Edina Realty Agent Kris Lindahl, Who Has Experience with USDA, Explains at a Recent Short Sale Seminar Why Lenders Prefer Short Sales over Foreclosures

Blaine, MN (PRWEB) December 14, 2012

The Edina Realty Agent Kris Lindahl, who has experience with USDA, explains why a short sale is a better alternative than a foreclosure for many reasons.

“Lenders don’t like foreclosures for many reasons,” Kris Lindahl says, and continues,”Studies show that lenders realize more money from the short sale than they do when a property is sold after foreclosure, the short sale process requires fewer of the lender’s resources, and if the home fails to sell at a foreclosure auction then it is expensive to maintain, insure and secure until it sells.”

“For these reasons, and more, the best choice for a homeowner to sell their home quickly is to use the short sale process. Lenders are more keen to this idea and will work more fluidly knowing it will go smoother for them as well as you,”Kris Lindahl expalins. This information comes from Kris Lindahl’s recently published eBook that is available for free download, and is title “A Homeowner’s Guide To Short Sales.”

For excellence in sales and sales volume year-to-date Kris Lindahl has recently received the Chairman’s Award, the highest honor for a real estate agent, from Edina Realty. Speaking of his success Kris said,”I chalk it up to hard work and a technological edge over most other agents across the country. I know real estate like the back of my iPad.”

“When buying or selling a home you need to have the best tools out there at your fingertips, and with me as your agent I can guarantee that will be true,”Kris Lindahl explains. Kris Lindahl has also created three short sale calculators, has a planned down payment assistance calculator website in the works, and has a video series on YouTube.

Call Kris Lindahl and the Kris Lindahl team at (763) 607-1415 for more information. Visit the Kris Lindahl website for more information as well.

Related Money In Real Estate Press Releases

CNBC – Homeowners advised to turn to short sales and loan modifications

First time home buyers, investors, and organized property flippers currently make up the majority of those active in the housing market. However, Pete Flint, CEO of Trulia.com, cautions the first time home buyers that are looking to benefit from low interest rates and low prices of foreclosed homes. I would recommend working with an experienced foreclosure expert and doing research before purchasing a foreclosed home, he said. Instead of foreclosing, Howard Glaser, president of the Glaser Group recommends short sales and loan modifications. He believes the Obama administration is going in the right direction with passing loan modification measures because they will help the three things necessary for recovery; a stable economy, stable credit, and a stable inventory.Short sales are another good way to put the right person in the home and get the lender out from under, said Glaser. But CNBCs Diana Olick expressed skepticism in turning to short sales in lieu of foreclosures. Short sales are beginning to take as long as the foreclosure process, which at this point are quicker than they ever have before.” For more information please click on the link provided: www.truliablog.com
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Assistance on Searching for Foreclosed properties by utilizing all of the available and mostly free Website Search Engines on the Internet. Contact Keith Goeringer @ 386.206.3308 or email k@kgoeringer.com Websites I go over are: 1. www.hud.gov/homes 2. www.bargain.com 3. www.zillow 4. www.neighborhoodscout.com 5. www.Craigslist.com 6. www.trulia.com 7. reosearch.fanniemae.com 8. www.homesteps.com

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Short Sale Process Complicated by Loan Selling

San Diego, CA (PRWEB) November 23, 2012

REMI released its opinions on news from North County Times that because banks like Bank of America and Citi are selling servicing rights for mortgages to smaller companies, short sellers in San Diego are having problems finishing their sales. REMI believes this is bad news for the market, as short sales could help pad the already-stretched inventory of homes for sale in Southern California and such roadblocks are slowing market growth in the area.

Short sales are deals in which borrowers who are underwater with their mortgages sell for less than what they owe, absolving themselves of the mortgage. A successful short sale requires the approval of the lender bank. In San Diego County, short sales now make up 29 percent or so of total home resales; this figure does not include numbers of transactions from San Diego vacation rentals.

According to Lily Leung’s article in the North County Times, The problem in San Diego is arising because larger banks, especially Bank of America, have been selling servicing rights for delinquent loans to smaller companies, who spokesman Richard Simon says specialize in that type of high-touch servicing. Since the start of the year, Bank of America has increased their sale of mortgage rights.

If a short seller is in the middle of a sale, and his or her loan is sold to a third party, it means that the seller must start the short-sale process from scratch with the new company. Usually the borrower is notified via mail that his or her loan will be sold in two weeks or so, and then can only wait until the change occurs. Meanwhile, the prospective buyers of the property can lose patience or the terms of the sale can expire; this can disrupt the sale completely, forcing the short seller (who may be delinquent on mortgage payments) back to square one. REMI is concerned that increased difficulty of short sales, which have become more popular in Southern California than foreclosures for distressed homes, may hurt the recovering sales market in Southern California by reducing the amount of homes available for buyers.

The fallout from these increased sales has included loss of cash incentives promised to sellers, which can mean a loss of almost $ 20,000 after a completed short sale. This can be catastrophic to a recent short seller, who may have been counting on that money for use on real estate broker marketing or other business endeavors. A San Diego realtor advises that prospective short sellers check with their mortgage servicer about their plans for service releases; banks are required to tell borrowers about impending servicing changes. This can help consumers plan accordingly; if they do go forward with a short sale they have an idea of the time frame allotted to close.

The Real Estate Marketing Insider issued a statement surrounding news from San Diego that large mortgage servicers like Bank of America, Citi and Chase are selling rights to delinquent mortgages in greater numbers, and this is causing problems for some distressed borrowers who are trying for short sales. Short sellers must obtain permission from their servicer to execute a short sale, and the change in servicer to a smaller firm means they must start the entire short-sale process over.

The Real Estate Marketing Insider is an online publication bringing news, marketing tips, and analysis to real estate professionals. REMI is based in La Jolla, CA.

More Real Estate Make Money Press Releases

Short Selling North Hills Real Estate may be a Better Option than Loan Modifications

(PRWEB) November 06, 2012

Due to economic downturn as well as a fall in real estate values, countless homeowners who have invested in North Hills Real Estate have bought premium properties at extreme prices and they are now going through financial adversity. The value of their properties have decreased drastically in relations to the total mortgage due on the property. As a result, many people who have lost their lucrative jobs started to consider selling the property to avoid huge mortgage payments. However, most buyers are not ready to invest a huge amount in to the North Hills homes for sale, given the decrease in the value of the real estate as a whole. The situation worsens when property owners have to face foreclosure. Red Blue Realty, with the help of their reputed North Hills Real Estate Agents, gives valuable insights to North Hills homeowners on avoiding foreclosure as well as loan modification by setting up a short sale.

Keep Credit Score in Mind

The current scenario of North Hills Real Estate homeowners who are underwater on their mortgage warrants the need for short selling the property rather than opting for foreclosure. Homeowners may try a loan modification although statistically speaking, the majority of loan modifications do not work out for homeowners. Aside from having the loan forgiven at the settlement price, one of the most important advantages of short selling a home is that the credit score is not affected as badly as in the foreclosure process. Rather then wasting time with a loan modification and risking foreclosure, speak to a North Hills real estate agent about short selling a property.

Less Time to Buy a New Home

For those people who want to short sell their North Hills properties and settle in a comparatively small city with a rather moderate living cost, it is important that they short sell their homes and get a fresh loan for a house that is little smaller and in a small town after sufficient time has gone by. A foreclosure makes it more difficult for a person to get a fresh loan, due to the bad credit score. If a person goes for a loan modification, it is difficult to get out of the rut of paying for the property, which is far lower in value than the mortgage payment. In most cases, a loan modification provided to the homeowner will not renew the initial loan balance, but rather change things like the loan repayment date, or interest rate.

Avoid Selling Expenses

When a person considers short selling over foreclosure, a homeowner can avoid selling expenses such as title insurance, attorney fees, agent commissions etc. In case of a foreclosure, these expenses may fall on the seller as well in the form of a 1099 from the lender holding the account.

To find the the perfect real estate agent who can help you strategize the best solution, be sure to check out http://www.RedBlueRealty.com or contact Christopher Rosiak at:

Email: Contact(at)redbluerealty(dot)com

Phone Number: 1-(855) 66-RBREALTY or 1-(855) 667-2732