Welcome to 9160 Amber Drive

I have a beautiful new listing in Credit River Township, just off 35 and west of Lakeville.  It was custom built in 2007 and I don't expect it will last long.  It has a whole host of incredible features, ranging from Maple cabinetry to in-floor heating to a full security system.  Here is a bit more information along with some absolutely stunning photographs:

Another Nice Testimonial

I recently helped a friend of mine, Eric, purchase his first investment property.  He had some nice things to say about the process and I thought I would share them:

Josh made the home buying process extremely smooth.  He was always available for any questions that I had and always found time to fit me into his schedule, even at short notice.  I would definitely refer friends and family to him, and I plan on using him in the future.

Once again, I am always thankful for such kind words.  If you, or somebody you know, is looking to buy or sell in the near future, I would be happy to sit down and talk with them - it is always my goal to provide a level of service that makes the process smooth and makes my clients feel well represented/well cared for.

Keeping FHA Financially Viable

HUD Logo

The Department of Housing and Urban Development (HUD) and the Federal Housing Adminstration (FHA) recently announced that the annual mortgage insurance premium paid by FHA mortgage borrowers would increase a quarter point (.25%).  Rightfully so, many people are upset - this will surely lead to a slight increase in the amount of money it costs to obtain a loan.   But compared to the alternative (higher down payments, higher closing costs, more restrictive income requirements, lower caps on eligible home values, etc..), I actually think this was a fair move.

FHA has been instrumental in providing loans to lower income borrowers who could never afford a 20% downpayment.  In the past 4 years, since the meltdown of the mortgage industry and the collapse of the housing market, FHA has buoyed a highly unstable market.  It has also allowed first time home buyers to take advantage of drastically reduced property/home values and the Federal First Time Home Buyer Tax Credit.  I think the decision was made for two reasons:  The first was to ensure that FHA remained financially viable into the future.  The second, I'm sure, was to start easing some of the risk of mortgage lending back into the private sector.

I'm not going to wade too far into the technicalities of obtaining a loan or the precise economic effects of this particular decision by FHA, but I think the big point here is that FHA will remain financially viable in the near-to-mid term, and it also keep open a window of opportunity for potential home buyers everywhere.  Like everything in life, the decision is relative and must be compared to the alternatives.  In this instance, I think they made a decent choice.

Why Short Sales Need Attorneys

Our guest blogger is Jerry Probst, owner and attorney at J. Probst Law in Burnsville.  Jerry and his team specialize in short sales, foreclosure avoidance, and creditor/debtor law.  You can learn more about J. Probst Law here.

If your real estate agent truly has your best interests in mind when advising you about the possibility of short selling your home, they will definitely tell you to speak to an attorney. And not just any attorney, but one knowledgeable in short sales, foreclosures and creditor/debtor law. This will ensure that the sale would be the best choice for you. It is important for you to understand all of your options and the subsequent ramifications.

There is only one common denominator with all short sales - that is, the property is worth less than the amount that is owed. Other than that, a multitude of factors need to be addressed which differ for each individual or family. Some of those issues include how many mortgages are against the property and if they are current or not, whether there are tax liens or judgments, the nature of your hardship, your overall financial situation, what your future plans are, as well as your expectations about the process. Inevitably, other issues unique to your situation will come up that will need to be addressed.

It is only after you and the attorney have discussed these issues, and you understand the options you have and their possible ramifications, that you can make a knowledgeable decision on how to proceed.

If you decide on a short sale you will list the property with the agent.  If you decide a short sale is not a viable option at this time, you will remember the agent had your best interests in mind and will refer business to them and use them in the future!