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PRE: Principal Residence Exemption
Did you know that a law passed in April 2008 allows you to buy a home and leave homestead on your old home while it is for sale for up to 3 years. This law allows for 2 homesteads during that period, provided the proper documents are filed. Please contact any agent at Midwestern Realty Group LLC for additional information on this.

No Money Down
We have lenders that will allow you to ask for the seller to assist with the closing costs and pre-paid’s 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. If this is the right kind of loan for you, call us today and let’s talk.

PMI: Private Mortgage Insurance
This is mortgage insurance that is placed on a loan that does not meet the bank’s minimum down payment requirements. Many programs now have ways to lower the cost or eliminate PMI altogether, To see if you qualify for this, please call any of the staff at Midwestern Realty Group LLC.

REO’S: Real Estate Owned
Better known as repos, have become a big part of the real estate market. Midwestern Realty Group LLC has agents in house that deal specifically with REO properties. Our office is connected with several nationwide banks that have repossessed property in this area. All of our agents are ready to help you with your REO purchase.

Tax Credits
The state and Federal government have created tax credits for home buyers. The staff at Midwestern Realty Group LLC knows what direction to send you to take full advantage of these credits from First Time Home Buyers to remodeling.

Is the process that a lending institution goes through to get possession of a home back from an owner. This is a lengthy process and you have rights. In addition, you may have equity that you can still get. If you are in foreclosure, call us and let us see if we can help you.

Redemption Period
This is the time after the Sheriff Sale that takes place at the courthouse. This is at least 6 months and could be a year. It is during this time that you still have peaceful possession of the home and you have the right to try and sell the home. It is during this time that you really need the help and experience of a REALTOR. Midwestern Realty has assisted many sellers in this process. Call us today for more information.

Short Sales
A short sale is an alternative to foreclosure. If you are struggling or are behind in your payments, give us a call and see if a short sale is an alternative for you. We have the experience and the ability to navigate you through the process if you qualify.

Cash For Keys
Is a process where the lender will make a deal with the homeowner to avoid foreclosure or to avoid the redemption period. Call the staff at Midwestern Realty Group to learn more about this process and if it is the best decision for you.

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