Posts in Home Seller Tips
Recently, sellers who were seeking approval for their Freddie Mac Short Sale were informed by their loan servicing company that the investor (Freddie Mac) has made an important policy change. Effective immediately, Freddie Mac will no longer approve short sales of properties in the redemption period.
In Minnesota, the redemption period is the 6 month time frame following the Sheriff's Sale. This change is being made, in part, because the official ownership of the property changes when the Sheriff's Sale occurs.There are options to help you deal with these new changes, but don't delay. Call me at my Google Voice number 925-272-8363 or email me at pakaper@ExitRealtyNexus.com for more information.
Use this link to see if Freddie Mac owns your mortgage: https://ww3.freddiemac.com/corporate/
Here is the most recent update from Chris Galler at the Minnesota Association of REALTORS®:
"Freddie Mac has loans in all 50 states, with over 550 different laws, rules and regulations. Numerous legislatures and local city/county governments have been passing extensions, restrictions and complicating regulations geared at extending the occupancy of homeowners whoLegislative Update - Real Estate Issues (update for Feb 2012):
At the Federal level, efforts to eliminate the Mortgage Interest Deduction (tax deduction) for homeowners have been quashed (at least for the time being) by all of the good work by the National Association of REALTORS® on the Federal level and the Minnesota Association of REALTORS® on the State of Minnesota level. While this may be brought back up in the future, it is unlikely that it will be an issue again until after the 2012 elections. House Resolution 25 "Expressing the sense of the Congress that the current Federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted". Thanks to the efforts of the Minnesota Association of REALTORS®, there are no changes expected to the Capital Gains exemption for homesellers. The current exemption for the $250,000 of Capital Gains (single) or $500,000 of Capital Gains (married couple) remains in effect. Efforts to eliminate the Minnesota Property Tax Refund for homeowners have not been successful, again thanks in part to the efforts of the Minnesota Association of REALTORS®. In the Minnesota legislature, a bill has been introduced that would increase the maximum refund allowed for homeowners with household incomes from $37,280 to $100,779. On the Federal level, there are efforts to eliminate the Mortgage Forgiveness Debt Relief Act and Debt Cancellation. This is going to be a big issue fIf you are selling your home, you need an expert who understands the niches within the Twin Cities market and knows how to price your property accurately.
We can help you get 6.3% more for your home. Here's how...
The percent of the original list price that a seller receives at closing can be greatly influenced by the skill of their agent.
We average 98.4% of the Seller's Original List Price, while the overall average for agents in the Twin Cities area MLS is only 92.1% (based on 2010 numbers). That's a whopping 6.3% difference. To translate that into dollars, for example 92.1% of $156,000 (the Twin Cities median price) translates to a sale price of $143,676. However, 98.4% would translate into a sale price of $153,504. That's a cash difference of $9,828! Could you do something with an extra $9,828?
If you'd like to find out more about how we can help you get more for YOUR home, just give me a call, I'd be glad to help!
