Final Walk-Through Checklist

The final walk-through gives home buyers an opportunity to inspect a property before closing on the sale of a property.

During the walk-through, buyers can determine if the repair work they requested in the sales agreement has been completed. They can also confirm that the condition of the property has not deteriorated since last seen.

Because the walk-through takes place only a few days or even hours before closing, it’s easy for excited buyers to underestimate the importance of the walk-through. However, being thorough during these final steps can save buyers from unexpected headaches and expense. 

Bring this checklist and a copy of your sales agreement to the walk-through to keep you on track. Be sure to discuss any issues you discover with your agent before closing.

Here are some things to check but not limited to these:

Ensure that requested repairs have been made
Have all the repairs you requested in your sales agreement been made?	Yes	No
Do you have all warranties and/or bills for repairs made?	Yes	No

 

Check for items you purchased with the house
Drapes	Yes	No
Appliances	Yes	No
Lighting	Yes	No
Furnishings	Yes	No
Hot tub or sauna	Yes	No
Play structures	Yes	No
Remote control devices for ceiling fans, alarms, garage doors	Yes	No
Owner’s manuals for appliances and home systems (air conditioning, heating, fireplace units, alarm systems, etc.)	Yes	No
Do the doors open and close properly?	Yes	No
Do the windows open and close properly?	Yes	No
Are any windows missing screens?	Yes	No
Are there any missing storm windows?	Yes	No
Are there any broken windows?	Yes	No

 

Check appliances and systems
Start the dishwasher when you come in.  Can it complete its cycle?	Yes	No
Test the air conditioner. Does the thermostat work? Does the system blow cool air?	Yes	No
Test the heating system work. Does it get hot?	Yes	No
Flip on overhead fans. Do they work?	Yes	No
Test the water heater. Is the water from faucets hot?	Yes	No
Does the doorbell work?	Yes	No
Does the alarm work?	Yes	No
Does the intercom work?	Yes	No
Does the garage door open and close smoothly and quietly?	Yes	No
Does the washer work?	Yes	No
Does the dryer work?	Yes	No
Does the stove work (check all burners and oven)?	Yes	No
Does the built-in microwave oven work?	Yes	No
Does the damper in the fireplace work?	Yes	No
Does the gas come on in the gas fireplace?	Yes	No
Does the fan work in the gas fireplace?	Yes	No

 

Have any walls been damaged by movers?	Yes	No
Have floors been damaged by movers?	Yes	No
Have the floors been damaged by pets?	Yes	No
Is all personal property not included in the sale removed?	Yes	No
Is all debris removed?	Yes	No
Check attic and other storage places
Is it empty?	Yes
Check exterior
Is the landscape as you expected it?	Yes	No
Turn on the sprinklers.  Do they work?	Yes	No
Flush all toilets. Do they run, empty slowly, or leak?	Yes	No
Check all faucets. Do they leak?	Yes	No
Do the tub jets work? (spa tubs only)?	Yes	No
Turn on all showers. Do they drain properly?	Yes	No
Check the basement. Look at the floor, walls, and any exposed plumbing. Are there signs of leaks?	Yes	No
Check electric
Turn on all lights. Do they work?	Yes	No
Check plate covers. Are they damaged or missing?	Yes	No
Check the kitchen and bathroom outlets. Are there GFCI outlets next to the sinks and other water sources?	Yes	No
Inspect the circuit breaker box. Are all the circuits labeled?	Yes	No

Home Inspections Why they are Important

 

What is a home inspection?
A home inspection is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation.

What does a home inspection include?
The standard home inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components.

Why do I need a home inspection?
Buying a home could be the largest single investment you will ever make. To minimize unpleasant surprises and unexpected difficulties, you’ll want to learn as much as you can about the newly constructed or existing house before you buy it. A home inspection may identify the need for major repairs or builder oversights, as well as the need for maintenance to keep it in good shape. After the inspection, you will know more about the house, which will allow you to make decisions with confidence.

If you already are a homeowner, a home inspection can identify problems in the making and suggest preventive measures that might help you avoid costly future repairs.

If you are planning to sell your home, a home inspection can give you the opportunity to make repairs that will put the house in better selling condition.

Buying a Home? What to Know about Fireplaces and Stoves

A fireplace can be the focal point of a home. It creates an aura of comfort, happiness, and romance. It also adds value to the home. If you are considering buying a house with a fireplace or other hearth product, there are a few things you should know. Scroll through the following options for information on the type of hearth product you are considering.

Wood Burning Fireplaces

Does the house have an open wood-burning fireplace? Is it a masonry or a manufactured fireplace? Masonry wood burning fireplaces are site-built by a mason and are constructed of brick, stone, or concrete. Because of their weight, there must be a support that goes all the way to the foundation. Usually masonry fireplaces will have a brick or tile-lined chimney. Masonry fireplace often last longer than the home!

Manufactured fireplaces, those made in a factory, are constructed of steel. The metal is visible if you look inside and they usually have large metal chimneys as well. Since they are made of metal, manufactured fireplaces are much lighter and don’t require the same support as masonry fireplaces do, but they will corrode and disintegrate over time.

Although a few wood burning fireplaces are constructed in such a way to give heat, most wood burning fireplaces are solely for ambiance. Without glass doors the fireplace may lose more heat than is generated.

Important Questions to Ask about a Wood Burning Fireplace

• Has the chimney been cleaned and inspected?
  – If so, is there a copy of the inspection report?
  – If not, have it inspected by a certified chimney specialist.
• Have problems been addressed?
  – Either repair the problems or permanently close the fireplace opening.
• Does the fireplace have a working damper and a glass door with a mesh screen?
  – When the fireplace is not in use, closed glass doors and dampers prevent heat loss
  from the house.
  – When the fireplace is burning, an open damper and open glass door allows good air circulation while the closed mesh screen stops sparks from jumping onto the floor.
• Is there a grate in the fireplace?
  – The grate isn’t essential, but it allows air to circulate under and around the fire.

If the fireplace is a manufactured fireplace, make sure it has no corrosion.

Wood Burning Fireplaces with A Gas Log

Gas logs are realistic looking logs made of a ceramic material with a gas burner and a gas line underneath. There should be a key valve installed within three feet of the fireplace allowing the user to turn off the gas in case of an emergency. There may also be a remote control. Gas logs are usually installed for their aesthetics; don’t expect them to heat your room.

Important Questions to Ask about Gas Logs in a Wood Burning Fireplace

• Have the chimney and gas connections been inspected? If not, have it inspected by a certified chimney specialist.
• Is the damper permanently opened? It should be.
• Is there a glass door installed? Glass doors are needed to prevent heat loss from the home.
• Is there a manual for operation? Make sure there are instructions for use.

Wood-Burning Fireplace With Wood Insert

It may be difficult to tell what kind of fireplace you have because there’s an insert in it. With an insert, a wood stove is essentially inserted into the fireplace and a steel plate covers the opening. The fireplace becomes an effective heater. Your insurance company will want to make sure the insert is in good working order and installed properly.

Wood inserts manufactured after 1988 must be EPA certified and have a rating plate on the back stating so. Certified inserts are manufactured to burn cleanly and efficiently, using less wood and giving off more heat than uncertified inserts. They also don’t cause as much pollution. A good way to tell if a fireplace is certified is by whether or not it has a glass door- uncertified usually do not. In some counties in Oregon, stoves and inserts must be certified or must be removed at the time of the home sale. Replacement is an option. In other counties, an uncertified insert is “grandfathered” to remain where it was originally installed, that is, it cannot be removed and installed anywhere else, be given away, or sold.

Important Questions to Ask about a Wood-Burning Fireplace With Wood Insert

• Has the chimney been cleaned and inspected?
  – If yes, is the report available?
  – If no, have it cleaned and inspected by a certified professional.
• Is the insert in good condition and installed properly with a chimney liner? Make sure.
• Have all chimney and stove problems been addressed?
• Is there a manual available to tell how to use the insert?
• Is the insert certified?
• Is the hearth big enough? There must be at least 16” of non-combustible material in front of the insert door.

Wood Fireplace With Gas Insert

Just as a wood insert turns the fireplace into a heater, so will a gas insert. This insert is basically a gas stove installed into the fireplace and is very effective at emitting heat.

Important Questions to Ask about a Wood Fireplace With Gas Insert

• Is the glass dirty or are the logs sooty? Does the flame drop out, or is it hard to start? These symptoms signify need for servicing.
• Has the gas insert been serviced within the last year? If not, have a hearth specialist inspect the insert, gas lines and gas connections.
• Is it installed properly with a liner? If not, don’t use it until it is so.
• Are the gas connections and all parts working properly? Ensure they are.
• Is there an owner’s manual? All inserts are different; make sure you can get a manual and understand all basic operating procedures.
• Is there a metal sheet in the bottom of the insert? It tells the name and model and gives operating instructions.

Important Questions to Ask about a Gas Fireplace

Just as a gas insert can provide comfort and warmth, so can a gas fireplace. Not all gas fireplaces, however, are meant to give heat, so be sure to ask which kind in installed in the house you’re buying.

• Is the glass dirty or are the logs sooty? Does the flame drop out, or is it hard to start? These symptoms signify need for servicing.
• Is the fireplace a decorative or a heating appliance? Don’t expect a decorative fireplace to give you comfortable heat.
• Is the fireplace installed properly and has it been serviced within the last year? If not, have a certified hearth specialist inspect the fireplace.
• Is there a manual? Make sure you can get a manual and understand all basic operating procedures.
• Is there a metal sheet on the bottom of the stove? It gives starting instructions.
  .

Wood Stove

Wood stoves, when properly sized for the home, provide comfort and enjoyment. Wood stoves manufactured after 1988 must be EPA certified and have a rating plate on the back stating so. Certified stoves are manufactured to burn cleanly and efficiently, using less wood and giving off more heat than uncertified inserts. Also, they don’t cause as much pollution. In some counties in Oregon, stoves and inserts must be certified or must be removed at the time of the home sale, with replacement as an option. In other counties, an uncertified stove is “grandfathered” to remain where it was originally installed, but it cannot be removed and installed anywhere else, be given away, or sold.

Important Questions to Ask about a Wood Stove

• Has the chimney been cleaned and inspected? If yes, is the report available? If no, have it cleaned and inspected by a certified professional.
• Is the stove in good condition and installed properly with proper chimney and vents? Make sure it is.
• Have problems been addressed?
• Is there a manual available to tell how to use the stove?
• Is the stove certified? If the stove is not certified, plan to remove it and budget for a new one. If a stove predates 1935 and has special value, it is exempt from certification and can be used.

A hearth product adds value to the home. When it is working properly and maintained, it will give you years of memories, comfort and enjoyment.

Avoiding Mortgage Modificaton Scams

Learn the TRUTH about Short Sales…                              

Solving the foreclosure crisis one expert at a time

   Avoiding Mortgage Modificaton Scams

With more and more scams appearing each and every day, how can YOU be sure to steer clear of exploitation and mistreatment?

If you or someone you know is struggling to make mortgage payments, understand that you are not alone. At the end of 2009, nearly one in six homeowners had defaulted on their mortgage. This means millions of Americans need help in stabilizing their financial situation. Unfortunately, it also means that many are falling victim to those looking to taking advantage of this situation by exploiting homeowners who need real solutions.

While it is important for you to find the right professional to assist your efforts, it is equally important to avoid the wrong kind of help: predatory schemes disguised as assistance. With the growing number of distressed homeowners in America, there is a corresponding growth in deceitful business schemes aimed at manipulating those in distress.

Whether or not you decide to contact me for assistance, it is vital for you to understand and recognize the deceitful practices in the industry. Let me explain what you need to know to avoid becoming a victim yourself.

Mortgage Modification Reality

Of all the homeowners facing the possibility of foreclosure, only a select few can actually qualify for a mortgage modification. You have to be only slightly out of reach of making your mortgage payments for a modification to be successful. By lowering the interest rate on the mortgage, a modification can make payments easier to handle.

The problem is, most homeowners are so far behind on their mortgages that they can’t even make their modified mortgage payments during the trial period, so the modifications never become permanent. With so many hoping for a successful mortgage modification – and so few who actually qualify for it – there is a huge pool of struggling homeowners who are susceptible to false promises.

Government Involvement

The Obama administration has brought increased attention to mortgage modifications as an alternative to foreclosure. Among the range of foreclosure avoidance options, a mortgage modification can work for distressed homeowners who can afford an adjustment to their monthly mortgage payments. If you think you may qualify for a mortgage modification, please contact me for a free evaluation of your situation.

The federal government has offered incentives for these modifications through its Home Affordable Modification Program (HAMP). Many lenders are now responding to the incentives by adjusting their policies on foreclosure avoidance.

But homeowners aren’t the only ones looking to benefit from this market-wide push to increase mortgage modifications. Scammers and con artists have come up with new and innovative schemes to benefit from vulnerable homeowners. Since 2008, mortgage modification scams have been on the rise, and that rise is expected to continue.

“Red Flags” and Other Things To Look Out For

1. Always avoid offers to modify your mortgage in exchange for upfront fees. No one should expect payment for mortgage modification services other than commission fees after the modification has been completed. POINT BLANK: Do not pay for the promise of results…pay for the results themselves.
2. Be suspicious of anyone who guarantees you a mortgage modification. Any legitimate agent or servicer should know that the mortgage modification process is complicated and dependant on many factors, and that to guarantee a successful modification is unrealistic. Fraudulent parties will make this promise to falsely raise your hopes, making them appear as though they are offering a rare opportunity. As common sense suggests, if it sounds too good to be true, it usually is.
3. Certain frauds present themselves as government agencies or other authoritative entities by creating websites with official-looking seals, official-sounding names, or video clips of politicians. If someone claims to represent the government, a lending institution or bank, be sure to verify his or her affiliation. The best way to do this is to check with your lender, Better Business Bureau, or the government’s official Making Home Affordable website (http://www.makinghomeaffordable.gov).
4. Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.  This may be called “taking over your property subject- to existing financing”. But no matter what you are told about why you should sign over the deed, understand that once this is done, you no longer have legal rights to the property and can be removed from it. Always seek counsel before proceeding with an option like this.

 

What Scams Are Happening Right Now?

Financial institutions around the country are asked by the Treasury Department to submit Suspicious Activity Reports (SARs) for any transactions they consider fraudulent or predatory. The Financial Crimes Enforcement Network (FinCEN) is tasked by the Treasury to collect and analyze these reports. FinCEN noted two distinct types of loan modification scams that were most commonly experienced by distressed homeowners.

Some other types of fraudulent activity reported by FinCEN involved debt elimination schemes. Scammers would provide homeowners with documentation that falsely interpreted federal laws to contest mortgages, convincing the homeowner that their loans were “illegal” and therefore should not be paid. The reports seen by FinCEN also noted self-proclaimed loan modification specialists who target homeowners not actually in danger of foreclosure. These victims were lured by promises of access to funds from federal programs.

These examples of fraud show the importance of validating any claims about federal policy, lender policy, or foreclosure avoidance options. Again, a good reference for current government policy on mortgage modification is http://www.makinghomeaffordable.gov.

Real Help Is Available

The worst thing I could hear is that a client or member of my community was duped into an even worse financial situation by a predatory mortgage scheme. If you finish reading this report with nothing more than a heightened awareness of the reality of mortgage scams, I consider it worth my time and effort. Informed homeowners are the single most powerful deterrent of these terrible scenarios.

Because of the increased volume of short sales and foreclosures in our area, I have received the designation of a Certified Distressed Property Expert (CDPE). To receive the most up to date information on short sales and foreclosures, please contact my team of experts at peterdokken@kw.com or call me directly on my cell at 507-251-4151. WE CAN HELP!

Keller Williams Premier Realty and the Peter Dokken Real Estate Group

The Weather is Warming Up in Rochester – Start Getting Outside!

It’s going to start getting warmer as the season moves along, which means it’s getting closer to “outside time” for all of us! Here are some great ideas to get some of that “cooped up” feeling out of your souls, and have some fun outside while exploring our beautiful area!

Forestville / Mystery Cave State Park

This park preserves the natural beauty of the wooded valleys and an historical 1800s town site, as well as offering camping, picnicking, trout fishing, hiking, snowmobile trails, and ski trails.

Quarry Hill Nature Center

Enjoy the beauty and habitat of southeastern Minnesota by hiking, biking, cross-country skiing, or snowhoeing the meadows, flood plain and upland forests on the 5 miles of trails covering 270 acres. The Nature Center offers interactive displays and exhibits of the area’s wildlife and natural beauty including a 1,700 gallon native-fish aquarium. Cross-country ski rentals are available, also maps.

Douglas State Trail

This thirteen mile blacktop trail passes through a mix of forest and rolling fields, where one may have a chance to see the partridges, pheasants, and geese that populate these woods.

Silver Lake Park

Giant Canada geese and strolling around Silver Lake. Paddleboat and canoe rentals are available during summer. Visitors may picnic and explore the Children’s Adventure Playground, a completely wheelchair and handicapped accessible playground facility, or enjoy a funfilled day of swimming at the outdoor pool.

Preparing Your Home For Sale

Here’s a checklist to prepare your home, so it will sell quickly in today’s market!
1. Disassociate Yourself With Your Home.
• Say to yourself, “This is not my home; it is a house — a product to be sold much like a box of cereal on the grocery store shelf.
• Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours.
• Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
• Say goodbye to every room.
• Don’t look backwards — look toward the future.
2. De-Personalize.
Pack up those personal photographs and family heirlooms. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”
3. De-Clutter!
People collect an amazing quantity of junk. Consider this: if you haven’t used it in over a year, you probably don’t need it.
• If you don’t need it, why not donate it or throw it away?
• Remove all books from bookcases.
• Pack up those knickknacks.
• Clean off everything on kitchen counters.
• Put essential items used daily in a small box that can be stored in a closet when not in use.
• Think of this process as a head-start on the packing you will eventually need to do anyway.
4. Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:
• Alphabetize spice jars.
• Neatly stack dishes.
• Turn coffee cup handles facing the same way.
• Hang shirts together, buttoned and facing the same direction.
• Line up shoes.
5. Rent a Storage Unit.
Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?”
6. Remove/Replace Favorite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.
7. Make Minor Repairs.
• Replace cracked floor or counter tiles.
• Patch holes in walls.
• Fix leaky faucets.
• Fix doors that don’t close properly and kitchen drawers that jam.
• Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
(Don’t give buyers any reason to remember your home as “the house with the orange bathroom.”)
• Replace burned-out light bulbs.
• If you’ve considered replacing a worn bedspread, do so now!
8. Make the House Sparkle!
• Wash windows inside and out.
• Rent a pressure washer and spray down sidewalks and exterior.
• Clean out cobwebs.
• Re-caulk tubs, showers and sinks.
• Polish chrome faucets and mirrors.
• Clean out the refrigerator.
• Vacuum daily.
• Wax floors.
• Dust furniture, ceiling fan blades and light fixtures.
• Bleach dingy grout.
• Replace worn rugs.
• Hang up fresh towels.
• Bathroom towels look great fastened with ribbon and bows.
• Clean and air out any musty smelling areas. Odors are a no-no.
9. Scrutinize.
• Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
• Linger in the doorway of every single room and imagine how your house will look to a buyer.
• Examine carefully how furniture is arranged and move pieces around until it makes sense.
• Make sure window coverings hang level.
• Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz?
• Does it look like nobody lives in this house? You’re almost finished.
10. Check Curb Appeal.
If a buyer won’t get out of her agent’s car because she doesn’t like the exterior of your home, you’ll never get her inside.
• Keep the sidewalks cleared.
• Mow the lawn.
• Paint faded window trim.
• Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
• Trim your bushes.
• Make sure visitors can clearly read your house number.

March is Women’s History Month

Did you know that March is National Women’s History Month? National Women’s History Month’s roots go back to March 8, 1857, when women from New York City factories staged a protest over working conditions. International Women’s Day was first observed in 1909, but it wasn’t until 1981 that Congress established National Women’s History Week to be commemorated the second week of March. In 1987, Congress expanded the week to a month. Every year since, Congress has passed a resolution for Women’s History Month, and the President has issued a proclamation.
According to Census.gov, 155.8 million females are in the United States as of Oct. 1, 2009. The number of males was 151.8 million. Once citizens of the United States reached 85 and older (according to Census.gov), there were more than twice as many women as men.

Gypsy in Rochester

Gypsy

Mar. 5-7, 11-14, 18-21, 25-28 2010 

Patti LuPone makes theater history in the quintessential American musical. Curtain up! Light the lights! Be there as Broadway’s leading lady takes on its greatest role, in this new production staged by the show’s author himself: theater legend Arthur Laurents. These two mega-talents join forces, and the result is “as close to perfection as anything you’ll see.” (New York Daily News). Everything’s coming up roses at last, as Broadway’s powerhouse performer takes on the role she was born to play.

Rochester Civic Theatre,
Time: Thurs @ 7:30pm, Fri & Sat @ 8pm, Sun @ 2pm
Price: Adult $22, Senior $19, Student $12

Address and Contact Details

Rochester Civic Theatre
20 Civic Center Drive SE
Rochester, MN 55904 (view map and get directions)

For more information, call 507-282-8481 or email info@rochestercivictheatre.org.

Visit us online at www.rochestercivictheatre.org

Carolina Chocolate Drops in Concert

The Carolina Chocolate Drops are a group of young African-American string band musicians that have come to together to play the rich tradition of fiddle and banjo music in Carolinas’ piedmont. Presentation Hall.

Mar. 6, 2010

Time: 7:30 PM

Price: $15/$11

Location

Mayo Civic Center

30 Civic Center Drive SE, Rochester, MN 55904

Chris Alcott

Website

Map

The Myths and Misrepresentations of Strategic Defaults

Learn the TRUTH about Short Sales…                         

Solving the foreclosure crisis one expert at a time

 

The Myths and Misrepresentations of Strategic Defaults

Why walking away is not the answer

Recently, there have been reports that a “strategic default” can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure. While this idea has spread rapidly, the truth is that a default is never an easy road to choose, and rarely is it ever strategic. In fact, defaulting on your mortgage can be incredibly dangerous and irresponsible when handling the financial future of you and your family. Unfortunately, the ramifications of a “strategic default” are rarely, if ever, explained – leaving many homeowners stranded on an island of misfortune.

If this is your situation, understand that you are not alone. Millions of homeowners nationwide are  in similar circumstances. The only difference between them and you is that you’re looking for answers – and this report is a great start!

So what’s the difference between a regular default and one that’s “strategic”?

Default occurs when a homeowner falls behind on mortgage payments. This can be due to a hardship, which can include (but isn’t limited to) job loss, divorce, medical bills, or a monthly income shortfall. Due to current economic conditions, literally millions of homeowners across the country have found themselves in default situations. For homeowners  in default, programs have been initiated through the administration and lending institutions to provide solutions and salvage financial futures.

In a “strategic default”, the homeowner chooses to simply “walk away” from the mortgage – in other words, move out and stop paying – even though they may be able to make the payments. This is often done when the homeowner owes more on the home than it’s worth, and views the home as a bad investment. However, most of these homeowners do not understand that walking away from the mortgage will expose them to foreclosure, credit issues, current and future employment challenges, and possible debt collections.

If you’re underwater on your mortgage or behind on payments, you need to know that there is time to analyze your options before foreclosure happens. More importantly, there are alternatives that will protect your credit and financial well-being.

Mortgage lenders are looking to avoid the foreclosure process just as much as homeowners. While they are not in the real estate business, some have instilled further options to help homeowners avoid foreclosure.

So what’s your best option?

First, you want to contact an agent who knows how to navigate these situations to learn more about your possible options. As a CDPE-designated agent, I can assist you in organizing all the necessary paperwork and ensure you have everything you need to make an informed decision on your future.

There are other, safer, alternatives to foreclosure – including a short sale – than the harmful results of a “strategic default”.

Many homeowners today are facing uncertainty. They do not know what to do next for themselves and their families. Despite all attempts to hold on, foreclosure has become a reality that if not addressed or handled correctly can have devastating outcomes. Now more than ever, you need to prepare yourself to navigate the mistakes that are most commonly made.

Because of the increased volume of short sales and foreclosures in our area, I have received the designation of a Certified Distressed Property Expert (CDPE). To receive the most up to date information on short sales and foreclosures, please contact my team of experts at peterdokken@kw.com or call me directly on my cell at 507-251-4151. WE CAN HELP!

Keller Williams Premier Realty and the Peter Dokken Real Estate Group