Word of the Week:


Title Report:

A report  issued by a title company,

disclosing the condition of the title to a specific piece of property,

 before the actual title insurance policy is issued. 

Often called a preliminary title report.

Thursday Thriller


This is how agents act today first home or hundreth home sold!!

With the difficult market we are in today, those in the real estate career path get a LITTLE excited when they sell a home now-a-days. 

Brokers are reporting an increase in hug effects when an agent sells a homes.

Short Sale or Foreclosure, What Should “I” Do?


TV, newspaper, internet wherever you turn you are hearing about this topic everywhere.  Those facing a short sale or foreclosure know it can be very stressful and often wonder where to turn.  I am here to tell you that “YES” it can be stressful, but once you have spoken with a qualified person that can give you direction, answer your questions and help you to make those first steps, this stressful feeling will subside and you will wonder why you waited so long to ask the question.  What most people don’t know right now, if you were to start asking around, you would be surprised at how many people are in the same situation you are in.  Why are we so afraid to talk with each other about our difficulties…remember when the teacher always said to us, the only stupid question is the one that was not asked?  Shouldn’t that apply in this situation also?

The worst thing you could have to tell your spouse or partner is that you may be on the verge of loosing your home.  Now what, how long will the process take, where do we go from here & most impotantly…where will we live & how long with this affect our credit scores.  These are more than just scary thought.  Depending on the action you have to take; short sale vs. foreclosure both will impact your credit scores but in two very different ways.

Short Sale: May stay on your record for 3-4 years.  How it affects your credit score is based on each situation individually as each of our credit scores are different to begin with.  After the appropriate number of years, you may see this come off your credit report.  If you have a second mortgage, this lender has up to 7 years to come after you for the deficient amount owed on that loan even once the home is sold.

Foreclosure: This will stay on your credit report FOREVER! It may affect the terms of any loan or credit card you try to obtain in the future. 

Neither of these procedures should be taken lightly, however, working with a qualified real estate agent will help guide you through the process and be able to direct you to the correct persons that you may need to speak with in order to make the correct decision for you.  When speaking with a Real Estate agent about how you should proceed, it is important to know that this person can not ethically give you any legal or financial advise on the decision you might need to make.  It is always in your best interest to speak with the appropriate persons for direction in these matters.  Your Real Estate agent should also not pressure you to make any impulse decisions on what you want to do.  Since this decision is going to affect you for many years if not a lifetime, take the time to make the decisions that feel best for you, your spouse and most definitely your family.

The other thing to remember is each situation is different and how the bank works with your agent will be different in each case.  So if you see an agent promoting themselves as an experienced or expert in either of these situations, remember that these designations are self-proclaimed and there is NO government or agency that gives these titles to an agent.

THE SPIRITS TO MOVE are here to assist you in all your real estate needs & questions.  Leave us a question if you have one and we will get back with a private response to you.  We are here to help move you in a professional & confidential manner.

Buyer class for Scott/Carver counties…Contact Lou


Dear Potential Homeowner :

1) We offer individual “Loan Counseling” appointments to discuss your personal financial situation as it relates to purchasing a home or getting a good home loan.  Our counseling services are free except for a credit report which is currently $12.75 (including the score).  If you would like this “loan counseling” appointment, please call us to set a date and discuss what paperwork we need (copies of paystubs, bankstatements and tax returns).  We look at your income, credit and assets like the bank or a lender does, and we help you create a plan for mortgage loan application and a house purchase.

***2) In addition to the loan counseling please see the flyer for our HOMEBUYER “Home Stretch” Seminars and a registration form.  After you have reviewed this, you may return the Seminar Registration and $25 fee/household payable to the Carver Co. CDA at 705 Walnut Street, Chaska, MN  55318, for our Educational 8-hour seminar (approved seminars are required to utilize certain special mortgage products or down-payment assistance programs).***

 

JANUARY 6, 2011 – THURS.eve        6pm-9pm

and JANUARY 8, 2011 – SATURDAY        9 am-2:30 pm

 

3) Depending on your move-in date goal, we do have some very nice properties available here for the Carver Co. Land Trust.  If you have any questions regarding our local Land Trust properties for sale please call and ask for Brenda.  We look forward to helping you towards your financial & homeownership goals.  (952) 448-7715.

Lastly, we can review and help you understand almost any lender’s and most real estate agent’s paperwork you have already received.  (Our counseling services are free except as listed in this letter.)

Please share the attached “schedule” with others if you can.  If our “Home Stretch” schedule or location is not convenient for you, other Home Stretch providers in the Metro area and their schedule can be picked up at our office, accessed on the following web page: www.hocmn.org or call 651-659-9336 to have a brochure sent to you.

Our sincere best wishes!

LOU & BRENDA

Louise A. Setterquist, Brenda Lano, Housing/Mortgage Counselors

Carver Co. Community Development Agency  (HUD, NSP, MHFA Approved)

Encs.                                                                                      

DIRECTIONS to CHASKA, Mn.(southwest of Minneapolis, southwest of Eden Prairie)

From the West:  Highway 212 or Hwy 5 east to Mn.41(also Chestnut Street), go south to Seminar; see below

From the South:  go N. on 169 to Mn.41, turn north, go over the river to Seminar; see below

From the North/East: 169 south to 212 west OR 35W South to Highway 62 or I494, West to US 212, west several miles to Mn.41, exit 41(also Chestnut Street), turn left/south, go south to the Seminar; see below.

DIRECTIONS to the SEMINAR in CHASKA: to be determined

POSSIBLE SEMINAR LOCATIONS:

Carver Co. CDA, 705 Walnut St., Chaska– the Seminar entrance is in the back of our building.  Please part on Walnut or in the lot on the northwest corner of our building, behind the Snap Fitness building, not in front of it.

AMERICAN LEGION – 102 4th St., downtown Chaska, 3 blocks from the Minnesota River bridge.

CHASKA HIGH SCHOOL – Pioneer Trail, Chaska

VALLEY FREE CHURCH – Engler Blvd., Chaska

705 Walnut Street, Chaska, MN  55318   www.carvercdaorg         Ph 952-448-7715   Facs. 952-448-6506

 

DIRECTIONS to CHASKA, Mn.(southwest of Minneapolis, southwest of Eden Prairie)

From the West:  Highway 212 or Hwy 5 east to Mn.41(also Chestnut Street), south to Chaska Blvd., left 1 block to Walnut, left to our office/seminar building; see below

From the South:  go N. on 169 to Mn.41, turn north, go over the river and you’re in Chaska Blvd., right 1 block to Walnut, left to our office/seminar location; see below

From the North/East: 169 south to 212 west OR 35W South to Highway 62 or I494, West to US 212, west several miles to Mn.41, exit 41(also Chestnut Street), turn left/south, go to Chaska Blvd., left 1 block to Walnut, left to our office/seminar location; see below.

DIRECTIONS to our OFFICE: We are located in downtown Chaska, 1 block NE of Chaska Blvd. (old Hwy 212) and Hwy 41 intersection, behind the Walgreen’s and in the same building as the Subway, 705 Walnut St.