale. And it limits the excludable amount of the indebtedness to $2-million and forbids the inclusion of indebtedness arising from services performed for the lender. There are other benefits and penalties as well. Perhaps most important, however, the new law keeps insolvent homeowners from taking an additional financial beating on a 1099 IRS gift of their short sale or foreclosure which only bankruptcy could do until this year.
Full details on Public Law No. 110-142 (H.R. 3648) can be had by going to: http://www.govtrack.us/congress/bill.xpd?tab=summary.
You Need An Experienced Short Sale Agent!