Brainerd Lakes Real Estate News

 From the New York Times:

Michael S. Barr, Treasury’s assistant secretary for financial institutions, said in an interview Friday that the government would try to use shame as a corrective, publicly naming those institutions that move too slowly to permanently lower mortgage payments. The Treasury Department also will wait until reductions are permanent before paying cash incentives that it promised to mortgage companies that lower loan payments.

“They’re not getting a penny from the federal government until they move forward,” Mr. Barr said.

I am wondering if shame is the new step to take in getting the banking industry to do what the government wants them to do? It worked when I was young and my Mother used it, but I think there really may be a more adult way and I am wondering who the adult in this situation really is?     

Last month it was reported that fewer than 2000 of the 500,000 loan modifications that were then in progress had become permanent. Has the Making Home Affordable program worked with any of your clients?   We throw the term “loan modification” out there but who has seen real progress in this?  I know of only a few and then not personally but “someone who heard of someone who”.  

I am seeing progress in the time frames of processing Short Sales and the ease of doing so.  By 2010, I do think that there will be a more standardized system and would welcome that. I certainly prefer a Short Sale over a foreclosure.

Until then  “shame on you” – feel better now???

Life is like that sometimes, things happen and we do not know how we will make it through. You are not alone – there is help, there is hope. If you are falling behind on your mortgage payments or fear you soon will be, then perhaps we need to explore your options. A Short Sale may be one of them and is a far better choice that walking away. If you want to get more information and find out how Short Sales work, give me a call or email.

The definition of a Short Sale is:

A Short Sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid a foreclosure that involves hefty fees for the bank and a poorer credit report outcome for the borrower.

Kathleen Lordbock

REALTOR/Short Sale & Staging Specialist

Keller Williams Realty Brainerd Lakes                                   

218-831-8001 Cell

218-829-0339 Home Office

KLordbock@kw.com

photo by Flickr

Living above " all that "!

     A group of homeowners sought to block foreclosures in Minnesota, but their class action suit has been dismissed by US District Judge Ann Montgomery.  The lawsuit claimed that homeowners were not given proper notice when they were rejected on the right to appeal when dealing with the Home Affordable Modification Program.

     The attorney for the homeowners stated that new regulations have been adopted since the lawsuit was filed in July that address some of the raised concerns but that the process is not as transparent as it should be.

     What has your experience been working with this program?

Oh my, you will have to read this over a few times and then put just one or two things in practice to start.  I found lots of things that I am not doing yet.

     Statistics say that the best chance for selling your property is within the first seven weeks? Experience has shown that this is true. These studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is so very important to price your property at a competitive market value at the signing of your listing contract.

     Our present market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:

•  Minimizes offers
•  Lowers agents' response
•  Limits qualified buyers
•  Lowers showings
•  Lowers prospects
•  Limits financing
•  Wastes advertising dollars
•  Nets less for the seller

 When you are ready to list, contact me for honest advice on how to get top dollar for your home! A home that shows well and is priced to sell – will sell!

The big question is: Do you want to sell or stay??

Is the market price less than what you owe ? We need to have an honest conversation on Short Sales and other options.  Do not walk away - there is hope there is help!

Kathleen Lordbock

REALTOR/Short Sale & Staging Specialist

Keller Williams Realty Brainerd Lakes

218-831-8001

resaledesign@gmail.com

photos by Flickr

     There were strong home sales in the Greater Lakes area of Central Minnesota once again in October.  For the month there were 242 closed sales, up 14.7 percent from a year ago as low mortgage rates and the federal tax credit for home buyers spurred activity. With the home buyer tax credit extended and expanded, we can expect that first-time home buyer activity will remain strong, but don't bank on the same blockbuster numbers we saw this year. If you were a potential first-time home buyer who was qualified to purchase in 2009, odds are pretty good that you already bought. But if not, new homes coming on the market weekly and great buys waiting for you. The fact that the income limits have been raised for eligibility does help since it widens the credit's availability.

     The $6,500 credit for second-time buyers will spur some sellers in the low-to-mid price ranges to put their homes on the market who had previously been on the fence. New listings will likely increase this winter and into early 2010 as a result.

     I have listings in all price ranges and many move in ready - just bring in your own things and settle down for the winter.

Kathleen Lordbock

REALTOR/Short Sale & Staging Specialist

Keller Williams Realty Brainerd Lakes

     The Brainerd Lakes area according to state demographers is expected to be the top growth area in the state.  Area counties such as Aitkin , Cass and Crow wing Counties are projected to grow by 65% between 2000 and 2030, which makes it the fastest growing pocket in the state.  The counties which are North of the area are projected to grow by 55% in that same time frame.  Following the recession, according to George Orning a community planner,  it will take about 5 to 10 years to catch up and our lakes area will have more competition with other urban centers which offer similar amenities such as: trees, water and hills.

     The time to buy property in the Brainerd Lakes area is now.  With our great selection of properties at every price range and our natural resources, this is a great place to consider for a primary or vacation property. There are many lower priced homes available on smaller lakes and very high end homes on the Whitefish Chain, Mille Lacs and Pelican along with others.

     We are centrally located in the State of Minnesota with good roads leading into the area. Something is always happening here regardless of the season.  This is far more than a summer get away. Our Fall season with the gorgeous color displays are breathtakingly beautiful. Winter brings a Wonderland with Cross Country Trails and downhill ski thrills. Spring is just the start for a summer of fun on our lakes and rivers or award winning golf courses. Many movie stars, successful business people and high profile sports figures spend their relaxation time here in the Lakes.  Do they know something, you don't.

     For a property in the Brainerd Lakes area contact:  Kathleen Lordbock, Top Brainerd Agent, with Keller Wiliams Realty Brainerd Lakes - your area expert.

Kathleen Lordbock

REALTOR/Short Sale & Staging Specialist

Keller Williams Realty Brainerd Lakes

Re$ale Design & Home Staging

218-829-0339

218-831-8001

KLordbock@kw.com

                                                                                              photo by Aunt Owwee - Flickr