AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question My daughter has a home in FL that is worth far less now then when she purchased it several years ago. For family reasons, she, her husband and children want to move closer to her family in Maryland. Would it be better for her to sell the home on a short sale or to try to rent the property? They put about$70,000 down on when they purchased the house and have been told that they would only be able to sell it for about $20,000 less than what they owe on their mortgage. Would a short sale affect their credit rating? The house is a modest three bedroom ranch in central Florida.
Answer There are a number of things you need to do to collect the data to make a proper decision.
Call a good Real Estate Agent and have them give you information on your market. This will include a market price. In some parts of Wisconsin prices are on the way back up.
Check with your lender to see if you qualify for a federal back refinance on the property. This is only available for your primary residence.
Check with the lender to see if they can give you a lower rate and don't be afraid of asking them to reduce the fees. You should be able to refinance for about $800 to $1200 in closing costs.
Check with an attorney to find your best option before you decide to file anything. In most cases an attorney can negotiate a new loan for you. It is also best to have an attorney represent you if you are considering a short sale.
Lots of luck. Hang in there we are all hoping the worst is behind us.
