There is a lot to learn about the world of real estate, including potential programs and resources to take advantage of that you might never have heard before!
The information below is well worth reviewing, and please don’t hesitate to contact us if you have any questions. We’ll always be happy to help you get the most out of your real estate transactions.
Cash for Keys
“Cash for keys” is an agreement where a lender or new homeowner will make a deal with a tenant to avoid foreclosure or a redemption period. This often involves moving out on an agreed-upon date in exchange for cash. We can tell you more about this process and whether it may be a good decision for you.
Foreclosure is the process a lending institution undergoes to reclaim possession of a home from a current owner. It is a lengthy process and one in which the homeowner has rights. Additionally, a homeowner may still have equity that they can get. Contact us if you are in foreclosure. We may be able to help.
No Money Down
We have lenders that will allow you to ask for the seller to assist with the closing costs and pre-paid elements involved for a buyer when they purchase a home. This process allows you to get into a home with little or no money out of your own pocket.
Principal Residence Exemption (PRE)
This exemption, by law, allows you to buy a home and leave homestead on your old home while it up for sale, for up to 3 years. Two homesteads are permitted during this period, provided that proper documentation is filed. We can help you ensure your exemption is in order.
Private Mortgage Insurance (PMI)
PMI is placed on a loan that does not meet the minimum down payment requirements. However, many programs now have ways to lower or eliminate the cost of PMI altogether. Midwestern Realty Group can help you see if you qualify and work through the details.
Real Estate Owned (REO)
Better known as repos, REOs have become a big part of the real estate market. Midwestern Realty Group has in-house agents who deal specifically with REO properties, and our office is connected with several nationwide banks that have repossessed property in the area. All of our agents are ready and capable to assist clients with an REO purchase.
This is a length of time – usually 6 months to a year – after a foreclosure sale when the defaulting owner can still reclaim their home. The previous owner retains peaceful possession of the home and has the right to try and sell or repurchase it. We have assisted many sellers in this process.
A short sale is an alternative to foreclosure. If you are struggling or behind on your payments, we may be able to assist you in a short sale process.
The state and federal government have created tax credits for home buyers. The staff at Midwestern Realty Group knows how to take full advantage of credits in a variety of situations, from first-time home buying to remodeling.
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