Here's the situation. If you are using an FHA loan to purchase a home, the house will have to meet some certain requirements for FHA to insure the mortgage. They want to make sure that the risk of loss is minimized so the appraiser is to look for certain aspects of the house to meet […]

There are many buyers, perhaps like yourself, that are looking to foreclosures as a good deal, a way to get a lower price on a home that you can put work into to gain equity.  If this describes you, read on. Buying a foreclosed property means that you are purchasing a property that has been […]

What’s the difference between a Short Sale and a Foreclosure? A Short Sale is when the homeowner owes more than the property is worth, and cannot pay back the difference. They are short of full payoff. Here’s an example: Let’s say the homeowner buys a house for $200,000, with a primary mortgage of $160,000, and […]

In the Minneapolis / St. Paul and suburbs, the typical process for a foreclosure goes something like this. Upon missing the first mortgage payment, the bank sends a nice, friendly letter reminding them of a missed payment. After another one or two missed payments, the letters get a little less friendly. After 4 or 5 […]