There are many loan options available to borrowers who have experienced short sale, deed-in-lieu of foreclosure, foreclosure or bankruptcy. Below is a summary of the current waiting periods.

Click Here to see the Printable “Waiting Period” Loan Graph

* Multiple loan options are available. Specific eligibility criteria may apply depending on product chosen
**Property surrendered in a bankruptcy, is continued as a deed-in-lieu

Definitions Used in this Article:

Foreclosure- Property is repossessed when the borrower consistently fails to satisfy the loan obligations as agreed.

Short Sale- Lender agrees to accept payoff of less than amount owed in the mortgage once the property is sold.

Deed-in-Lieu of Foreclosure- Failing to satisfy the loan obligation, the borrower comes to an agreement with the lender to assign the mortgage title to the lender and avoid foreclosure proceedings.

Bankruptcy Chapter 7- Assets are liquidated and used to pay debts. Remaining bankruptcy debts are discharged.

Bankruptcy Chapter 13- Debts are paid back on a scheduled payment plan agreed upon and confirmed by the court.

Extenuating Circumstances- There are non-recurring events that are beyond the borrower’s control, that result in sudden, significant and prolonged reduction in income or catastrophic increase in financial obligations. Example of extenuating circumstances might include the serious illness or death of the primary wage earner. Divorce or the inability to sell the home because of a job transfer or relocation, does not qualify as an extenuating circumstance.

When purchasing or selling real estate, it can be a confusing and difficult job. Did you know that through continuing education, your agent can become designated in numerous areas concerning real estate? Their designations can generally be found on their business cards, listed in acronyms (example: GRI, CRS, CDPE…). Don’t overlook these random letters, because these letters represent designations which will set your agent apart from the rest of the crowd! Listed below are designations and their descriptions I have earned to better serve you as a client:

Super Real Estate Agent 2014:
Since only 3—5% of real estate agents make the list, it really contains only exemplary professionals!
Tens of thousands of Real Estate clients are surveyed to evaluate their Agent and a panel of industry experts reviews each consumers evaluation. The Agents are judged on:
1) Customer service
2) Integrity
3) Market knowledge
4) Communication
5) Negotiation
6) Closing preparation
7) Finding the right home
8) Marketing a home
9) Overall satisfaction

Realtor:
Member of the National Association of Realtors, which is a professional organization that requires following a strict code of ethics.

(GRI) Graduate, Realtor Institute:
In depth training in legal and regulatory issues, technology, professional standards and the sales process.

(ABR) Accredited Buyer‘s Representative:
A unique understanding of home buyer‘s needs and how to best serve them, specialized information to stay on top of home buying issues and trends and exclusive resources.

(CRS) Certified Residential Specialist:
Has an over 30 year legacy of giving residential real estate professionals the tools they need to be successful in any market through education, resources and connections.

(SFR) Short Sales & Foreclosure Resource:
How to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities in today‘s market.

(CDPE) Certified Distressed Property Expert:
Has a thorough understanding of complex issues in today‘s real estate industry and knowledge of foreclosure avoidance options available to homeowners.

(SRES) Seniors Real Estate Specialist:
How to ethically serve the real estate needs of the fastest growing market, clients age 50+.

E-PRO:
Teaches how to use cutting-edge technologies and digital initiatives to link up with today‘s savvy real estate consumer.

GREEN:
Provide awareness and knowledge of green building principles applied in residences and communities and guide buyer-clients in purchasing green real estate.

(CLHMS) Certified Luxury Home Marketing Specialist:
Assures affluent buyers and sellers that the agents who have earned it have the knowledge, experience, competence, and confidence they require. Members must have documented performance in the TOP 10% of their markets.

(MBC) Masters in Business Communication St. Thomas University:
Obtaining a Masters degree in business communications allows me to better serve you as a client. A thorough education in how to manage a successful business provided the knowledge needed for the in-depth marketing and sales for real estate.

Remax Platinum Club:
Members have to have earned $250,000—$499,999 in gross commissions during the preceding calendar year.

Remax Hall of Fame:
Members that have earned $1,000,000 in commissions with Remax

So next time you see designations listed following an agents name, know that they have gone above and beyond, to better serve you as their client. I continue to challenge myself as a fully licensed Realtor. Having gained useful knowledge through my continuing education, it in the end, benefits my clients in the sale or purchase of their dream home.

When choosing between a townhouse or detached home, take your lifestyle, family size, where you work and your stage of life into consideration. Buy a home that fits your current and future needs. The type of home you decide on plays a significant role in your quality of life.

Definition

Townhouses are homes joined by a common wall, usually with access to the outside and a small yard area that may be share by the unit’s residents or by the entire townhome community. The homeowner may own the land on which a townhouse sits, but more than likely must share ownership of that land as part of a condominium or homeowner’s association. Detached houses are homes built on their own lots. Traditionally, a detached home offers more privacy than a townhouse and may have fewer restrictions, depending on its location. The home owner may also own the land the home sits on independent of others in the development.

Prices

Detached townhomes may have higher price tags than townhouses because they are not connected to another home. Townhouses can be located in communities that may or may not offer amenities, generally these homes have a more affordable price tag.  Townhouse owners may have less control over property usage. This also may be true of detached homes located in homeowners’ associations.

Maintenance

It goes without saying that a smaller yard requires less maintenance. If a townhouse is part of a condominium or homeowner’s association, the association provides maintenance services – so you can give up your lawn mower and shovels! However, townhouse owners pay a fee for maintenance that must be factored into monthly housing costs. Townhouse owners also may not have the flexibility to make major improvements that alter the home’s exterior. Detached homes, as a rule, require more time and money to maintain. With detached homes, owners have more flexibility make major improvements that can increase property values.

Accessibility

Because of the space required to build them, detached houses are usually located away from downtown areas. Townhouses, on the other hand, have the advantage of fitting onto smaller plots or vacant pieces of land, making such housing options more accessible to busy commercial areas. If your lifestyle or job centers around such areas, a townhouse may work for you. On the other hand, if sharing a common wall with your neighbor or having a small backyard do no suit your lifestyle, a detached house may better serve your needs.

Starting in January 2015, a new law takes effect that mandates all new homes 4,500-square-feet (whether all the square footage is finished or not) and larger are required to have residential fire sprinklers. All new homes will also be affected by other new energy code changes such as air exchangers and insulation changes. It is estimated that these changes could drive up prices of new homes by more than $10,000 when you factor in the sprinklers. If you are able to purchase a new home before these changes come, it will save you some money.

Minnesota homeowners and their families will benefit from this new law: residential fire sprinklers save lives and can minimize the damage caused by a house fire. In addition, most insurance companies offer a discount from 5 to 15% for homes with fire sprinklers.